Mapp Submits Bill Aimed At Attracting Financial Services Industry To USVI

ST. CROIX -- During a press conference held at Government House on St. Croix on Wednesday morning, Governor Kenneth Mapp announced that he has officially submitted for legislative approval The Virgin Islands Financial Services Improvement and Corporate Modernization Act of 2017 (F.I.S.A.), which he'd previously partially detailed during a St. Croix Chamber of Commerce breakfast meeting at Palms at Pelican Cove. In a letter to Senate President Myron Jackson, Mr. Mapp wrote that the Act will “modernize Virgin Islands corporation law, based on best practices in the States and authorizes the creation of new statutory trusts, based on Delaware law, which are increasingly utilized by U.S. and international businesses to structure large and sophisticated financial transactions.” In urging the Legislature’s approval, the territory's leader said that F.I.S.A. will position the Virgin Islands as a center for international investment, and as a hub for economic activity on par with other...