Published On: Thu, Apr 7th, 2016

CIFA: “Curaçao is financially transparent”

Curaçao’s financial services has nothing to hide

WillemstadWILLEMSTAD – According to the President of the Curaçao International Financial Services Association (CIFA), it is true that Curaçao is mentioned in the Panama Papers, but from what has been known so far, the island does not have a prominent role in tax evasion or avoidance.

Cova indicates that this is not strange, because Curaçao has had everything in order since a year and a half ago, while Panama has not even signed the new international regulation. She does not rule out that there are still some remnant that will come up from the old offshore sector, but not on the current practice.

“We have made a change from the offshore to midshore and onshore. Our legislation

ensures full transparency and we use the rules on public access to the data on the so-called UBO, the Ultimate Beneficial Owner.” This is important for the United States, with which all information is exchanged when requested. This means that Curaçao meets the requirements of the Foreign Account Tax Compliance Act (FATCA). There are no longer anonymous and so-called shelf companies or empty limited companies.

“The financial services which is now offered in Curaçao has nothing to hide,” said Cova.

There are favorable conditions for companies. “We offer the possibility to pay 2 to 4 percent, but all that happens in openness.”

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