Offshore Banking and Companies in Curacao


Offshore Banks Infrastructure

The economy of Curaçao is mainly based on tourism, oil refining and international financial services. It has a vast network of banks, trust in Curacao management and investment companies, lawyers, notaries public, accountants, management companies etc. Telephone, telefax and other communication tools are state of the art. Curaçao is easy to reach by air and regular services are maintained from the U.S. and Europe.

Through the BRK (Belasting Regeling Koninkrijk), the tax arrangement of the Kingdom of the Netherlands a Netherlands Antilles company has access to the extensive tax treaties network of the Netherlands. The Netherlands Antilles and Curaçao in particular have therefore over the years developed into a reputable financial center for the offshore world.


The local currency is the Netherlands Antillean Guilder (NAF) which is pegged to the US dollar. Since 1973, the exchange rate has remained fixed at Naf. 1,79. to US$ 1.00, evidencing a stable monetary environment.

The rates of other currencies are based on their rate of exchange to the U.S.dollar.


The official language is Dutch, however most of Curaçao diverse population of approx. 160.000,00 is quadrillingual speaking Dutch, English and Spanish as well as the native language Papiamento.


Curacao is the largest and busiest of the island group and a multi-cultural leader in the southern Caribbean. More than 160,000 from 50 nations call the island home. The United Nations Educational Scientific and Cultural Organization (UNESCO) honored the capital city Willemstad, by designating it a World Heritage Site beacuse of its striking Dutch colonial architecture.

Upscale shops filled with fine European imports line pedestrian streets in colorful Willemstaad. Shoppers coming out of the cruise ships look for bargains at the markets. After dark, visitors join locals at restaurants featuring cuisine from a dozen countries, then try their luck at the elegant casinos or dance to live music at one of the many nightclubs.

Legal Status

A company engaged in the insurance business in the Netherlands Antilles must have the legal status of either a limited liability company, called Naamloze Vennootschap (N.V.), or a mutual insurance company.

The Central Bank (Bank van de Nederlandse Antillen)

The Central Bank is the official supervisor of the Antillean banking system and financial institutions. The Bank was established in 1828 by King William I and is the oldest Central Bank in the Americas.
The Bank’s most important objectives are to maintain the external stability of the Netherlands Antillean Guilder and to promote the proper functioning of the financial system in the Netherlands Antilles.

Insurance Supervision

The Insurance Supervision Act (National Gazette 1990, no.77) regulates the supervision of the insurance industry in the Netherlands Antilles. Captive Insurance Companies and Reinsurance Companies are regulated by separate decree. Supervision is executed by the Central Bank.

Cost of Operation

Generally speaking, the following may be used as a rule of thumb (subject to changes):

Cost of incorporation:

-notary fee, stamp duty, license, registration, Chamber of Commerce US $ 5.400 to US $ 8.600

Cost of operation:

-supervision, audit etc. US $ 4.500 to US $ 7.300
-management services US $ 3.500 to US $ 50.000

Banks & Insurance Companies

Here is a directory of companies and services offered in Curacao. Some of these companies will offer off shore services such as offshore bank accounts, or offshore IT service:

Offshore banking

Banco di Caribe
Mcb bank
Orco bank
SFT bank
Bank Ned. Antillen

Personal loans

Big net N.V.

Insurance companies

Allure Insurance
Inter assure

Car Insurance

Onderlinge hulp
Seguros Brouwer

Mortgages companies

Allure Insurance
Antilles finance
First caribbean
Kos ta bon
Mcb bank
Orco bank
Seguros Brouwer
SFT bank

Mortgages Information

New Winds Realty
International Fine Living

Trust services

ATC group
Cak group
Corpag group
Curacao Trust Management
Equity Trust
HBM Group
Lunar Asset
Orangefield Trust
Van Lansschot

More information about banks and investing in the Caribbean.

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Information on captive insurance companies in Curacao



A captive insurance company is typically defined as a wholly owned subsidiary of a non-insurance related group of companies established with the prime purpose of insuring the group’s risks. There are two main types of captives: single parent or group, the latter typically owned by a number of companies with similar exposures. Captives can be used to provide coverage either directly or as reinsurance of a fronting insurer.

Rationale of a Captive

Traditional insurance is not always the most economical method of financing a group’s risks. When the risk profile is favorable or when losses can be calculated or forecasted in advance, risk retention or self insurance may be more advantageous.

Captives can be very beneficial; the most important advantages being :

  • savings in insurance premiums spent underwriting
  • profit retained within the group interest on premiums retained in the group
  • cheaper overhead than those hidden in market premiums
  • direct access to the more flexible reinsurance markets
  • focus on risk management tax considerations

Prerequisites for captive formation

A captive is a risk financing instrument, however, which can only be used when the following requirements can be fulfilled :

  • sufficient spread of risk
  • sufficient premium volume
  • favorable claims records (or at least calculable)

A captive will also need capitalization and will incur management expenses.

Feasibility Study

The establishment of a captive insurance company requires careful consideration and the decision should only be taken after an in-depth feasibility study, which should preferably consider at least 3 main elements

1. Insurance Considerations

It should be remembered at all times that captive insurance is regarded as one of the more sophisticated forms of risk financing but basically it remains self insurance.
Before deciding on the establishment of a captive a profound analysis of the group’s risks, claims record, risk management and risk bearing capacity should be made.
A typical feasibility study will at least comment on:

  • the current insurance program
  • claims statistics over a period as long as possible
  • risk bearing capacity of the group related to turnover, profit and liquidity
  • alternative risk financing systems
  • reinsurance protection for the captive
  • claims forecasting on basis of mathematical models

2. Domicile


At least it should also be considered to establish the captive in the home country of the group, but very often local requirements of supervision by authorities, fiscal aspects and lack of professional management, direct the captive to a specialized captive domicile.

3. Management Services

Professional management of the captive is of the utmost importance and the (future) captive owner should satisfy himself that he is acquiring the best services available that provide not only the required insurance substance and administrative organization but also a good working relationship with the relevant supervision- and other authorities.

For more information, visit MCB website on risk management.

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