POWERS AND OBLIGATIONS OF A CURACAO TRUSTEE
Brief summary
On 1 January 2012, new legalization 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 Curacao (a civil law jurisdiction).
Here follows a brief summary of several of the powers and obligations of a Trustee:
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TYPES OF LIABILITY IN CURACAO
A three-part distinction
With regard to liability a three-part distinction can be made. The first distinction relates to the basis of the liability: liability pursuant to a contractual relationship (the attributable failure in this respect) and liability pursuant to a wrongful act.
Another distinction relates to the personal liability (thus for the party’s own actions or omissions) and vicarious and/or strict liability: liability for or the acts and omissions of others (vicarious liability) or liability for certain things that happen (strict liability).
For example, employers can be held vicariously liable for certain actions of their employees. According to the Curacao …
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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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CURACAO SHOULD ESTABLISH A CONSTITUTIONAL COURT
Speech by Karel Frielink, President of the Curacao Bar Association, given on Friday 21 September 2012 on the occasion of the inauguration of three judges of the Joint Court of Justice of Aruba, Curacao and St Maarten and of Bonaire, St Eustatius and Saba
Madam President! Excellency! Ladies and gentlemen!
“Our government, our parliament and our judiciary are the cornerstones of the sustainable, positive development of our Country. With our belief in God we shall enjoy His protection, for blessed are those whose God is the Lord. We shall pull together and serve our Country with love in equality …
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INTERNATIONAL CREDIT INSTITUTIONS IN CURACAO
Banking business abroad
Credit institutions (banks) in Curacao are subject to the National Ordinance on the Supervision of Banking and Credit Institutions 1994 (the NOSB). The NOSB makes a distinction between ‘credit institutions’ and ‘international credit institutions’. The NOSB defines a credit institution as an institution that to an important extent makes its business of:
An ‘international credit institution’ is defined as a credit …
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SEMINAR CURACAO TRUST
Curacao Trust is expected to become a popular alternative to foreign trusts
On 1 January 2012, new legalization 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 Curacao (a civil law jurisdiction).
On 28 August 2012, a seminar was held by Van Doorne (Amsterdam) and Spigt Dutch Caribbean (Curacao), entitled: The Curacao Trust in Practice. Lecturers: Professor Jan de Boer, Maike Bergervoet, Jeroen Starreveld, Jan Willem Schenk, Davina Mansur and Karel Frielink. The event was attended by more than 150 representatives of the financial …
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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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OLIE EN GAS IN CURACAO
Wie krijgt de opbrengst?
Of er olie en gas in de bodem onder en rond Curacao zit die op economisch interessante wijze kan worden gewonnen weten we niet. Ruzie maken over die vraag doen de politici natuurlijk wel. Stel dat er olie- en gasvoorraden zijn en dat die naar boven gehaald kunnen worden, naar wie gaat dan bij verkoop de opbrengst? Kan Nederland zich die opbrengst toe-eigenen, zoals sommige politici suggereren?
Het antwoord is nee.
De soevereiniteit van Curacao strekt zich uit tot de territoriale zee: het zeegebied dat zich uitstrekt tot maximaal 12 zeemijlen uit de basislijn (ongeveer 22 …
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COURTS AND OMBUDSMAN REPORTS
Ombudsman reports are taken seriously
An Ombudsman determines whether a complaint is justified or not. If the Ombudsman finds that a complaint is justified or has merit, he may decide to try and persuade the government or government agency to change its policy or decision. This topic, however, is about an Ombudsman report resulting from a complaint primarily filed to establish whether there were sufficient grounds to initiate legal proceedings in a regular court. A lawyer and his client may decide to submit the Ombudsman report to the court, in the course of proceedings, as evidence that supports the client’s …
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OMBUDSMAN INVESTIGATION
Ombudsman beneficial to lawyers and their clients?
In several jurisdictions the law provides that, with certain exceptions, a statement made or an answer given by a person during an investigation by the Ombudsman, and a report or recommendation of the Ombudsman, is inadmissible in evidence in a court or in any other proceeding.
As far as legal proceedings in the Dutch Caribbean are concerned, our laws do not prohibit an Ombudsman’s report from being introduced into a civil lawsuit. Based on an Ombudsman’s report one may report a case to the police or the public prosecutor’s office. It should be …
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LAWYERS COMPARED TO OMBUDSMEN
Tarzan in the administration jungle
I will not go into too much detail regarding the role and nature of an Ombudsman and investigations carried out by him. The role of Ombudsman is known in many jurisdictions and they can, just like lawyers, be found in all types and sizes. Some are described as “Tarzan in the administration jungle”. I will merely attempt to only highlight a few of the differences between an Ombudsman and a lawyer.
An Ombudsman is the obvious person for civilians to approach with their complaints about government and government agencies. The main task of the Ombudsman …
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DUTCH CARIBBEAN LEGAL PORTAL
Aruba, Bonaire, Curacao, St. Maarten, St. Eustatius and Saba
There is a large legal community in the Dutch Caribbean. Until 2007 there was no website with news and general information about the legal system of the Dutch Caribbean, its institutions and its practitioners. Dutch Caribbean Legal Portal aims to fill this void and strives to be the complete database of Legal News, Contacts and Documents for the Dutch Caribbean.
The DC Legal Portal has a wide variety of members and contacts within the legal and financial areas of the Dutch Caribbean. It has a database of more …
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