All over St. Maarten you can see developments taking place. However, it is unfortunate to say, all these developments are by foreign investors.
We are appreciative of foreign investors taking interest in and stimulating the economy of St. Maarten. But there must be a limit to where it doesn’t feel like we are selling St. Maarten. Country St. Maarten has to benefit from these developments.
There is a law, which gives foreign investors five to ten years tax-free. Some are now exploiting this law in different ways.
It is understandable that in the past, the island needed this influx of developers and investors, and we appreciate all that has been done for this country. However, that law has to be amended. There can be other tax incentives implemented, but not in the current manner.
Unfortunately, foreign investors are given these tax-free incentives, while local investors are heavily taxed. Something has to be done to balance out the scales.
Additionally, there should be more opportunities given to local investors, whereas they too would be able to invest, grow and profit.
Something must be done to combat the take-over of our country.