General Information Aruba

April 28, 2008 6:46 PM

Location and climate
Aruba is an island located in the heart of the southern Caribbean, 15 miles off the coast of Venezuela with an area of approximately 70 square miles (184 square kilometers).

Languages
The official language of Aruba is Dutch, while English and Spanish are compulsory at school. Papiamento, the Aruban native language, is based on Spanish and Portuguese, with Dutch, English and African influences.

Currency
The monetary unit of Aruba is the Aruban Florin (AWG). The Central Bank of Aruba (the Bank) is the only institution entitled by law to issue paper money in Aruba. The exchange rate has been pegged by law to the US dollar since 1986 and is AWG 1.79 per 1.00 USD.

Transport
Aruba has good air travel links with Europe, the U.S., South and Central America and other Caribbean islands. Various airlines maintain facilities both for passengers and airfreight. Aruba has an international airport and a port facility.

Constitution and Governance
Aruba forms part of the Kingdom of the Netherlands. The Kingdom of the Netherlands is a constitutional monarchy. The other members of the Kingdom are the Netherlands Antilles and the Netherlands. The system of Government in Aruba is based on Western democratic principles.

The head of state, the Governor, appointed by the Queen of the Kingdom acts as the sovereign’s representative on the island. The Legislature consists of a parliament, elected by popular vote for a four-year term of office. The Council of Ministers, presided over by the Prime Minister, forms the executive power.

Political Structure
Historically, Aruba was part of the Netherlands Antilles, a six-island federation which also included Bonaire, Curacao, St. Maarten, St. Eustatius and Saba.

On January 1, 1986, Aruba seceded from the Netherlands Antilles and gained its own “Status Aparte” within the Kingdom of the Netherlands.

Legal system
Aruba has a civil law system. The main bodies of law are the Civil Code and the Commercial Code. Aruba has a Court of First Instance established in Aruba and a Common Court of Appeal established in Curaçao. The Supreme Court of Justice for Aruba is situated in The Hague, the Netherlands, which is also the Supreme Court for the Netherlands itself and the Netherlands Antilles (“Hoge Raad”).

Economy
The economy of Aruba is an open system, with tourism currently providing the largest percentage of the country’s income. Because of the rapid growth in the last twenty years, related industries like construction have also flourished.

Other primary industries include oil refining and storage, offshore banking and aloe cultivation, while technology, finance and communications are in a developing phase.

Other than exchange control, currency regulations and the requirement of having at least one local director acting in enterprises in Aruba, there are no specific restrictions or authorizations required for foreign investment. However, authorization may be required in certain regulated areas, such as banking and financial services.