WILLEMSTAD - According to the Social Economic Council (SER), the government has weak management in the economic zones of Curaçao. There is little control over companies.

The government does not check to what extent the companies meet the requirements in the National Ordinance on Economic Zones (EZ 2000).

The SER notes this in a recently issued advisory report on trade in Venezuelan gold via Curaçao. Gold companies in the economic zone do not comply with the new regulations as included in the National Ordinance on Tax Revisions 2018 and the National Ordinance on Economic Zones (EZ 2000).

The new regulations make it compulsory for a company to be admitted to an economic zone only if it can be expected that it will contribute to the economic development of Curaçao through the export of goods - or the inflow of foreign exchange - and at the same time through the promotion of employment.

“However, gold companies in the economic zone do not yield foreign exchange, since the money flows go outside of Curaçao,” said the SER in their report. In addition, the real presence of a company must also be met, including those that are already (before the new regulations) located in an economic zone.