US VIRGIN ISLANDS TRENDS AND DEVELOPMENTS Contributed by: Marjorie Roberts (“Jorie”), Sean Foster, Renée Marie André, Lisa Wisehart, David Bornn, Duncan J. J. Kessler and Jessica McKenney, Marjorie Rawls Roberts PC (St Thomas - HQ)
The United States Virgin Islands (USVI) offers a variety of opportunities and economic incentives for hotels and other tourism developments, financial services, manufacturing with substantial transformation of raw products, agriculture and other businesses. The USVI also offers opportunities for transshipment and com - bines sun, sea, surf, sail, winds and culture with sav - ings, serenity and a goal toward sustainability. Background The USVI is an unincorporated territory of the United States of America (US) located approximately 1,100 miles southeast of Miami, Florida, or a 2 ½ hour plane ride. Acquired from Denmark in 1917, the USVI is made up of the islands of St. Croix, St. John, St. Thomas and Water Island, plus numerous inhabited and uninhabited cays, with a total population of just under 90,000. The USVI uses US currency and has US financial and banking systems, with no exchange con - trols. The USVI also uses US court systems, includ - ing federal courts. And the common language spoken and used in business, and otherwise, is English. The USVI’s prime natural resources include pristine beach - es, crystal-clear seas, a mild year-round climate, the natural harbours at Charlotte Amalie, St. Thomas and Christiansted, St. Croix, the Virgin Islands National Park on St. John and the rainforest on St. Croix. These assets, combined with the investment security of a US jurisdiction and a variety of federal and local incentives, have cemented tourism as a major local economic activity. Hotel projects in recent years have involved separate cottages in largely undeveloped areas and a focus on the overall guest experience. Lovango Resort and Beach Club, located on a pri - vate island overlooking Caneel Bay, St. John, includes luxury tree houses and “glamping” style accommoda - tions, moorings for yachters and waterfront dining. On the west end of St. Thomas, 15 minutes from the Cyril E. King Airport, The Botany Hotel will offer a luxury boutique resort experience through separate ocean - view suites and villas designed with low environmental impact when it opens. The downtown areas of St. Thomas and St. Croix have been revamped with boardwalks and cobbled streets, and Enterprise Zone Tax Incentives are available for businesses in some regions of Christiansted, Frederik -
sted and Charlotte Amalie that qualify as museums and art galleries, experiential tourism, restaurants, and producers and retailers of the USVI’s cultural prod - ucts. The Government of the USVI (GVI) has supported the development and reconstruction of minor to major tra - ditional hotels and resorts, since much of the USVI’s hotel inventory was damaged or destroyed in Major Hurricanes Irma and Maria in 2017. The iconic French - man’s Reef Hotel on St. Thomas is now owned by an affiliate of Fortress Investment Group and recently reopened as a Westin property, after hundreds of mil - lions of new investment capital. On St. Croix, the Buc - caneer Beach & Golf Resort and the Divi Carina Bay Beach Resort and Casino have both received signifi - cant upgrades, and the Hibiscus Beach Hotel on St. Croix’s north shore has new owners and plans to reo - pen. On St. John, there are plans to rehabilitate and reopen Caneel Bay Resort. The GVI is also looking to meet the needs of US and international tourists who seek all-inclusive hotels. The USVI has hosted renowned international yacht - ing regattas since the 1960s and is further strength - ening its status as a major yachting centre. Recent improvements include incentives for yachts and other vessels, as well as upgrades to the two IGY facili - ties, now owned by MarineMax. Yacht Haven Grande in St. Thomas, USVI, hosts the annual USVI Char - ter Yacht Show, which fosters relationships among charter brokers, vendors, and industry stakeholders. Yacht Haven Grande also attracts yachts seeking a secure, well-located, and attractive home base. The Government of the USVI (GVI) has worked with local charter boat and sport fishing industries to expand their operations throughout the territory. Finally, the USVI is home to a variety of tourist attrac - tions, including two zip lines, a funicular tramway, numerous historical sites and buildings and the Coral World marine park, which offers family-friendly ani - mal experiences and activities. The USVI has direct flights to many US mainland cities, including Miami, Atlanta, the District of Columbia, Charlotte, New York and Newark.
684 CHAMBERS.COM
Powered by FlippingBook