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| Q: Can an American
or European citizen buy property in Curacao? A: Yes, there are no restrictions whatsoever on buying property in Curacao. Q: Can an American or European citizen work in Curacao? A: Any foreigners who want to exercise a profession must have a work permit. The work permit will normally be granted only if there are no qualified persons available locally. In general, requests for work permits will only be taken into consideration if filed through a local employer, who has to accept full responsibility for any possible expenses to be made by the government relative to the employee. Q: How much time can I spend in Curacao? A: In general, tourists are permitted to stay a maximum of 14 days on the island. In case they want to remain longer, an extension may be requested at the Immigration Office. American citizens may stay a maximum of three months without a residency permit. Citizens of the Netherlands may stay up to six months. Q: Would it be possible to retire on Curacao? A: Anyone who comes to live on Curacao needs a residence permit. Application of Residence permits must be accompanied by a number of documents, such as proof of income or bank reference, valid passport, certificate of good conduct, official birth certificate, medical certificate, proof of health and accident insurance, and proof of ownership of a home on Curacao. Q: What about financing my purchase in Curacao? A: Financing in Curacao is expensive. Rates are around 9%, and local banks will finance only up to 70% for non-residents. Using the equity on your own home is advisable. Contact your bank about the possibilities. Q: What are the additional costs when buying property? A: The closing costs are approximately 5% of the selling price and are calculated as follows: Transfer tax (one time tax) is 4% of the selling price, notary closing fees are 1% of the selling price. Q: How much are annual taxes, water and electricity, telephone, cable television, high speed internet service? A: One of the great features of owning at Lodge Kura Hulanda is all those costs are included in your monthly condo fee. You don’t even have to initiate service, it is all provided by us. Q: What is the difference between long lease land and property land? A: Throughout the Kingdom of the Netherlands, and on the island of Curacao, there are two legal forms of land ownership. These two forms are property land and long lease land. Most resort areas throughout the island feature long lease land as the typical form of ownership. Property land means that you own the land and on an annual basis you will pay property taxes to the government based upon the assessed value of the property and the improvements constructed upon the property. Under the long lease form of ownership, the government of Curacao, through the Directorate of Land Administration, gives out the long lease properties. These long lease properties are given out for a period, usually, of sixty years. The long lease fee is determined at the beginning of the contract based upon location, and the size of the property, and is fixed for the duration of the long lease term. The long lease fee is collected yearly. At the end of the long lease term, the government will typically extend the long lease contract for another sixty year term at an increased yearly fee. If, for any reason, the government will not extend the long lease contract, they will have to compensate the owner at the current market value of their property including all improvements constructed upon the property. Both forms of ownership are afforded equal status and protection under the laws of Curacao and the Netherlands Antilles. Q: Do I need to be on Curacao to finalize the purchase and or for the closing? A: No, the notary can assist you with all necessary steps, and you can do many things by fax or email. In case you will not be present for the closing, and you need a power of attorney, the notary will prepare one for you and send it by fax. With this in hand, you just need to have notarized. |
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