Yesterday, I sat down to read my March 2007 edition of 'Bloomberg Markets' and lo and behold what did I see, but a teaser header on the front page stating 'Virgin Islands Tax Woes'. With much anticipation, I turned to the article entitled 'Hard Times on Hedge Fund Island' by Ryan J. Donmoyer, found on pages 105 112. www.bloomberg.com/news/marketsmag/
The article discusses the adverse effects of changes to the territories economic program, a failed attempt by our government at that time, to move the economy away from it dependence on tourism. It is a very interesting read and highlights the plights of St Croix mainly from the perspective of a nonbiased writer citing things such as – statistical comparisons of cruise ships visitors on STT vs. STX, most new housing developments being erected are gated, with armed guards and police recommendations of areas not to venture into at night because of crime.
Despite how unnerving the article is it holds many truths! It is my hope that the new government will change the landscape of the Virgin Islands such that articles such as these are a thing of the past.
Editor's note: We welcome and encourage readers to keep the dialogue going by responding to Source commentary. Letters should be e-mailed with name and place of residence to email@example.com.