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Business Virgin Islands businesses enjoy the political stability of the U. S. flag. Banks here are FDIC insured. The Constitution protects private economic interests from deprivation without "due process of law," just as in the States. Unlike many Caribbean jurisdictions, the Virgin Islands has a commerce-friendly legal infrastructure that is essentially similar (and in many respects virtually identical) to the States. We have a U. S. - style Corporations Code (antiquated and idiosyncratic though it may be). We have adopted the Uniform Commercial Code (including the recent revisions to Articles 9 and 2A), the Uniform Partnership and Limited Partnership Acts, as well as the Uniform Limited Liability Company Act. All of this lends familiarity, predictability and stability to internal Virgin Islands business transactions. And because our commercial law meshes seamlessly with the States' under the federal system, transactions between a mainland firm and a Virgin Islands business are no more difficult or complex than any ordinary interstate transaction on the continent. But the Virgin Islands remains special and unique. For example, and on the positive side, there are several special kinds of Virgin Islands corporations that can be formed to take advantage of truly extraordinary tax benefits under the Economic Development program. On the "downside" (at least from an employer's perspective), there are unusual local labor laws that can expose an unwary business owner to substantial liabilities; and in general, the tort liability climate is decidedly pro-plaintiff. Any prudent business plan will shield owners and investors from personal liability to the maximum extent allowed by law, and adequate liability insurance is essential. Hamm & Barry provides a broad range of legal services in the areas of business formation (e.g., corporations, offshore trusts, limited liability partnerships, limited liability companies), financing, recapitalization and similar transactions, tax planning and compliance advice. The firm is happy to work in conjunction with your stateside attorney, accountant or financial advisor, in providing any of these services. In the event that an irreconcilable conflict arises with the Government or a private entity, the Virgin Islands courts afford a fundamentally sound civil justice system for the resolution of such disputes. Moreover, a judgment of a Virgin Islands court must be given "full faith and credit" by the courts of every state by virtue of federal statute. In other words, if a Virgin Islands business obtains a Territorial Court judgment against a New York debtor, for example, that judgment is enforceable in the New York court system. Hamm & Barry believes that a primary objective of any rational business plan is to avoid litigation. Nevertheless, lawsuits are a fact of business life. Hamm & Barry takes a tough and aggressive, yet principled and ethical, approach to litigation. Where appropriate, we wholeheartedly embrace cost-effective alternative dispute resolution mechanisms such as mediation and arbitration. Real Estate Our U. S. territorial status makes investing in Virgin Islands real estate (residential or commercial) a far more reassuring prospect than ownership in certain other Caribbean jurisdictions. First and foremost, the U. S. Constitution safeguards private property against uncompensated taking, confiscatory governmental regulation, and other arbitrary impairment of ownership rights. Generally, property ownership and transfer in the Virgin Islands is governed by an English common law-based legal system that is essentially similar to that of most States. Title insurance is readily available from reputable, established companies. However, there are local differences and local challenges that call for local expertise. It is generally unwise to purchase property in the Islands without the assistance of counsel. Complex and challenging title issues are occasionally presented, for example, in purchasing property which has been held by local families and passed on from generation to generation without benefit of probate. Attorneys, as opposed to title companies, typically handle closings. Shoreline construction and development proposed within a "Tier One," environmentally sensitive area (generally near the sea), is subject to a complex and exacting regulatory regime under the Coastal Zone Management Program administered by the Department of Planning and Natural Resources. Moreover, Virgin Islands zoning issues in general are inherently unique in that all zoning changes and variances must be approved not only on an administrative level, but also, ultimately, by the Virgin Islands Senate. Hamm & Barry can provide step-by-step assistance in these proceedings. In general, we stand ready to advise and assist you in all of your Virgin Islands business and real property dealings and, if needed, to effectively prosecute or defend any civil litigation on your behalf. |
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About the Firm | Attorney Profiles | Virgin Islands Business & Real Estate Law | Virgin Islands Tax Opportunities | Lawyer to Lawyer | St. Croix Resource Links | Contact Us The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Copyright © by Hamm and Barry. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
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