Further anti-money laundering measures In the context of the fight against money laundering, the Netherlands Antilles will adopt legislation in the course of 2007 which extends the identification obligation and the reporting obligation in respect of unusual transactions to attorneys, civil-law-notaries, accountants, insurance companies and brokers, realtors, car dealers and jewelers. The obligations as imposed… Continue reading CLIENT IDENTIFICATION RULES OF THE NETHERLANDS ANTILLES TO BE EXTENDED TO ATTORNEYS AND CIVIL-LAW-NOTARIES

Interpretation may go beyond the four corners of the contract The question what exactly was agreed between parties to a contract largely depends on the interpretation of the contract, in which principles such as fairness and reasonableness play an important role. In many cases, where contract language is clear and explicit and does not lead… Continue reading THE INTERPRETATION OF A NETHERLANDS ANTILLES CONTRACT: WHOSE MEANING PREVAILS?

Internal versus external authority Netherlands Antilles law sharply distinguishes between the capability of a partner to represent a partnership and the acceptability of an act of representation under the contractual relationship among the partners. These concepts could be labeled as ‘external authority’ and ‘internal authority’ respectively. Although the internal authority can influence the external authority,… Continue reading REPRESENTING A NETHERLANDS ANTILLES PARTNERSHIP

Act of tort required The existence of a claim on a corporation does in itself not cause any liability for the officers or directors of that company to arise. Outside a bankruptcy case, such a liability may only be construed if the claim on the corporation remains unpaid and then only if there is a… Continue reading THE PERSONAL LIABILITY OF A DIRECTOR OF A NETHERLANDS ANTILLES COMPANY

A concept similar to a right of pledge In the Netherlands Antilles collateral transfer (‘fiduciaire overdracht’) is a common security interest. It is construed as the full transfer of a proprietary right by the debtor to the creditor, under the condition subsequent of satisfaction of the obligation the collateral is to secure. Once said condition… Continue reading FIDUCIARY TRANSFER OF TITLE UNDER THE LAWS OF THE NETHERLANDS ANTILLES

The composition must be adopted by the creditors and be approved by the court Under Netherlands Antilles and Aruban law, a moratorium of payment (‘surséance van betaling’) is a legal concept distinct and separate from bankruptcy (‘faillissement’). The Bankruptcy Ordinance (‘Faillissementsbesluit’) provides for two types of proceedings: bankruptcy in which the debtor’s assets are liquidated… Continue reading THE TERMINATION OF A MORATORIUM AS THE RESULT OF A COMPOSITION UNDER THE LAWS OF THE NETHERLANDS ANTILLES AND ARUBA

Curacao has a friendly tax climate, too Curacao is part of the Kingdom of the Netherlands. International financial services form an important pillar of the economy of Curacao. Other important sources of income include tourism, oil refining and shipping. The financial sector is supported by a number of international banks offering a wide scale of… Continue reading CURACAO IS THE PEARL AND THE CAPITAL OF THE CARIBBEAN

The Netherlands Antilles as such will cease to exist on ‘Kingdom Day 2008’ On 15 December 2008, Sint Maarten will become an autonomous island within the Kingdom of the Netherlands. Sint Maarten’s position can best be compared to that of Aruba: a full nation status within the Kingdom of the Netherlands. This has been agreed by all parties… Continue reading 15 DECEMBER 2008 WILL BE D-DAY

Annual accounts must be retained in paper form Under Netherlands Antilles law there are several laws and regulations containing provisions relating to the retaining of records. Amongst others, such provisions can be found in the Civil Code, the Commercial Code, tax and social security legislation etc. With respect to specific banking activities, the National Ordinance… Continue reading RETAINING AND DIGITALIZING RECORDS UNDER THE LAWS OF THE NETHERLANDS ANTILLES

A director-in-fact can be held liable too Under Netherlands Antilles legislation, it is possible for a company’s shareholders voluntary to be held liable for its debts. For instance, the articles of private limited liability companies may provide that holders of shares or a specific class of share shall be personally liable for certain or all… Continue reading VOLUNTARY AND STATUTORY LIABILITY UNDER THE LAWS OF THE NETHERLANDS ANTILLES

For tax purposes it does The Netherlands Antilles tax system is based on the residency principle. Residents are subject to tax on their world wide income and assets. Non-residents could be subject to Netherlands Antilles tax depending on the source principle. These principles apply both to the inheritance and gift tax as the personal income… Continue reading RESIDENT OR NON-RESIDENT IN THE NETHERLANDS ANTILLES: DOES IT MATTER?

Conflict of laws aspects For Netherlands Antilles conflict of laws, the creation of security interests in shares has, like the transfer of shares, aspects of both the law of obligations and the law of property. The contract establishing an obligation to create a security interest is governed by the EC Convention on the Law Applicable… Continue reading CREATION OF SECURITY INTERESTS IN SHARES OF A NETHERLANDS ANTILLES COMPANY