There is a requirement from the Central Bank of Aruba (CBA) relating to the mandatory direct investment report (DIR). The direct investment Report 2019 should be reported at the latest on February 19, 2021.
The Direct Investments to be reported, refer to both outward and inward direct investments.
Besides the mandatory direct investment reports, it is also mandatory for Aruban companies to report amongst others:
- Foreign Bank Accounts
- Foreign Intercompany Accounts
- Wealth Management Accounts
The reporting to the CBA takes place on a weekly basis. These reports allow the CBA to monitor the development in the international reserves of Aruba more closely. An infringement of the above mentioned shall be punished with imprisonment not exceeding six months and/or a fine not exceeding twenty-five thousand florins. The Central Bank of Aruba may freeze your bank account if you do not comply with these reporting requirements.
Should you have any questions about mandatory reporting obligation to the Central Bank of Aruba, feel free to email or call the Corporate Finance and Audit Department and we are happy to assist you.
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