Sunday, September 28, 2008

buying real estate in Aruba tips

Non-residents can buy a house in Aruba !!
For example people from the United States of America , Canada , The Netherlands, e.g.
can buy land or a home in Aruba like the Arubian residents can.
They can buy a home either on property land as well as on lease land.

Lease Land
Besides property land you can buy a house which is built on lease land.
This land is owned by the Land of Aruba and a 60 year lease has been given.
For these lease rights you pay a yearly fee. After the 60 years the lease period will be automatically extended with another 60 years. The only thing which may happen when the lease period is extended is that the yearly lease fee will increase. Most of the houses which are situated in Arashi, Malmok, Tierra del Sol, Topaz, Safir, Esmeralda, Ruby, Opal, Salinja Serca and in Palm Beach are built on lease land. Many non-residents have bought there and will keep buying in those areas although the homes are built on lease land!!

The most attractive fact when you are thinking of buying a house in Aruba is that the
costs related to the ownership of a house or land in Aruba are very low.
The only yearly tax you have to pay is called land tax. This land tax is usually based on the selling price.
The first US$ 34.000 is free of tax. On the balance you pay US$ 4 per US$ 1.000.
For example: selling price of the home is US$ 234.000. The land tax is calculated as follows:
US$ 234.000 - US$ 34.000 = US$ 200.000 / 1.000 = US$ 200 * 4 = US$ 800 per year.

Closing Costs
When you are thinking of buying a home in Aruba then you have to realize that there are additional costs involved besides the selling price.
These closing costs are approximately 5 to 8 percent depending on the selling price.
The closing costs are calculated as follows:
Transfer tax (one time tax) 3 percent when selling price is <> Afl. 250.000,-
Notary fees transfer deed 1 percent of selling price
Notary fees mortgage deed 1 percent of selling price

The yearly insurance fee for an extended fire and theft coverage is approximately US$ 4 per US % 1.000 of value.
The yearly premium for a US & 200.000 home is US$ 800.

When you have seen a home which you want to buy a Purchase and Sale Agreement should be signed after the price negotiations.
A ten (10) percent down payment of the selling price payable towards the ascrow account of the selected notary is usually agreed upon.
The buyer will select the notary by the way. The deed can be signed within 8 weeks after signing the Purchase and Sale Agreement.
For legal support concerning the contracts we advise you to contact the selected notary.

Wednesday, September 03, 2008

casino's in Aruba

Oudated list; all I could find, I am working on an up-to-date list, coming soon
Alhambra Casino, J.E. Irausquin Blvd 93(297) 583 5000
Allegro Casino Allegro Resort & CasinoJ.E. Irausquin Blvd. 83(297) 586 9039
Casablanca Casino Music Hall
Wyndham Aruba Beach Resort & CasinoJ.E. Irausquin Blvd. 77(297) 586 2283Copacabana CasinoHyatt Regency Aruba BeachResort and CasinoJ.E. Irausquin Blvd. 85(297) 586 1234
Crystal CasinoRenaissance Aruba Beach Resort & Casinoat Seaport VillageL.G. Smith Blvd. 9(297) 583 6000
Excelsior CasinoHoliday Inn Aruba Beach Resort & CasinoJ.E. Irausquin Blvd. 230(297) 586 7777
Seaport Casino, Renaissance Aruba Resort & CasinoSuites & Casinoat Seaport VillageL.G. Smith Blvd. 9(297) 583 5027
The Casino,Radisson Aruba Resort, Casino & SpaJ.E. Irausquin Blvd. 81(297) 586 4045

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