WILLEMSTAD - Minister of Justice Shalten Hato, says in a press release that besides having a keen eye on maintaining public order, also considers the rules and conditions that foreigners who wish to establish themselves here in Curaçao must comply with.
For Curaçao’s economy to continue growing, it is important for the country to attract more people who want to invest in the country and contribute to economic growth. Both local and international investors are more than welcome, says the minister.
However, for foreign investors, it is important that the process and the conditions they need to comply with are simplified. The minister informs that every foreigner who wishes to visit the island can stay for a maximum of 30 days (depending on their nationality, they can stay up to 90 days). If, in any case, the foreigner wishes to extend their stay, they can do so by submitting a petition (tourist extension) to the Admission Service, which falls under the responsibility of the Minister of Justice.
Currently, the minister has a permit system for foreign investors. This system stipulates that under special conditions, a foreign investor can apply for a residency permit. It is stipulated that this foreign investor does not need to consider Curaçao as the country where they established themselves. What is important is the investment that the foreigner wants to make or has made in the country. One of the current conditions is that the foreign investor must invest a minimum amount of five hundred thousand guilders. In addition to this, the investor must demonstrate that they have the capital to cover the expenses of their investment and their own living expenses.
The current policy of the Minister of Justice states that an investor who invests an amount of five hundred thousand guilders will receive a residency permit for a term of three (3) years, and an investment of NAF 750,000.00 gives the investor the right to receive a residency permit for a period of five (5) years. At the end of the initial period for which the investor received their residency permit, they can extend it for the same period mentioned above.
The new system will lower the investment amount requirement that the foreign investor must comply with to submit a permit application as an investor. An investment of NAF 250,000.00 will give the foreign investor the opportunity to apply for an investor permit for a period of three (3) years. A foreign investor who invests an amount of NAF 500,000.00 in a business or property will qualify for an investor permit for a period of five (5) years.
Another possibility that this new system will provide is an indefinite permit when the foreign investor invests a minimum amount of NAF 1,000,000.00 in a property or business. The investor can also request permits for their family members who wish to establish themselves together with the investor on the island. This applies to their spouse and children. With this change in the system, the Ministry of Justice is sending a clear signal that investors from around the world, especially in the region, are more than welcome on the island.
The application for an investor permit must be submitted to the Admission Service, which is mandated to decide on behalf of the Minister of Justice. The application for an investor permit will be processed within a maximum period of two weeks. Furthermore, the advantage is that the person who receives this permit does not need to reapply every year. Also, there is no need for the person to request a tourist permit extension or to consider the maximum number of days they can stay in the country within a year.
The minister says that this approach brings several benefits to Curaçao, as investment in a company creates more job opportunities, investment in property ensures an increase in government revenue through taxes such as "overdrachtsbelasting" (transfer tax) and "onroerend goed belasting" (property tax), and it generates foreign currency.
Finally, on the instructions of Minister Hato, the chapters of the entry and expulsion policy are being developed or revised with the goal of attracting more investors or individuals with capital who live off interest (rentiers).