The Foreign Account Tax Compliance Act (“FATCA”) is a US law, enacted in 2010 with the aim to combat tax evasion by United States persons (“U.S. persons”) holding investments in offshore accounts. On 16 December 2014, the Minister of Finance of Curacao signed an intergovernmental Agreement with the Minister of Finance of the United States of America (“IGA”) to capacitate the obligations of the FATCA. The IGA however is not sufficient for Curacao to comply with the obligations of the FATCA. Existing legislation, such as the National Ordinance Personal Data (“Ordinance Personal Data”), has to be amended. The IGA provides a legal basis for the existing legislation to be adjusted. In the first part of this publication, we discussed the intended amendment of the Ordinance Personal Data (please click here). In this second part, practical information with regard to the obligations of the FATCA and IGA will be discussed.

The leading Dutch Caribbean law firm

VanEps Kunneman VanDoorne is the leading Dutch Caribbean law firm and has been operating on the highest level of the legal market, providing business focused solutions for 75 years now. We are the largest law firm in the Caribbean part of the Kingdom of the Netherlands and the combination of international and local expertise makes us unique. We have offices in Curacao, Aruba, Bonaire, and St. Maarten, also servicing St. Eustatius and Saba, and a Dutch Caribbean Desk in Amsterdam. We serve the country of Surinam directly with respect to corporate and finance matters, in close cooperation with a reputable local firm.

Our outstanding reputation and knowledge level are internationally acknowledged. As a member of Lex Mundi's  renowned worldwide network of independent lawyers and an associate of Van Doorne in Amsterdam we serve a worldwide clientele. At the same time our office is deeply rooted in the local island communities in which we operate.

The firm's lawyers have a well established reputation for expertise on acquisitions and in corporate litigation and dispute resolution, in insolvency matters both acting for lenders and as receiver/trustee, in maritime and transport law, intellectual property, employment issues, telecommunications and banking and finance.

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VanEps Kunneman VanDoorne in the news
With the final cash distribution to be executed on 19 May 2015, Lehman Brothers Securities N.V. in Curacao (Dutch Caribbean) will be one of the first Lehman Brothers companies worldwide to finalize its bankruptcy proceedings. The final cash distribution to the creditors will be made by bankruptcy trustee Michiel Gorsira of law firm VanEps Kunneman VanDoorne. Read more...  

The Curacao utility company Aqualectra, represented by Mayesi Hammoud of VanEps Kunneman VanDoorne, has vindicated in summary proceedings it started against the World Trade Center in Curacao. The summary proceedings were started by Aqualectra to ensure payment of the debt of millions of guilders WTC has with Aqualectra. The Court ruled in favor of Aqualectra on Tuesday 21 April.

Read more...   The Antillean Lawyers Association (Antilliaanse Juristen Vereniging) has appointed the board for the year 2015-2016 in a General Membership Meeting. Willemieke Princée of VanEps Kunneman VanDoorne has been appointed as new member in the board, consisting of eight legal professionals.
Read more...   Multinational telecom company Cable and Wireless Communications (CWC) has acquired Columbus International Inc. for USD 1.85bln. CWC is active in 16 Caribbean and Latin American countries; Columbus is active in seven countries with the brand names Flow and Karib Cable. Natasha Joubert and Carine Jänsch of VanEps Kunneman VanDoorne advised regarding the Curacao and Bonaire regulatory aspects of this acquisition. Read more...   Last week, Cinemark has signed the lease with the new to open shopping center Sambil in Curacao. With this signing, Sambil is now ensured of the opening of a Cinemark movie theatre in the new shopping mall, which will open its doors in May 2015. Cinemark operates the third largest circuit of the United States. On behalf of the legal team of VanEps Kunneman VanDoorne, Godelieve Wesselingh attended the closing.
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