WILLEMSTAD – As part of Curaçao’s efforts to combat money laundering and the financing of terrorism, a new regulation requiring the registration of Ultimate Beneficial Owners (UBOs) came into effect in June 2024. Under this rule, all legal entities are now obligated to submit specific, up-to-date documentation regarding their UBOs to the official UBO register. 

The responsibility for registering the required documents lies with the governing board of each legal entity, though it may authorize a third party to submit the UBO declaration on behalf of the organization. 

The documents that must be filed for each registered UBO include: 

the shareholders' register; 

the register of certificate holders; 

the articles of incorporation; 

any other relevant notarial deeds; 

the members' register; 

the founding contract; 

an organizational chart illustrating the ownership structure; 

other documentation providing insight into ownership and control; 

and any powers of attorney that affect ultimate decision-making authority. 

Additionally, a copy of a valid identification document must be submitted for each UBO. If the UBO does not reside in Curaçao, the entity must also provide an official residency certificate issued by a foreign authority, dated no more than six months prior. 

All submitted information will remain accessible to authorized authorities for a period of ten years after the entity is removed from the commercial register. Similarly, the personal data of individuals who cease to be UBOs will also be retained in the register for ten years. 

UBOs are entitled to access their own records in the UBO register upon request. These records can be obtained from the Curaçao Chamber of Commerce. 

This new requirement is a key step in aligning Curaçao’s financial regulations with international compliance standards, and in improving transparency and oversight within the island’s corporate sector.