The Board of Directors of the Aruba Hotel and Tourism Association has accepted the resignation of Jorge Pesquera, President and CEO effective November 1, 2007. Chairman of the Board Ewald Biemans said: “We are very sorry to see Jorge leave Aruba as he approaches his fourth year of dedicated service, but realize that he has a great opportunity in Florida that would be very hard to pass up.” Pesquera has accepted the position of President and CEO of the Palm Beach County Convention and Visitors Bureau overseeing all tourism marketing for Florida’s largest county with 16,000 hotel rooms, a new convention center and some of the most upscale resorts in the country.

“I am leaving with very mixed feelings” said Pesquera, “Aruba is a great destination and I have been honored by the opportunity given to me by the board and the membership. It has been a great ride and a learning experience, but opportunities such as Palm Beach only come around once in a lifetime. I take comfort in the conviction that AHATA and our group marketing division of Meet Aruba are much more solid organizations today than they were four years ago. We have assembled a terrific team of professionals who truly care about our association and about Aruba and parting with them has made this decision so much more difficult. I am also thrilled to pass the baton to a highly seasoned tourism executive and first class guy.”

Ewald Biemans was pleased to announce the appointment of Rob Smith, currently GM of the Westin Aruba Resort to the CEO position effective October 1: “we are fortunate that Rob was willing and available to take on this most critical position and ensure continuity in the expanding role AHATA has undertaken as it pertains to destination marketing, advocacy and member support services. He has repeatedly shown his leadership qualities in programs and initiatives such as the Hospitality and Security Foundation and, most recently, the Marketing Committee. He has an intimate understanding of Aruba’s key markets and channels of distribution and has acquired extensive experience in the meetings and conventions arena. I am sure this will be a smooth and productive transition”.

Rob Smith is currently employed by Starwood Hotels & Resorts as General Manager of the Westin Aruba. He has been serving this resort since April 1998, and held the role of Vice President of the previous ownership group, Aruba Hotel Enterprises, and General Manager of the then Wyndham prior to the sale of the hotel. During his ten years in Aruba he has served the association in multiple capacities including:
- Board member of The Caribbean Hotel Association (2000 to present)
- Chairman of the AHATA Nominations Committee (2001 to present)
- Chairman of the CEO Search Committee (2003)
- Member of the Aruba Strategic Communications Task Force
- Chairman of the Aruba Hospitality and Security Foundation (02 to 06)
- Treasurer of the AH & SF (2006 to present)
- AHATA Board of Director (2006 to present)
- Chairman of the Marketing Committee (2007)

Rob was recognized as the Hotelier of the Year for AHATA in 2005 and was nominated for the same award on a regional basis with the Caribbean Hotel Association. He has served at a General Manager level for the past 14 years, is married and has two daughters and one son. Smith said: “I am thrilled to take on this key position in an association that I truly believe has been critical to Aruba’s success. The fine team at the former Wyndham - now Westin - has been my family for an entire decade and I will miss their camaraderie most of all. However, I am confident that at AHATA we will be able to create or influence destination wide initiatives aimed at improving business levels across the board. Aruba is my home and my family has deep roots in this island. In many respects I have been unconsciously preparing for this position for a long time and I am looking forward to carrying on the fine tradition that has been established with Rory, Horace and Jorge most recently.”

Fitch Ratings-New York–August 30, 2007: Fitch Ratings affirms Aruba’s ratings as follows:

–Foreign and Local Currency Issuer Default Ratings at ‘BBB’;
–Short-term Issuer Default Rating at ‘F3’;
–Country Ceiling at ‘A-’.

The Rating Outlook is Stable.

Aruba’s ratings are supported by its relatively high per capita income of over USD20,000, which is well above the ‘BBB’ median of USD5,350, its market-friendly institutional environment, based on a well-functioning legal system, rule of law and legally protected rights, and its continued political and social stability. Aruba’s external solvency ratios such as net external debt and net public sector external debt (as a percentage of current external receipts) are also consistent with the ‘BBB’ median. Additionally, the rating incorporates the fact that Aruba is part of the Kingdom of the Netherlands (‘AAA’). Although Aruba gained status aparte in 1986, its strong links with the Dutch government and the implicit support for the island are unique. Aruba’s rating weaknesses comprise structural weaknesses in its public finances including a high level of budgetary rigidity and continued reliance on arrears to suppliers and the broader public sector as a source of financing, its relatively high public debt burden (47% of GDP) and its relatively low international liquidity in the context of its narrow economy.

“The Aruban government’s fiscal effort over the last two years is encouraging, and the prospects for modest consolidation appear reasonable in light of the revenue-enhancing tax reform implemented in 2007. Yet, restructuring of public spending and continued expenditure restraint are essential for achieving the targeted balanced budget in 2009,” said Shelly Shetty, Senior Director in Fitch’s Sovereign Group. Fiscal deficits have declined to 1.6% of GDP (on an accrual basis) in 2006 from 6% in 2004 and Fitch expects these to hover around 1% of GDP with public debt also declining gradually in the 2007-09 period. However, fiscal prospects could improve further if the government obtains additional tax revenues from Valero (the U.S. oil refinery) by winning its tax arbitration case against the company. Similarly, Aruba could receive significant transfers over the next year from the Dutch government related to the settling of the dispute between the two countries regarding certain hotel properties. If the additional funds are utilized for fiscal consolidation and repaying debt, it could facilitate a faster convergence of public debt to the ‘BBB’ median of 34% of GDP, mitigating one of Fitch’s concerns.

Aruba’s narrow economy is heavily dependent on tourism, and the island’s growth performance is lagging that of most rating peers, highlighting the need for the economy to diversify further. The tourism industry was hit last year by lower tourist arrivals and lower occupancy rates, with tourism receipts down by 2%. As a result, GDP growth is estimated to have grown by just 1.5% in 2006, significantly below the ‘BBB’ median of 4.9%. While the near-term outlook for tourism appears more promising, the envisioned expansion in hotel capacity in the coming years is likely to impose a greater strain on the island’s infrastructure and possibly its labor markets.

Finally, while the central bank has managed the economy well, the deterioration of the non-oil current account balance is a source of concern. Moreover, international reserves coverage remains modest in the context of Aruba’s fixed exchange rate regime. However, Fitch notes that partially offsetting these concerns is that fact that Aruba has not experienced any serious currency pressure since gaining status aparte in 1986, it has no history of capital flight and there is insignificant participation of foreigners in its local markets, which limits the possibility of large outflows in case of an external shock.

Contact: Shelly Shetty +1-212-908-0324 or Theresa Paiz Fredel +1-212-908-1534, New York.

Fitch’s rating definitions and the terms of use of such ratings are available on the agency’s public site, ‘www.fitchratings.com’. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

In an article that appeared in the June issue of one of the leading agro-magazines in the world, Anuario Exame, the editor, ranks top five-hundred agro companies in Brazil.

Aruba-based Global Foods Holding was ranked as one of the top five foreign investors in Brazil with its 2 billion Brazil Reais (USD 1 billion) investment in the sugar and ethanol sector. The ranking of the top five is clearly listed in the article, lauding the vision and the determination of the investors funding Brazilian clean-energy projects.

Global Foods Holding who partnered with a well-established Brazilian manufacturer operates four ethanol mills, under the name Santa Elisa.

Aruban businessman Rene Kan (pictured here), of Global Foods Holding, is one of the forces behind the investment. In his efforts to build an ethanol refinery in Aruba, he also got involved in growing his own sugarcane and securing the steady supply of raw materials to the upcoming Aruba facility.

Kan is making a mark in the fast growing biofuel field, seeing the potential in Brazil's sugar cane fields. In that respect Brazil is a pioneer, since the 70s, and the country is currently a top ethanol exporter, second only to the US as a producer.

As a matter of fact, nearly all cars in Brazil run on ethanol or an ethanol-gasoline mix, and the country's sugarcane-based fuel is 30% cheaper to make than the US corn-based variety.

Aruba? It’s our “Happy Place”

Over the past four years, many people have asked us why we decided on the Aruba Networks moniker. The simple answer? It’s our happy place.

If you know our founder, Keerti Melkote, you know that he’s one of the most even-tempered people around. No small feat in the high-stress, fast-moving world of technology. Even when Keerti is angry, his temperament never really changes…he’s always mellow and in control. It was always somewhat of an enigma for most of us, at least for those of us who have a difficult time masking our emotions (and that’s pretty much all of us except our CFO Steffan Tomlinson, but that’s a completely different story). How the heck does Keerti always keep his cool? How does he keep so stable when the rest of us are fighting a pointed rise in blood pressure? Aruba.

Throughout his career, Keerti has faced some pretty heady challenges. Challenges that would make the best of us blow our cool. Defining and launching Cisco’s high-end LAN switching systems; being stuck in a conference room, in a marathon meeting, not able to access the network to find a piece of data key to the current discussion; designing a line of broadband IP subscriber management systems at Shasta; endless customer site meetings with no network connectivity. Stuff that would make the Dalai Lama blow a gasket. But not Keerti. He privately kept his cool by mentally going to his “happy place” when things got rough…a white sand beach on the island nation of Aruba, with a cool drink in his hand and his wife at his side. That thought kept him sane, and kept him on track with his important technology developments.

So when it came time to start his own company, to stake his place in the world of networking, the choice was clear…he had to deliver Aruba to everybody. This desire to invite the world into Keerti’s happy place drove the paradigm-shifting concept of user-centric networking.

Says an always-smiling Keerti: “I figured if we could create a world where every user, every network citizen, was able to securely take their enterprise connectivity experience with them wherever they went…branch office, warehouse, home, on the road…without effort, we’d end the frustrations that have stifled the promise of enterprise mobility. Without these frustrations, employees would be more productive and better armed with critical information, regardless of location. With happy employees, enterprise IT managers would be free of the frustrations thrust upon them by their mobile workforce. And with a happy infrastructure, senior management would see an increase in productivity and a direct impact on the bottom line. In effect, everybody would be in my happy place…picture a white sand beach lined with millions of relaxed enterprise workers, sipping drinks and sharing smiles.”

Sounds pretty good to us, Keerti. Welcome, everybody, to Aruba.

20-Year Industry Veteran Becomes First Person Outside the Ballen Family to Lead the 61-Year-Old Company

Disc Makers, the nation’s leading media manufacturer, today announced that its Board of Directors has named Tony van Veen to serve as the company’s president.

Van Veen, 42, has been with Disc Makers for 20 years – his entire professional career – and becomes the first person outside of the Ballen family to head up the 61-year-old company. He replaces Morris Ballen, who had served as president since 1972 and grew up with the company working with his father, Ivin Ballen, who founded Disc Makers in 1946.

On behalf of the Disc Makers Board of Directors, Morris Ballen, who now becomes Chairman, stated, “The Board is happy to announce Tony van Veen as Disc Makers’ new president. Tony is recognized throughout the industry as one of the most innovative business leaders, and his leadership has been a driving force in the strong growth of the company. As president, he will continue to bring a combination of strategic insight and imagination, operational excellence, and motivational leadership needed for many years to come.”

“Becoming president of Disc Makers is the fulfillment of a long-held dream, and I’m extremely excited to have the chance to continue to lead a company as dynamic as Disc Makers as we increase our dominance in our niche and expand beyond it,” said Tony van Veen. “I am fortunate to succeed Morris and wish to thank the entire Ballen family for their unwavering support over the past two decades. I look forward to working with our whole Disc Makers team to continue to develop attractive products and services our customers will embrace.”

Van Veen began his career with Disc Makers in 1987 as a sales and marketing associate. His business prowess and keen insight into the independent music industry quickly led him to oversee the company’s sales, marketing, and account management operations by the early 1990s. Under his direction, sales grew exponentially as the company continued to reinvent itself into the leading optical disc manufacturer for independent artists, filmmakers, and businesses, which today services tens of thousands of such customers each year.

A musician himself, van Veen has helped Disc Makers keep its finger on the pulse of the independent community while leading the company from a commodity pressing plant to a fully-integrated, value-added manufacturer that offers best-in-class customer service, turn times, and product quality. Van Veen has also helped fuel Disc Makers’ growth into new markets, including independent film, church production, education, and government.

Disc Makers is one of very few select companies in the media industry that has thrived through 60 years of technological changes by being format neutral (78 rpm shellac to 45 and 12” LP, to 8-track cartridge and audio cassette, to CD and DVD). According to van Veen the secret is listening to customers on both the macro and micro level: “If you listen to what customers tell you, your job becomes very easy. They’ll let you know what’s working and what’s broken. You just need to follow up on what they say.” This philosophy has led to a series of innovative solutions for Disc Makers’ customers, including the pioneering of the all-inclusive CD package (which is an industry standard today), promotional poster printing, the free barcode for independent musicians, the addition of Do-it-Yourself CD duplication machines, and more recently the introduction of custom printed garments (a.k.a. “merch”) and a music download service for its customers.

Thanks to the above innovations and the company’s unwavering commitment to putting the customer first, Disc Makers continues to see double digit annual sales growth, even in this era where the large record labels see year over year sales declines.

A native of Aruba and a graduate of the prestigious Wharton Business School at the University of Pennsylvania, van Veen is widely recognized in the independent music, pro-audio, and independent film industries. He is a regular at industry trade events such as NAMM (National Association of Music Merchandisers), CES (Consumer Electronics Show), and the CMJ New Music Festival.

“Under Tony’s leadership, Disc Makers will continue its core mission to help independents – whether musicians, filmmakers or small businesses – compete head to head with much larger companies and multinational institutions,” added Ballen. “He has the support of the entire company behind him to usher Disc Makers to new heights.”

Awards of excellence were handed out for the second time, during the Aruba Hotel & Tourism Association General Assembly at the Renaissance Convention Center.

Nominees for the official recognition program were sent in for consideration by a panel of experts, supervised by the University of Aruba.

The Shoco, a local indigenous bird, represents creativity, vision and wisdom, says Jorge Pesquera, AHATA CEO. The awards, introduced for the first time in 2005, recognize contributions of gifted and driven individuals among the association’s allied members and among the hotels.

The attractive trophy was originally created by local artists Edwin Donata and Mariza Erasmus.

Alfonso Riverol, AHATA, Aruba Hotel & Tourism Association’s President, and Pesquera helped hand them out at the festive gathering in the presence of hoteliers, media members, dignitaries and award nominees.

AHATA solicited nominee names, mid year, Pesquera explains. The names received were sent in for evaluation focusing on excellence in service, hospitality and outstanding contributions to the sustainability of Aruba’s tourism industry.

Pictured here the winners Hotel Supervisor of the Year, 2006, from La Cabana Beach & Racquet Club, Nilda Echobardo; Allied Employee of the Year 2006, from De Palm Tours, Howard Folkes, and from Aruba Adventure Victor Andrews; and Hotel Employee of the Year from the Renaissance Aruba Resort & Casino, Javier Croes, on stage with their awards.

This year two new categories were introduced Hotel of the Year and Young Tourism Professional of the Year, an award which was designed to recognize promising talent in Aruba’s #1 industry. Divi Resorts was recognized in the category of Hotel of the Year and Karen v/d Vaart was acknowledged as the Young Tourism Professional of the Year. The awards were not officially granted because of the small number of candidates the first year out. Nevertheless, Divi Resort & Karen v/d Vaart received a round of applause for their achievements.

AHATA, reiterated Pesquera, stands for quality and vision and the development of leadership, as personified by the award winners. (For more information and entry forms go to AHATA.com)

Result is a safer, more environmentally friendly, reliable and competitive operation

Since acquiring the Aruba refinery in March 2004, Valero Energy Corporation has invested nearly $360 million (640.8 million Afl.) to improve the safety, reliability, environmental performance and profitability of the plant. Most recently, the refinery commissioned a new 450-ton-per-day Sulfur Recovery Unit that has reduced SO2 emissions by nearly 90 percent, and revamped and restarted an idled Visbreaker Unit that has improved the refinery’s upgrading capacity and enabled it to process more refined products.

“We are very excited about the tremendous improvements that we’ve made to the refinery in just two years,” said Ray Buckley, vice president and general manager of the Valero Aruba Refinery.

“We have invested a significant amount of time and money to make the refinery safer and more environmentally friendly, reliable and competitive. What’s more, we have established a skills training program for local workers, offered scholarships for students, formed a Volunteer Council, created the Aruba Way campaign, and donated a significant amount of money to charities in the community.”

Investing to Improve the Refinery’s Operations

When Valero acquired the Aruba refinery, the company made much-needed reliability improvements to the two existing Sulfur Recovery Units, which resulted in a 40 percent reduction of the refinery’s SO2 emissions. To further improve environmental performance, the company recently invested $15.7 million (27.9 million Afl.) to construct

the new Sulfur Recovery Unit, reducing the SO2 emissions by a total of 90 percent. These units recover sulfur from the various refining processes – rather than allowing it to be released into the atmosphere.

Also to make the refinery more environmentally friendly, Valero improved storage tank maintenance, wastewater handling and coke handling; removed idle equipment; conducted soil remediation; and removed asbestos. The company is also evaluating plans to enclose the coke handling facility, which will eliminate the coke dust, and install coke-fired boilers, which will eliminate the smoke caused by burning pitch.

The Visbreaker Unit, which was shut down well before Valero acquired the refinery, was in need of revamping because of operational and safety issues. Valero was able to solve these issues by re-engineering the Visbreaker, making it more reliable and safe. This newly redesigned Visbreaker, which cost $55 million (97.9 million Afl.), allows the refinery to process an additional 30,000 barrels per day (BPD) of refined products.

Also this year, Valero is spending $45 million (80.1 million Afl.) to expand two Coker Units and another $50 million (89 million Afl.) to increase the refinery’s throughput capacity. New state-of-the-art coke drum de-heading devices, which are valves to control the opening and closing of the coke drums, are improving the safety and efficiency of these units. One of the cokers was retrofitted earlier this year and the other is scheduled to be upgraded this summer.

Improving Safety & Reliability

Since acquiring the refinery, Valero has significantly enhanced the plant’s reliability, which has in turn improved the plant’s safety and production levels. The refinery’s utilization rate was 74 percent at the end of 2005, nearly 20 percentage points higher than the 55 percent rate before the acquisition. Similarly, mechanical availability was 92 percent last year, versus 78 percent pre-acquisition.

In terms of safety, Valero has implemented best practices from the company’s other refineries, instituted new programs and policies, created a 24-hour emergency fire brigade, upgraded equipment and much more. The employee Total Recordable Incident Rate (TRIR), which is the industrywide measure of safety performance, was 1.1 last year – 280 percent better than 2003 (pre-acquisition) when it was 3.1.

Providing Skills Training to Local Workers

To develop the skills of local workers, Valero invested $1.1 million (1.95 million Afl.) to develop a two-year technical entry program, called “Let’s Grow Together” or “Ban Crece Hunto.” This program provides training and experience to prepare workers for a career in the refining industry. Valero gave approximately 100 Arubans the opportunity to work in the refinery and gain on-the-job experience during the recent turnaround (maintenance activity), and now those individuals are in a training program to learn one of five technical trades.

Also to provide opportunities for young people, Valero formed a scholarship program to provide 10 scholarships a year valued at $10,000 (17,800 Afl.) each to deserving students who wish to continue their education after high school. Not only are the children of Valero employees considered for these scholarships, but now all qualifying students on the island can apply for this educational assistance.

“These programs provide a tremendous benefit to the island,” Buckley said. “We are giving many Arubans the opportunity to further their education, secure good jobs and forge a brighter future. What’s more, we are improving the education level of the overall workforce in Aruba and we believe that is important to the economic development of the island.”

Donating Time & Money to the Community

To improve the community, Valero donated land for the development of a much-needed bus station in San Nicolas, and committed to invest $1 million (1.78 million Afl.) in improvements to the site.

Corporate contributions of approximately $500,000 (890,000 Afl.) are also made to worthy non-profit groups throughout the community each year. Most recently, Valero purchased a much-needed boat for the maritime police to help protect the coastline, and funded state-of-the-art radiology equipment for Centro Medico.

In 2005, the company and its employees contributed $337,401 (600,573 Afl.) to charity through the Aruba Way campaign, a unique fundraising effort that the company modeled after the United Way campaigns in the U.S. An additional $175,000 (311,500 Afl.) was donated to children’s charities through proceeds raised during the Valero Texas Open Benefit for Children Golf Classic.

In addition to all of these contributions, the Valero Volunteers worked more than 3,500 community service hours last year. The Valero Volunteer Council helped with various projects, such as helping with the restoration of the historic Alto Vista Chapel and renovating Centro di Barrio Lago Heights.

“Valero has invested heavily in our employees, refinery and community since acquiring the plant. Not only has this commitment made us a better refinery, it has made Aruba a better place to live, work and visit,” Buckley said.

TIEA Makes Meetings in Aruba As Easy As Meetings in the U.S. & Offers the Group & Meetings/Incentive Markets Tax Incentives

The U.S. Treasury Department announced recently that the United States and Aruba have exchanged diplomatic notes bringing into effect the Tax Information Exchange Agreement (TIEA) between the two countries. With Aruba now under the umbrella of the TIEA, for tax purposes, conducting meetings on the Caribbean paradise will be just like having meetings in the United States. The TIEA officially took effect on September 13, 2004, and allows U.S. taxpayers to claim tax deductions for expenses associated with meetings, seminar and conventions held in Aruba. In the last two years, Aruba is the ninth significant offshore financial center to sign such an agreement with the United States and be grouped in what is called the “North American area.”

With Aruba joining the North American area, convention expenses that are incurred by U.S. taxpayers on island are tax deductible to both the group and meeting/incentives markets. The TIEA is not only designed to offer tax incentives, but also to ensure an exchange of information regarding taxes in order to develop a close and cooperative relationship between Aruba and the United States. Aruba anticipates that the TIEA will help to improve incremental business for the island in both the group and the meetings/incentive markets. Aruba signed the first-ever TIEA with the United States in November 2003 when U.S. Treasury Secretary John Snow, Prime Minister of Aruba Nelson Oduber, and Aruba’s Minister of Finance and Economic Affairs Nilo J.J. Swaen, joined forces in Washington DC to sign the agreement.

The signing of the TIEA between Aruba and the United States is a show of goodwill between the two countries and will also help to guarantee that no safe haven exists anywhere in the world for funds associated with illicit activities, including terrorism, money laundering and tax evasion. By signing the TIEA and, in turn, enforcing international tax laws, both countries have pledged to maintain the confidence of honest taxpayers, the fairness of the tax system and both plan to work diligently to facilitate a more effective exchange of important tax information that is vital to uphold full and fair international standards and maintaining the integrity of both countries financial institutions.

“Aruba is extremely optimistic about the Tax Information Exchange Agreement with the United States and the fact that for tax purposes, having a meeting in Aruba is now just as easy as one in United States,” said Minister of Tourism and Transportation Edison Briesen. “We hope that the TIEA and the availability of brand-new tax incentives for the group and meetings/incentives markets will make Aruba even more of a desirable destination that offers much more than just pristine beaches and year-round perfect weather.”

“This new tax information exchange agreement that we signed is the ninth such agreement the United States has signed with a significant financial center in the last two years,” said U.S. Treasury Secretary John Snow. “It is one of the first such agreement that I will have the privilege to sign, and I do not intend for it to be the last. I hope that Aruba's cooperation with the United States will serve as an example to other financial centers in the region and around the world.”

For additional information on Aruba, please contact 1.800.TO.ARUBA or visit online at www.aruba.com. For further details on Aruba’s TIEA agreement please visit http://www.irs.gov/irm/part4/ch45s01.html or http://www.irs.gov/irm/part42/ch02s06.html

Visit the Aruba Convention Bureau wesite at: http://www.arubaconventionbureau.com

T.H. Palm & Company, a Fun Island Living store just opened for business at Playa Linda, Saturday evening. While under-construction the much-awaited shop by Jodi Tobman of The Coconut Trading Company & The Juggling Fish, drew passer-bys attention with the elegant black & white logo behind the hide-all construction wall.

As it was taken down and the store revealed itself, it was received with great appreciation by it first customers who enjoyed spending two-hours browsing and discovering the many treasures of T.H. Palm & Company. Family Patsiouras of the Radisson Aruba Resort & Casino made the first purchase on opening morning. The simple ribbon cutting ceremony later in the day featured long-time employees Alma, Judella, Lienche and Anchie who operated the scissors and declared P.H. Palm & Company ready.

The very charming store puts the accent on Island, resort wear and home décor for children, men & women. Jodi and her husband Irwin scoured flea markets for fabulous vintage display pieces. The casual opening party for staff members and press was catered by Jamaica Mi Krazy. T.H. Palm & Company is Fun Island Living at its best. Open from 9 a.m. to 10 p.m. and on Friday until midnight. Tel.: 5866898

New TIEA Offers Aruba’s Group & Meetings/Incentive Market Tax Incentives

Aruba is happy to announce the signing of its first-ever Tax Information Exchange Agreement (TIEA) with the U.S.A. Recently the U.S. Treasury Secretary John Snow, Prime Minister of Aruba Nelson Oduber and Aruba’s Minister of Finance and Economic Affairs Nilo J.J. Swaen joined forces in Aruba to sign the TIEA. This agreement is designed to ensure an exchange of information regarding taxes in order to develop a close and cooperative relationship between Aruba and the United States and will undoubtedly have a positive affect on the island. This unprecedented pact also offers tax deductions to both the group and meeting/incentives market doing business on island. Aruba expects TIEA will help to improve incremental business for the island in both the group and the meetings/incentive markets. The TIEA has not yet gone into effect and will be instated as soon as Aruba and the U.S. have met domestic, constitutional, statutory and any other requirements needed for implementation.

Aruba is the ninth significant offshore financial center to sign such an agreement with the U.S. in the last two years joining other countries including Antigua and Barbuda, The Bahamas, the British Virgin Islands, the Cayman Islands, Guernsey, the Isle of Man and the Netherland Antilles.

The signing of the TIEA between Aruba and the U.S. is a show of goodwill between the two countries and will also help to guarantee that no safe haven exists anywhere in the world for funds associated with illicit activities, including terrorism, money laundering and tax evasion. By signing the TIEA and, in turn, enforcing international tax laws, both countries have pledged to maintain the confidence of honest taxpayers, the fairness of the tax system and both plan to work diligently to facilitate a more effective exchange of important tax information that is vital to uphold full and fair international standards and maintaining the integrity of both countries financial institutions.

“Aruba is very optimistic about the signing of the brand-new Tax Information Exchange Agreement with the U.S.,” said Minister of Tourism and Transportation Edison Briesen. “We hope that the TIEA and the availability of brand-new tax incentives for the group and meetings/incentives market will make Aruba even more of a desirable destination that offers much more than just pristine white-sand beaches and year-round perfect weather.”

“This new tax information exchange agreement we are signing today is the ninth such agreement the United States has signed with a significant financial center in the last two years,” said U.S. Treasury Secretary John Snow. “It is one of the first such agreement that I will have the privilege to sign, and I do not intend for it to be the last. I hope that Aruba’s cooperation with the United States will serve as an example to other financial centers in the region and around the world.”