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|Franko's guide map of the U.S. Virgin Islands $9.95|
Good article from The Source:
July 24, 2007 -- It's easy enough to attract potential investors to the territory, but keeping them here is a different story, representatives from the Economic Development Authority (EDA) told senators during the second round of budget hearings Tuesday.
For years, the territory has been caught up in a battle with the federal government. The V.I. government has sought clarification on and relief from new limitations placed on source income and residency requirements related to the authority's tax incentive benefits program. While these issues have still had a somewhat negative impact on investors coming into the territory, EDA officials said Tuesday that other factors -- such as developing the territory's infrastructure -- are key to making the local economy more attractive.
Interesting turn of events in the Auffenberg case:
EAST ST. LOUIS — A federal judge on Thursday ordered the conspiracy and tax evasion trial involving Metro East car dealer Jamie Auffenberg and others moved from East St. Louis to the Caribbean.
Federal prosecutors have alleged that Auffenberg and others illegally funneled millions through tax shelters by falsely claiming to be residents of the U.S. Virgin Islands and conducting business there.
Lawyers for Auffenberg and the others have denied that. They also asked U.S. District Judge Michael J. Reagan to move the trial to the U.S. Virgin Islands, saying the case should be tried there for a variety of reasons, including the expense of flying hundreds of possible witnesses from the islands to East St. Louis.