CELEBRATION 75TH ANNIVERSARY CORPS CONSULAIRE CURACAO

Speech Mr. Karel Frielink – Dean of the Corps Consulaire Curaçao

Ladies & Gentlemen. Good evening and welcome!

On behalf of the Corps Consulaire Curaçao, it is an honor to address you all on the celebration of the seventy-fifth anniversary of the Corps Consulaire Curaçao.

On the 22nd of April 1944, during World War II, a consular star was born. Not much is known about the first decades of the Corps.

What we do know however, is that at the very start of WW II, several Dutch consuls and consuls of other countries such as France, Lithuania and Poland, issued …
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24
May 2019
CATEGORY

Various

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TRUST INTRODUCED IN SINT MAARTEN

Brief summary of several of the powers and obligations of a Trustee

On April 1, 2014, new legislation entered into force pursuant to which it is now possible to set up a trust, similar to the trust in Anglo-Saxon common law jurisdictions, in St. Maarten (a civil law jurisdiction). Similar legislation entered into force in Curaçao on January 1, 2012.

The St. Maarten Trust could serve as an important tool for various financial and commercial transactions: as a security agent, for tax and estate planning, as a pension or investment fund, asset protection, voting structures, promoting cultural, academic and charitable …
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15
May 2014
CATEGORY

Finance

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ELECTRONIC MONEY INSTITUTIONS IN ARUBA

A license is required

The European Central Bank defines e-money as follows (a non-legal definition): “E-money can be defined as any amount of monetary value represented by a claim issued on a prepaid basis, stored in an electronic medium (for example, a card or computer) and accepted as a means of payment by undertakings other than the issuer, predominantly for small-value transactions (for example, the settlement of modest transactions over the Internet and of parking or telephone charges and payment for public transport services).” (Electronic Money Institutions. Current trends, regulatory issues and future prospects. Legal Working Paper Series, No. 7/2008).


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24
Oct 2013
CATEGORY

Finance

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ASSET PROTECTION IN CURACAO

Curaçao: a jurisdiction not to be missed

A Curaçao private foundation or a trust is often used for asset protection and privacy purposes. The Curaçao private foundation and the Curaçao trust must be set up by a notarial deed executed before a civil law notary in Curaçao. Both the private foundation and the trust are a very flexible solution for asset protection and privacy purposes. A private foundation, for instance, can be easily implemented in international holding structures through Curaçao and is very suitable for family asset protection. By means of a letter of wishes or provisions in the articles …
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20
Aug 2013
CATEGORY

Finance

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THE CURACAO TRUST

Can be used as protected or segregated cell company

On 1 January 2012, new legislation entered into force according to which it is now possible to set up a trust (Curacao Trust) similar to the trust in Anglo-Saxon common law jurisdictions. The introduction of the Curacao Trust serves as an important instrument which could be used within financial transactions in the Caribbean as a significant part of these transactions are initiated from common law jurisdictions.

The Curacao Trust can be used for different purposes, such as, for example:

  • To set aside capital for children’s upbringing, education or maintenance
  • Estate planning

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    02
    Aug 2013
    CATEGORY

    Finance

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    SYMPOSIUM ON 35 YEARS OF THE CURACAO BAR ASSOCIATION (16 NOVEMBER 2012)

    Presentation by Karel Frielink – President (part 2)

    Civil Litigation Law should be better

    So now I will deal with the subject of this symposium. I begin straight away with a provoking statement: Our Civil Litigation Law should be better. This goes further than it ‘could’ be better. However, we shouldn’t only think about the question of how the law should be improved but also about the question of whether or not judges and advocates (attorneys, lawyers) are operating optimally and whether adjustments to the system can contribute to a better operation and to a better administration of justice. And …
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    07
    Dec 2012
    CATEGORY

    Legal

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    SYMPOSIUM ON 35 YEARS OF THE CURACAO BAR ASSOCIATION (16 NOVEMBER 2012)

    Presentation by Karel Frielink – President (part 1)

    Ladies and gentlemen!

    Today the symposium on the “Seven years of the new Code of Civil Procedure” is taking place in honor of the 35th anniversary of the Curacao Bar Association. The 35-year existence of the Bar is an occasion for celebration which is quite rightly paid attention to by focusing on an important subject: litigation law. I will begin by telling you something about the early period of the Bar. After this and anticipating the discussions this afternoon, I will broach two subjects of litigation law which are eligible for improvement. …
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    30
    Nov 2012
    CATEGORY

    Legal

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    CURACAO CREDIT INSTITUTIONS

    Prudential supervision

    The Curacao regulatory legislation applicable to credit institutions provides for requirements with regard to the prudential supervision in general. Such prudential supervision sees to the liquidity and solvency position of a bank without going into further detail for instance as to the safekeeping of assets or maintaining of accounts of third parties.

    The Curacao legislation provides for reporting requirements that need to be submitted to the Central Bank of Curacao and St. Maarten (CBCS). However, these requirements apply only to banks regulated in Curacao.

    On the basis of such reports and accounts the CBCS has the authority to …
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    12
    Oct 2012
    CATEGORY

    Legal

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    CURACAO FUNDS AND ADMINISTRATORS

    Statutory requirements applicable to the organizational and legal structure

    The National Ordinance on the Supervision of Investment Institutions and Administators (Landsverordening regelende het toezicht op beleggingsinstellingen en administrateurs; NOSIIA) provides for a regime of supervision for investment institutions and administrators with the objective of an adequate operation of the financial markets and the protection of investors in such markets.

    With regard to the business operation of a local fund that operates within the scope of the NOSIIA it provides for requirements applicable to the organizational and legal structure as expressed in the fund’s constitutive documents. Such requirements address the conditions …
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    05
    Oct 2012
    CATEGORY

    Finance

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    SEMINAR ONDERNEMINGSRECHT

    22, 23 en 24 oktober 2012

    Het ondernemingsrecht is continu in beweging. Hier bij ons in Curacao, maar ook in Nederland. Boek 2 van het Burgerlijk Wetboek Curacao is op 1 januari 2012 op tal van punten gewijzigd. Wat houden deze wijzigingen precies in? Wat betekent de invoering van de Flex-BV in Nederland per 1 oktober 2012 voor Curacao?

    Denk wat Curacao betreft bijvoorbeeld ook aan de invoering van een integrale regeling inzake het enqueterecht per 1 januari 2012. Het is nu mogelijk om het Hof van Justitie een of meer onderzoekers te laten benoemen om onderzoek naar (vermeend) wanbeleid …
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    21
    Sep 2012
    CATEGORY

    Corporate

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    CIVIL PROCEEDINGS IN CURACAO

    Information for foreign plaintiffs

    Are there any particular issues that concern foreign plaintiffs in Curacao? If proceedings on the merits are initiated by a non-resident plaintiff, the defendant may ask the court to order that the plaintiff provide security for damages, costs and interest which it might be liable to pay as a result of the judgment in aforementioned proceedings. This ‘cautio judicatum solvi’ does not apply if there is a Convention (Treaty) on legal proceedings between Curacao and the plaintiff’s country.

    Can attorney costs for legal proceedings be recovered? Generally speaking, each party has to bear its own attorney …
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    25
    Aug 2012
    CATEGORY

    Legal

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    PARALLEL DEBT IN CURACAO

    New legislation

    It has become market practice in Curacao, and also in the Netherlands, to create a separate (parallel) obligation, owed by the borrower (or guarantor) to the security agent in its own name, on the terms and in an amount equal to the original (principal) obligations owing by the borrower (or guarantor) to the lenders.

    The security rights are then granted to the security agent in its own name to secure the parallel debt. This “parallel debt” structure is usually reflected in the facility agreement and gives the security agent an own and independent right to demand payment by …
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    18
    Feb 2012
    CATEGORY

    Finance

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