About Aruba

LOCATION
Our island is about 20 miles long and 6 miles across at its widest points. Aruba is located about 19 miles off the Venezuelan coast.

The island’s total area is approximately 77 sq. miles (193 sq. km).

LANGUAGES
Dutch is the official language while English and Spanish are widely spoken. Papiamento, the Aruban language, is influenced by Spanish, Dutch, English and Portuguese.

TIME
Aruba is on Atlantic Standard Time all year round. This is the same as Eastern Daylight Savings Time which is 1 (one) hour ahead of Eastern Standard Time (EST).

WEATHER
The median and almost constant temperature is between 80°-85° Fahrenheit, about 28°-30° Centigrade. There are no daily weather reports. Although out of the range of Atlantic and Caribbean hurricanes, the changes in the world’s weather patterns have brought warmer weather in the summer months. Because of low rainfall, Aruba has a dry and dessert type landscape.

ELECTRICITY
Aruba uses 110v AC at 60 cycles, the same as in the U.S.

CURRENCY
The Aruba Florin is equivalent to US$ 0.55. To make conversion easier, divide the florins price in half and add 10%. The US dollar is widely accepted and its rate of exchange is AFL.1.77 for cash exchanges and AFL.1.78 for traveler’s checks. Retail Stores, hotels and restaurants usually use rate 1.80, while supermarkets and gas stations use 1.75. Personal checks are not accepted and some stores do not accept US$ 50 and US$ 100 bills because of worldwide counterfeiting. All major credit cards and traveler’s checks are accepted.

HOUSING
Because of the accelerated growth of the economy and, consequently, the influx of thousands of foreign laborers, the housing market is experiencing an excessive demand in regard to house rentals.

Although, the shortage has been alleviated partly by the realization of some housing projects, especially for the upper middle and higher income categories, this shortage continues to have an inflationary pressure on the rentals for the lower middle and lower income groups.

WHAT YOU SHOULD KNOW IF YOU DECIDE TO ACQUIRE A HOUSE HERE IN ARUBA

• Aruba is an independent part of the Dutch Kingdom. Therefore, Dutch laws govern our island. Home ownership does not automatically bestow citizenship. Non-residents can only stay on the island for a limited time of 3 months. Nevertheless, after complying with Government requirements, you may consider applying for residency (especially for retirement purposes).


• You should always find a professional real estate agent that will help you find your dream home. It is important to find a property that satisfies your needs and wishes. If this is the case, put a down payment on the property to ensure that it will be reserved for you.


• According to the Dutch law, in Aruba a notary is an impartial attorney who will prepare the necessary deed of transfer. The notary will need the following information and/or documentation during a transaction:


• The personal data of the buyer.


• The personal data of the seller.


• A complete description of the property being purchased.


• A deposit to be paid at the notary’s office or deposited on the notary’s bank account.


• A copy of the Sales and Purchase Agreement.


• If the buyer or the seller is a company: a copy of the articles of incorporation, certificate of good standing, personal information of directors, etc.

After receiving this information the notary office will prepare/do the following:

• A title search at the public registry in Aruba to confirm the ownership, and determine mortgages or embargoes, if any, on the sold property.


• Research at the tax department regarding the value of the sold property.


• Draft of the deed.


• Total cost calculation (approximately 5% to 8% for taxes, notary costs and registration at the public registry).


• Appointment for the execution of the deed.

If you can not be present for the closing, you are allowed to appoint a third person to represent you.


PROPERTY TAXES
Property taxes are 0.6% of the market value. The first AFL. 60,000.00 are exonerated. There are no taxes in Aruba for the capital gain of your property (you can only have one at a time), for example you buy a property for $100,000.00 and you sell it later for $200,000.00, your capital gain of $100,000.00 is tax free.

OTHER INFORMATION
Financing in Aruba is possible and available for non-residents with different local banks. These can finance up to 60% for 5 to10 years. Current mortgage interest rates vary from bank to bank.

We will always be prepared to assist you in acquiring a property in Aruba.