Buying Property on the One Happy Island of Aruba
Buying Property on the One Happy Island of Aruba
First step is to choose your property, whether it be a House, Condominium or penthouse with a View of the Caribbean sea finding the property that is right for you and fulfills its purpose is essential! After making your decision and falling in love with a property you will proceed to compliance when completed you will sign a Buy-Sell agreement, the process continues with the Buy-Sell agreement being transferred to the preferred Notary, after signing the Buy-sell Agreement you will have 7 work days to Deposit 10% of the Property Costs to the Chosen notary’s escrow account.
Here in Aruba we have 6 notary’s who are all are selected by King Willem-Alexander of the Dutch Kingdom,The title of notary is usually earned with hard work that is known to even take up to two decades in the field of Law,the Notary assigned to your agreement’s function is to create your deed and legally process all paperwork and make a legal ‘sale’ !
Property under $140,000 will be 3% Government Cost and 2% notary cost, for properties over $140,000 is 6% Government costs and remains 2% Notary cost. Yearly property tax is 0.6% on your property value.
The local Tax department (SIAD) will decide the value of your property.
The Buying process in the most efficient and legal way can take from 6 to 8 weeks, after that the Notary’s office will contact you and give you the dates of signing whereas you’re not able to be physically be there would be possible to create a Power of Attorney granting someone else the authority to sign on your behalf.