I have search the internet and this forum for some information about buying an house in Aruba and the possiblities of establishing a business.
We are a swedish couple who have visited Aruba several times and now we have found our dream home on the Island, the house is current used as an Bed & Breakfast and of course we would want to continue this business if we buy the house.
My question is if it is possible for us to do that? Do we need both a working permit and resident permit to do this?
I read somewhere that you can also apply for some kind of business permit, anyone who knows anything about this?
I have a heard that getting a working permit or/and a resident permit is almost impossible if you are a foreigen, is that true?
I would also like to know if anyone knows about the chances of getting a loan in an Aruban Bank?
I hope someone out there can help us out! So please if you have any information that can spread a little clearness in all of this, help us out.
In regards to the resident permit you can get it but it will take time and you will need to supply the following paperwork. 1) Birth certificate with apostle, 2) Marriage certificate with apostle, good character/record check with police and notarized, 3) bank account showing funds of 100,000 florins ( approx. 57,000. us) 4) medical insurance from your country, 5) passport photo's and copy of passport. I believe this is it, you will have to give I believe approx. 700 us per person to the govt to be put in escrow in which they will use to pay for flight and expenses should you do something bad and they want to deport you. The process will take time and cost money and many people pay companies to assist them with the process with Dimas. If you are accepted you will then have to have blood work taken, then go to a hospital for x-rays and then be seen by a doctor after the results are in and then turn paperwork into the board of health. This process alone takes 4 working days. Approx. a month or so after this you will get your papers. You will have to renew this every year, only after ten years will you become permanent.
In regards to work permits this would be easy if you have resident permit and own property and a business. If not a business will have to sponser you.
Aruba Banks are different than most banks, to open an account it will take sometime and will not happen in one day. In regards to loans the interest rates are higher than the rates in the states and almost double. Also if you are not Aruban most banks will only let you borrow approx. 40 to 50 % of the value of the property at a high rate. I hope this helps.
Well I would ask the owners of the business all your questions because they do it themselves. Also ask for references for a lawyer and accountant to use so you
know everything in advance.
Remember you can stay on the island 6 months w/o residency so you would be able
to come here and do all of this in person. In fact you will have to do a lot in person.
Residency requirements vary from if you are filing as a retiree or work permit so
make sure you get all the information before you come here. Getting paperwork
with an apostile back home requires someone driving to the state capital in the US.
Thank you Lizzardo for more info! You have all been to a great deal of help. Thank you!
We have now done some more reaserch and we are starting to get a grip on the rules and regulations. One thing is for sure, it is not going to be easy but we won´t give up .
This is our dream and with a lot of effort we hopefully will make this happen.
Do any of you know if it is legal to rent out a part of the house and maybe one or to studios on the property even if we are not residents?
If any of you have a bank that you could recommend it would be to big help.
I would think that since the place you are interested in buying
is already a B&B - it would be 'zoned' already for you. I would
talk to the owners about seeing if they can 'transfer' the business
to you - that way you don't have to start from scratch.
I know someone who owns a B&B - send me your info and I
can email you their site so you can see if they would be willing
to talk to you.
I don't know if they are residents or not but I know that a lot of people
who are not residents rent out their houses. I don't know how
they set it up.
We found that ArubaBank was very hard to deal with. We have
CMB which is good. Also heard that RBTT is also a good bank.