Tom Bolt

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The high cost of energy, along with isolated grids and an abundance of renewable energy resources have motivated island communities around the world to investigate alternatives to fossil fuels.  Many have set ambitious objectives to reduce oil consumption—the primary fossil fuel consumed on most islands.  According to the U.S. Department of Energy, the U.S. Virgin Islands has emerged as a leader in the effort to reduce oil imports and stabilize electricity costs. Continue Reading U.S. Energy Department Maintains Agressive Energy Efficiency Obtainable in U.S. Virgin Islands

In the case of Modern Construction, Inc. v. Carty, 2013 WL 2996549 (V.I.Super. June 13, 2013), the plaintiffs argued that they didn’t enter into a valid contract for the sale of land and that there was no agreement.  Even if there was a binding contract, they stated that it was oral and in violation of the Virgin Islands Statute of Frauds which provides that any interest in property that is orally created, transferred, or assigned for a period more than a year is void and unenforceable.Continue Reading Handshake Not Enough to Buy Land in the U.S. Virgin Islands

James S. Carroll III, Judge of the Superior Court of the Virgin Islands was asked to settle a real estate dispute that originated in 2002. The Defendant Basil Bryan agreed to sell Parcel No. 17–5C, Estate St. Peter on St. Thomas, U.S. Virgin Islands, to the Plaintiff, Nancy Anderson. The parties also agreed that Ms. Anderson would receive an easement and Mr. Bryan would pave the roadway on the easement within 90 days of closing. Continue Reading Continuing Violations Doctrine Limits Legal Action

This past month the U.S. Departments of Health and Human Services (HHS), Labor, and Treasury issued final rules on employment-based wellness programs. These final rules bolster the promotion of workplace health to decrease chronic illness, improve health, and limit increase the expenses of health care.  The rules will also ensure that individuals are guarded against unfair insurance underwriting tactics that could possibly reduce an employee’s benefits based on their health status.Continue Reading White House Continues Roll-out of Obamacare with Final Rules on Employment-based Wellness Programs

Virgin Islands Attorney General Vincent Frazer issued an opinion to Lieutenant Govenor Greg Francis on May 17, 2003 relative to the status of tax exemptions on real property transfers in the Territory.  The specific question posed by Lt. Governor Francis was whetther a conveyance of real property to or from a trust for the benefit of a grantor or beneficiary of a trust (reltated to the grantor withing the degrees of consanguinity statutorily set forth in Title 33, Section 128, subsection (a), item 8, Virgin Islands Code, is exempt from the payment of the Virgin Islands documentary stamp taxes.Continue Reading VI Attorney General Rules Against Family Trusts

Last Friday, U.S. Virgin Islands Governor John P. deJongh signed into law Act No. 7485 amending Title 8, Virgin Islands Code by adding Chapter 8.  This new law shields individuals who serve and sell alcoholic beverages to persons of drinking age from liability.  Thel legislation, however, does not extend the liability exemption to those selling or furnishing alcoholic beverages to monorss or those addicted to alcohol.  Laws such as Act No. 7485 are known as "dram shop laws" which are state or territorial laws pertaining to selling and serving alcoholic beverages and the public liability these activities may entail.Continue Reading Dram Shop Act Signed Into Law by VI Governor

U.S. Virgin Islands residents pay income taxes to the Virgin Islands Bureau of Internal Revenue (VIBIR) rather than the Internal Revenue Service (IRS). The appellants in the recently decided case, Vento v. Director of Virgin Islands Bureau of Internal Revenue, (C.A. 3 April 17, 2013). Richard and Lana Vento filed a joint 2001 income tax return with the VIBIR, as did their three adult daughters. The United States argued that Richard and Lana Vento and their daughters (collectively, "The Ventos") were required to file those returns with the IRS instead. The proper tax jurisdiction depended upon whether they were bona fide residents of the U.S. Virgin Islands as of December 31, 2001.Continue Reading U.S. Third Circuit Uses Vento for Guidance on Residency

As a small business owner, you have several different ways to form your business in the U.S. Virgin Islands.  The type of business entity that you select will hinge on numerous factors and conditions.  It is always best to seek the counsel of a corporate attorney who is familiar with business formation,such as those in the Corporate, Tax and Estate Planning Practice Group at BoltNagi PC. Continue Reading Liability Dangers of Sole Proprietorships & General Partnerships

Are you trying to avoid foreclosure?  Are you unable to maintan your home as you don’t qualify for a modification?  Are you unable to sell  you home?

A deed in lieu of foreclosure may offer you the solution.  A  deed in lieu of foreclosure or "DIL" is a way that a mortgagor (you the borrower) can voluntarily deed the property as collateral in exchange for a release from all of your mortgage’s obligations.  The Department of Housing and Urban Development (HUD) and many others lenders have strict qualifications and pre-requisites, so you want to make sure that a DIL applies to your situation.Continue Reading Facing Foreclosure? A Deed in Lieu May Offer Solution