Friday, 30 July 2021
JFGT (20210728-00:39:24 to UTF-8) ART 122 en => da
Banks in Netherlands Antilles. Offshore account
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Banks and other financial institutions in the Netherlands Antilles are licensed in accordance with State law on the control of banks and credit institutions in 1994 Licenses are issued by the Bank of the Netherlands Antilles (Central Bank). The Central Bank distinguishes between 'consolidated international banks' - the international credit institutions established in the Netherlands Antilles, which, through its parent companies are consolidated under the control of foreign supervisory bodies (ie the body to control the parent company), and' not consolidated international Banks' - the international credit institutions established in the Netherlands Antilles, in relation to which the Central Bank acts as the main oversight body.

In addition, the Central Bank makes a distinction between traditional banks - local banks that provide services of a general nature and are credit institutions operating in the Netherlands Antilles as a universal bank in the form of limited liability companies that fall under the control of the Central Bank and are licensed to service local and foreign clients, and offshore banks licensed to carry only the external operations. Offshore banks are known as international lending institutions, they are beyond the control of foreign exchange. Offshore banks may operate either in the form of a limited company the Netherlands Antilles (NV), either as an affiliate.

The Central Bank of the Netherlands Antilles

The major tasks of the Bank is to maintain external stability of the guilder (NAG) and ensuring the effective functioning of the financial system in the Netherlands Antilles. To achieve these objectives, the Bank, acting as a supervisory authority, often refers to measures of credit control and / or changes in the discount rate.

Statutory objectives of the Bank:

- Firstly, the Bank is the only institution that legally vested with the right to issue banknotes Netherlands Antilles. The Bank also ensures that the coins.
- Second, the Bank monitors the banking and lending institutions to guarantee the safety of deposits of depositors and other creditors in particular and the stability of the financial sector as a whole.
- Thirdly, the Bank maintains reserves the Netherlands Antilles in foreign currency, including regulates transactions between residents and the Netherlands Antilles.
- Finally, the Bank acts as the state treasurer, receiving and payment is made in the public interest through the accounts for tax collection at the Central Bank.

To strengthen the independent position of the Central Bank regarding the Bank's charter restricts government monetary financing of budget deficit 10% of central government revenue for the preceding year. Such a restriction should be considered in the context of an instrument of overdraft to cover a liquidity shortage in the public sector, which is manifested as a result of seasonal fluctuations of incoming revenues.

Control of money and banking supervision. The two main tasks of the Bank is monitoring the amount of liquid assets in circulation (monetary control) and control as the supervisory authority of credit and banking institutions in the Netherlands Antilles (control prudent conduct). In addition, the Bank is one of the main advisers to the government on financial and economic issues.

Monetary Policy Bank of the Netherlands Antilles in the last two decades has been aimed at maintaining the stability of the Netherlands Antilles guilder against the U.S. dollar. Since 1971 the official rate of NAG / $ was 1.79 and had the strong support of the Bank. The main reason for binding the guilder to the dollar was the fact that over time more than 60% of international trade was conducted with the United States or in U.S. dollars. To maintain the dollar standard bank shall ensure adequate availability of foreign currency. In order to maintain foreign exchange reserves at the Bank of Netherlands Antilles in the past controlled the loans issued by commercial banks. Sophisticated control of banking and credit institutions aimed at improving the financial system in the Netherlands Antilles and the safety of deposits lenders from commercial banks. Such control is exercised mainly through the ongoing Bank analysis of the dynamics of solvency and liquidity of the banking and credit institutions.

Offshore Banks

At the end of 2004 in the Netherlands Antilles operated 42 offshore banks, and at the end of 2003 their total assets amounted to about 41 billion U.S. dollars. These banks have, in general, Venezuelan or Dutch origin. Control of offshore banks is carried out in the same way as traditional banks. The activities of these banks concentrated on providing services to non-banking offshore companies. Banks are not permitted to conduct business with residents. The difference between conventional banking and offshore business is mainly in the clientele of these institutions and the absence of cash transactions in the offshore sector. Offshore banking services are provided by non-residents and are, in general, international banking operations related to the provision of services to companies (trust business), mutual funds and insurance and reinsurance companies. Nonresident legal entities belonging to eventually owners outside the Netherlands Antilles, are free to carry out international transactions with nonresidents. Since the entry into force of the new Tax Code in the Netherlands, the differentiation of the tax regime between offshore and traditional legal persons missing.

Offshore banks are engaged in various kinds of banking activities. Most of them are subsidiaries or branches of major financial institutions located in Europe, USA or South America. Some banks are engaged in mainly private banking and asset management, while other banks are only lending office. Other banks play the role of treasurer for the major business units, or are regional lending institutions. Funding may reflect these differences within a group of banks or in comparison with other financial institutions. All of their clients should be non-residents.

Financial Institutions
Local banks are offering a standard set of services:
Banco di Caribe NV (Banco di Caribe NV)
Zhirobank NV (Girobank NV)
Maduro End Kyuriel Bank NV (Maduro & Curiel's Bank NV)
Maduro End Kyuriel Bank (Bonner) NV (Maduro & Curiel's Bank (Bonaire) NV)
Orco Bank NV (Orco Bank NV)
SFT Bank NV (SFT Bank NV)
Windward Aylendz Bank NV (The Windward Islands Bank NV)
Some international banks:
American Express Overseas Credit Corporation NV (American Express Overseas Credit Corporation NV)
Bankaribe Curacao Bank NV (Bancaribe CuraГao Bank NV)
Industrialization Banco de Venezuela (branch in Curacao) (Banco Industrial de Venezuela (CuraГao Branch))
Banco Mercantile SA S.A.K.A. (Branch in Curacao) (Banco Mercantil CASACA (CuraГao Branch))
Banco de Venezuela SA Banco Universal (a subsidiary of Kyurasoa) (Banco de Venezuela, SA Banco Universal (CuraГao Branch))
BBVA Banco Provisial SA (Branch in Curacao) (BBVA Banco Provincial SA (CuraГao Branch))
SiEfEm Bank NV (CFM Bank NV)
Deutsche Bank Finance NV (Deutsche Bank Finance NV)
DiViBi Bank America NV (DVB Bank America NV)
F. Van Lanshot Bankirz (Curacao) NV (F. van Lanschot Bankiers (CuraГao) NV)
Fortis Bank (CuraГao) NV (Fortis Bank (CuraГao) NV)
ING Bank NV (Branch in Curacao) (ING Bank NV (Curacao Branch))
ING Middenbank Curacao NV (ING Middenbank CuraГao NV)
Maduro End Kyuriel Bank International NV (Maduro & Curiel's Bank International NV)
NIB Capital Bank (NA) NV (NIB Capital Bank (NA) NV)
Rabobank Curacao NV (Rabobank CuraГao NV)
Windward Aylendz Bank International NV (Windward Island Bank International NV)

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