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Buying property in Curaçao

by Aida Moret on March 2, 2020
Buying property in Curaçao

It is important to know that there are no restrictions for foreigners to buy a real estate property in Curaçao.

Once you sign the purchase agreement, you will have to pay 10% of the value of the property to an escrow account of the notary of the buyer’s choice (as the buyer is the one that pays the notary). Ownership of the property is normally transferred within 6-8 weeks. Once everything is arranged, you would make the final payment. Transfer Tax in Curaçao is about 4%. The 10% deposit can be returned to the buyer, in case the purchase of the property cannot be finalized due to, e.g., not being able to acquire a mortgage.

Banks usually grant about 70% of the total purchasing price, depending on the financial situation of the buyer. For foreigners, banks could grant less.

Annual Property Tax ranges from 0.4% to 0.6% depending on the value of the property.

The buyer also has to pay the fee for the appraisal report. The bank where you would apply for a mortgage will give you a list of the appraisal companies that they accept. The bank will also charge you for these and any other additional services.

Approximately, the buyer will have to pay about 6-7% above selling price.

The seller of the property pays the commission to the realtor.

Renting a property:

For long-term rental, the equivalent of 1 month commission will be paid by the owner of the property to the realtor. All payments exclude a 6% charge for tax.

If buying or renting at resorts, there is usually an extra monthly fee as there is a charge for the cleaning of common areas, maintenance of pool and garden facilities, etc.

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