Buying a vacation home on an island I love -Aruba seems like a great investment. Any catch? Is there any foreign home owner out there that can advise me, preferably an american who owns in Aruba?

Courtesy of Arubatourism.com...

Aruba is a great place, can I move there?
The Aruban government introduced a strict immigration policy effective July 1st 2002. The procedure of handling your permit request will be much faster (within a month). However you must have a decent home already available in Aruba before emigrating and you must have a job on the island. You are allowed to stay for a maximum of 3 years on the island and then you must leave the island for 3 years before extending your permit for another 3 years. You are not allowed to bring any family members with you unless they have a job in Aruba as well. Employment will only be available to you if there are no Arubans available to fill that position. You must also have an HIV test done and a proof of general medical good health. You also need a proof of good conduct in the country on which you are residing in at the moment. These are a few of the rules that have been imposed or changed.
Non citizens (visitors) of Aruba cannot stay more than 90 days without a residency permit. To get a permit you must show financial resources to support yourself (and anyone with you) without employment. There are other requirements, contact the immigration authorities in Aruba for details.

How can I get employment in Aruba?
Your prospective employer must obtain a work permit on your behalf. Foreigners may be employed in Aruba only if no Arubans are available for the job in question. You should be fluent in Dutch and be willing to learn Papiamento. The work permit must be renewed annually. For detailed information contact Aruban immigration authorities.

dont know if this helps

Why don't you go to www.arubavacationhouse.com and arubahouse.com I am sure that they can give you some information.

Best & Solid Real Estate has some great info on this subject. Their website is www.arubahouses.com and their E-mail is info@arubahouses.com Hope this helps.

You can purchase a home in Aruba as a foreigner. We have friends who built a house there last year and are living there year round. You have to prove that you can support yourself financially w/o having to look for a job on the island. In their case, they are retirees who never had children and worked all their lives so they had the money in the bank to show that they were stable. I believe they have to leave the island 2 weeks every year or something like that. I am sure a reputable real estate agent can help you understand the process. But owning property and asking for residency are different I believe.

From th US Department of State Consular Sheet

SPECIAL CIRCUMSTANCES: The time-share industry and other real estate investments are two of the fastest growing tourist industries in Aruba. Time-share buyers are cautioned about contracts that do not have a "non-disturbance or perpetuity protective clause" incorporated in the purchase agreement. Such a clause gives the time-share owner perpetuity of ownership should the facility be sold. Americans sometimes complain that the time-share units are not adequately maintained, despite generally high annual maintenance fees.

Potential investors should be aware that failed land development schemes involving time-share investments can result in financial losses. Interested investors may wish to seek professional advice regarding investments involving land development projects. Real estate investment problems that reach local courts are rarely settled in favor of foreign investors.