Guidelines for the declaration and payment of foreign exchange commission for notary offices

GUIDELINES FOR DECLARATION AND PAYMENT OF FOREIGN EXCHANGE COMMISSION FOR NOTARY OFFICES

In implementation of Article 4, second paragraph, of the Foreign Exchange Commission Ordinance (Ldp), guidelines are hereby promulgated for notary offices designated by the Central Bank of Aruba (the Bank). The guidelines are as follows:

1. The notary office shall directly remit to the Bank the foreign exchange commission charged to residents for payments abroad as referred to in Article 2 of the Ldp, which are conducted outside the local banking system.

2. The payment of the due foreign exchange commission shall be made via the foreign exchange transaction declaration form (the so-called declaration form) provided by the notary office to the Bank. Pursuant to Article 8 of the Foreign Exchange Transactions Ordinance, the data may also be used for the compilation of Aruba's balance of payments.

3. On the declaration form, the due amount of foreign exchange commission shall be calculated by multiplying the amount in Aruban florins involved in the purchase and sale of the real estate transaction by the commission percentage of 1.3 (point 8 of the declaration form). If the aforementioned transaction is settled in foreign currency, the amount in Aruban florins is obtained by multiplying the amount in foreign currency by the selling rate established by the Bank valid on the day of settlement of the underlying transaction. This corresponds to the day on which the deed of transfer was passed.

4. The due foreign exchange commission shall be paid to the Bank, either by deposit via commercial banks into account number 25009001, or by means of a check, both made out to the Bank.

5. The declaration form must be submitted to the Bank within 15 days after the underlying deed of transfer has been passed.

For further information regarding this matter, contact may be made with Ms. L. Mejia of the Operations department regarding the implementation of the Ldp, and with Mr. W. Atmowirono of the Economic Policy department regarding reporting for the compilation of the balance of payments, by telephone at 525-2110 or email l.p.mejia@cbaruba.org, respectively, and 525-2164.

10 August 2004

J.E. Irausquin Boulevard 8 P.O. Box 18 Oranjestad, Aruba