Anyone ever sell a house in Aruba

[lizzardo]

Just wondering how you can get the money out of Aruba to the US.
Also not sure if there is a "transfer tax" for the seller

[tom and pam]

Originally Posted by lizzardo

Just wondering how you can get the money out of Aruba to the US.
Also not sure if there is a "transfer tax" for the seller

Two people I work with sold property on the island in the last 2 years. They were sent a check from the realtor and just deposited it in the US bank. No problems and taxes.

[SanNic44]

Lizzardo,

Be careful. And double check with your accountant. I read an article in the WSJ about a week ago, that all US citizens having overseas bank accounts with more than $10,000 at any point during a year must report the account and the source of income. It's not that they'll crucify you, but they will tax you. Any gain on real estate will be taxed, and if you deposit the money into an account and don't declare it, the penalties are brutal. I'm not an expert on this area, but I would seek professional advice in the US to be safe.

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[lizzardo]

good news is capital gains are not taxable here. So I think it's okay - I do not want anything to settle in my aruban account - go directly to the US...

Unfortunately - talked to 4 real estate people and got 4 different answers,
also our accountant is not in our "good graces" at this point because their story has changed on several occasions.

I believe if you talked to every accountant here - you'd get a different answer from each of them anyway. Going to talk to a couple of notaries since they are the ones "in charge".

If anyone could send me more info on who has done this - I would be very grateful.....

[Shnyda]

Coming from an accountant (not a tax accountant, but an auditor - my wife is the tax accountant).

I don't see how you could sell what I am assuming is not your primary residence, earn a gain on it and not have to pay any capital gains taxes.

No matter where income is derived - if you are a US resident you need to pay US taxes on it. Now - I'm not sure if you'd ever get caught - but I just don't see a way it could be "legal".

[lizzardo]

This is my primary residence and i'm an aruban resident. So still no capital gains for me.

So I believe that the US would have nothing to say about it if Aruba is
has jurisdiction over it and there is no capital gains tax here for
houses (unless you are doing it for a living).

[Shnyda]

Originally Posted by lizzardo

This is my primary residence and i'm an aruban resident. So still no capital gains for me.

So I believe that the US would have nothing to say about it if Aruba is
has jurisdiction over it and there is no capital gains tax here for
houses (unless you are doing it for a living).

I would agree with that...at least based on US tax law. I don't know anything about Aruban tax code.

[musicityman]

I have a trip planned to Aruba shortly and one of my tasks is to veiw available real estate for personal purchase. Can anyone suggest an area or broker?

[SanNic44]

It depends on what kind of living you want. If you want to go "native" then I suggest Savaneta, Rooi Koochi, and that type of area. If you just want a condo or a place in the sun, then check out the main drag by the hotels and just inland from there. Aruba has plenty of both.

Coldwell Banker has a good operation here as does a local outfit called Prima Casa.

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[Schnauzerjoy]

I can definitely recommend Miriam Engels from Century21 http://arubahouses.com/.

She helped us out with everything when we bought our house, don't know what we would have done without her, and she can show you houses all over the island.

Carsten