The Central Bank is the only institution entitled by law to issue paper money in the Countries Curacao and St. Maarten and also is charged with the circulation of coins. The Central Bank supervises banking and other credit institutions to primarily promote the stability, integrity, efficiency, safety, and soundness of the financial sectors of the countries Curacao and Saint Maarten in general and to safeguard the interest of the depositors and other creditors of the banking and other credit institutions in particular. The Central Bank also manages the foreign exchange reserves of the Netherlands Antilles, which includes regulating of the transfer of payments between residents and nonresidents of the Countries Curacao and St. Maarten and acts as the government’s treasurer by receiving and making payments from and to the public through the tax collector’s accounts at the Central Bank.

The Central Bank’s most important objectives are to maintain the external stability of the Netherlands Antillean guilder (NAf.) and to promote the efficient functioning of the financial system in the Countries Curacao and St. Maarten.

FATCA stands for the Foreign Account Tax Compliance Act. It refers to provisions included in the Hiring Incentives to Restore Employment Act signed into law on March 18, 2010 and effective January 1, 2013. It adds a new chapter to the Internal Revenue Code (Chapter 4) aimed at addressing perceived tax abuse by U.S. persons through the use of offshore accounts. The new rules require foreign financial institutions (FFI’s) to provide the Internal Revenue Service (IRS) with information on certain U.S. persons invested in accounts outside of the U.S. and for certain non-U.S. entities to provide information about any U.S. owners.

Any entity making a payment of U.S. source income must consider whether it is subject to FATCA. FATCA may apply to both financial and non-financial operating companies. Due to this breadth, FATCA impacts virtually all non-U.S. entities, directly or indirectly, receiving most types of U.S. source income, including gross proceeds from the sale or disposition of U.S. property which can produce interest or dividends.

U.S. entities, both financial and non-financial, that make payments of most types of U.S. source income to non-U.S. persons will also be impacted as they may now be required to withhold a 30% tax on that income paid to a non-U.S. person under FATCA. This will require the U.S. entities to maintain documentation on those non-U.S. persons and also track how those persons are classified under FATCA.

Yes, there are no limitations to open a bank account in Curacao, as long as the potential individual or corporate customer does comply with RIBNV’s compliance policies and procedures and is accepted as per the recommendations of the Compliance Department.

Any individual planning to start a relationship with RIBNV must open a Premium Savings Account and/or a Classic Account.

Fill and/or sign and deliver to your assigned relationship manager the following:

•  Personal Accounts Requirements

Fill and/or sign and deliver to your assigned relationship manager the following:

• Business Account Requirements