Karel’s Legal Blog Nominated Each year, LexisNexis honors a select group of blogs that set the online standard for a given industry. Karel’s Legal Blog is one of the nominated candidates for the Top 25 International & Foreign Law Blogs of 2011, featured on the LexisNexis International & Foreign Law Community. Karel Frielink (1 November… Continue reading NOMINATION TOP LAW BLOGS
THE CURACAO PRIVATE FOUNDATION
A Private Foundation can be used for tax planning and asset protection The Curacao Private Foundation was introduced by the National Ordinance Regarding Foundations as published on October 31, 1998. Since March 1st, 2004, these rules are laid down in Book 2 of the Curacao Civil Code. The Private Foundation possesses corporate personality but does… Continue reading THE CURACAO PRIVATE FOUNDATION
CURACAO TAX REFORM 2011
New Opportunities for the International Sector The Curacao tax reform 2011 was recently adopted by the Curacaoan parliament. The Curacao tax reform 2011 has some interesting features for the international financial sector. The expectations are that more features will follow during the next few years, however, no formal announcements have yet been made in this… Continue reading CURACAO TAX REFORM 2011
THE ENFORCEMENT OF A JUDGEMENT BY THE COURTS IN CURACAO
Judgments are immediately enforceable most of the time According to Article 55, par. 1 of the Curacao Code of Civil Procedure, opposition (in the case of a default judgment) or appeal (in the event of adversarial proceedings) prevent the enforcement (execution) of a judgment unless the decision is ‘enforceable notwithstanding opposition or appeal’ a.k.a. a… Continue reading THE ENFORCEMENT OF A JUDGEMENT BY THE COURTS IN CURACAO
THE DUTCH CARIBBEAN JUDICIAL SYSTEM
A well developed system The judicial system of the various islands in the Dutch Caribbean (Aruba, Bonaire, Curacao, St. Maarten, Saba and St. Eustatius) is independent, has a long history, and is well developed. It is capable of resolving complex commercial disputes in a just and efficient manner. The judges in the Dutch Caribbean are… Continue reading THE DUTCH CARIBBEAN JUDICIAL SYSTEM
CREDIT INSTITUTIONS IN CURACAO AND ST. MAARTEN
A license is required The National Ordinance on the supervision of banking and credit institutions 1994 (Landsverordening toezicht bank- en kredietwezen, the “NOSB”) of both Curacao and St. Maarten prohibits any one (other than a licensed Credit Institution) from – directly or indirectly – soliciting funds from the public or extending credit to the public… Continue reading CREDIT INSTITUTIONS IN CURACAO AND ST. MAARTEN
INVESTMENT INSTITUTIONS IN CURACAO AND ST. MAARTEN
Raising money without a license is prohibited The National Ordinance on the Supervision of Investment Institutions and Administrators 2002 (Landsverordening toezicht beleggingsinstellingen en administrateurs, a.k.a. “NOSIIA”) of both Curacao and St. Maarten prohibits raising, or obtaining, pecuniary means or other property for the purpose of participating in an investment institution that has not been granted a… Continue reading INVESTMENT INSTITUTIONS IN CURACAO AND ST. MAARTEN
TERMINATION OF EMPLOYMENT AGREEMENT AND REDUNDANCY
Termination by mutual consent is preferable In general, Curacao labor law provides for the following ways to terminate an employment agreement: (i) termination by giving notice, (ii) dissolution by the Courts and (iii) termination by mutual consent. Prior to giving notice, an employer must obtain a permit from the Director of the Directorate of Labor… Continue reading TERMINATION OF EMPLOYMENT AGREEMENT AND REDUNDANCY
A UNIQUE BOOK ON NOBEL LITERATURE PRIZE WINNERS
Nobel Winds and Breezes Let’s talk about winds. Nobel winds. Nobel winds and breezes. Sometimes law even has something to say about the wind, for instance, when you consider building or buying a wind farm at a certain site. A windstorm may have legal consequences too. There are legal aspects involved when you want to… Continue reading A UNIQUE BOOK ON NOBEL LITERATURE PRIZE WINNERS
THE RHYTHM AND BLUES OF CURACAO CONTRACT LAW
Principle of fairness and reasonableness When considered in the perspective of the laws of Curacao, the reliance on or the enforcement of contractual terms and conditions contained in any agreement, may under certain circumstances be contrary to the overriding principle of ‘fairness and reasonableness’ (redelijkheid en billijkheid) which governs the relationship between the parties to… Continue reading THE RHYTHM AND BLUES OF CURACAO CONTRACT LAW
U.S. JUDGMENTS AND CURACAO
The recognition and enforceability of foreign judgments in the absence of a treaty In the absence of an applicable treaty between foreign countries (for example the U.S.) and Curacao, a judgment rendered by a U.S. court will not be enforced by Curacaoan courts. In order to obtain a judgment which is enforceable in Curacao the… Continue reading U.S. JUDGMENTS AND CURACAO
SECURITIZATION IN CURACAO
Curacaoan special purpose vehicles are commonly used in cross–border financing transactions Curacaoan special purpose vehicles (SPVs) are commonly used in both cross–border financing transactions as well as in Curacao domestic financing transactions. As far as cross–border transactions are concerned, (synthetic and cash) securitizations, repackagings, collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), leasing transactions, MTN… Continue reading SECURITIZATION IN CURACAO