The Office of the Lieutenant Governor, Division of Banking and Insurance regulates captives in the U.S. Virgin Islands. The Superintendent of Alternative Markets manages captives. We are considered “outside the U.S.” while being under the U.S. Flag (onshore) and a qualified “Offshore jurisdiction” for tax purposes. Tax incentives include a reduction in income, real property, excise, gross receipt, and premium tax by 100%. Captive insurance law is found at Title 22, chapters 55 & 66 V.I. Code.