Published On: Mon, Nov 12th, 2012

CIFA: Let’s talk about International Financial Center instead of “Offshore”

WILLEMSTAD – The International Financial Association of Curacao (CIFA) is of the opinion that there is still time to recuperate the international financial sector and make good use of this in Curacao.

In a recent report, CIFA stated that, to recuperate from the financial malaise, there are certain conditions which naturally must be met. One of these conditions is that there must be a sense of urgency. Furthermore, an environment must be created which stimulates investments, not only on a fiscal base. All international standards and regulations must be complied with.

It is very important for the private and the public sectors and the regulators to work together to continuously innovate in a rapidly changing world.

CIFA thinks that the utmost must be done to grow. To do so, the different sectors need to invest to continue counting on tax incomes and also to influence the payment balance.

“We shouldn’t talk about “offshore” but about Curacao as an International Financial Center (IFC). This organization must have its own budget just like the Curacao Tourism Bureau.”

Strategy
According to CIFA, strategic actions ought to be taken to reach the goal. One of these strategic actions is the improvement of the labor laws, immigration, permits, infrastructure, education etc.

The regulator should constantly work with the different sectors to create new products and implement supervision.

Tax collection should be simplified and with lower tariffs. Curacao has to change its image and its market in such a way that it promotes itself as a International Financial Center and not as “offshore”.

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