Trusts Can Now Be Set Up In Curaçao

Maike Bergervoet (Attorney at Law) and Davina Mansur (Advocaat Medewerker) have recently published an article entitled, The Curaçao Trust In Practice (Translated Version) in the Weekblad voor Privaatrecht, Notariaat en Registratie, number 6929 Apr. 14, 2012. The following is a translation of the introduction to their article: 

Since 1 January 2012 it is possible to set up an Anglo-American Trust pursuant to Curaçao law (the “Curaçao Trust”). For an overview of the legislative history and explanation of the Curaçao Trust, we refer to the article of mr. J. de Boer elsewhere in this issue. 

For years now, Curaçao has a large international financial sector. This financial sector is an important pillar of the economy of Curaçao. Because the financial world is dominated by Anglo-American law where the trust plays a prominent role, the view exists for years now that a trust would have to be introduced to create new possibilities for the financial sector. The trust could also serve as an important tool for various local financial and commercial transactions. According to the Explanatory Memorandum, the trust may be used for many different purposes. Examples include estate and inheritance planning, as a company, pension fund or investment fund, finance and security structures, voting structures and promoting cultural, academic and charitable objectives.

Hence, the introduction of the Curaçao Trust serves as an important instrument to expand the product range.