Curacao BITs

WILLEMSTAD - Recently a special task force has been created to inform the market on the benefits of Dutch Bilateral Investment Treaties (BITs) for the Caribbean parts of the Kingdom of the Netherlands (Aruba, Curaçao and Sint Maarten) from an investment treaty perspective, with a specific focus on Curaçao.

 
This task force consists of several law firms and consultants with a specific expertise in investment treaties and arbitration, among whom EY, Linklaters and VanEps Kunneman VanDoorne.
 
The aim of the taskforce is to maintain the benefits of the BITs for the Caribbean parts of the Kingdom of the Netherlands and to promote the conclusion of new BITs with other states in the region.
 
A global Dutch BITs network
 
With more than 90 BIT, the Netherlands offers a global network of protection to investors and their investments. Dutch BITs are considered to provide the “gold standard” of investment protection because they generally offer the following benefits:
 
• all types of investments, including indirect investments, are covered;
• a menu of arbitration rules from which investors/claimants can select the best suited one;
 
• high protection standards such as a broadly formulated Fair and Equitable Treatment (FET) standard, Most Favoured Nation (MFN) and National Treatment (NT) and umbrella clauses.
 
The post-Achmea consequences 
 
However, the recent Achmea judgement of the Court of Justice of the EU (CJEU) has casted doubt on the continued application of the investment arbitration provisions of intra-EU BITs. Indeed, in January 2019, a majority of EU Member States have adopted a political Declaration in which they have expressed their intention to terminate all ca. 190 intra-BITs by 6 December 2019.
 
At the same time, the Dutch Government has adopted new Dutch model BIT text, which significantly lowers the protection standards for investors and their investments.
 
These developments will most likely lead to the termination of all intra-EU BITs, including the Dutch intra-EU BITs with countries such as Czech Republic, Slovak Republic, Hungary, Rumania, Bulgaria, Latvia, Lithuania, Croatia, Estonia. 
 
Indeed, as of February 2019, Poland terminated the BIT with the Netherlands.
 
The benefits for Curaçao
 
Since EU law does not apply to the non-European parts of the Kingdom of the Netherlands, the potential negative effects of the Achmea judgment and the Declaration should not affect Curaçao or the other Caribbean parts of the Kingdom of the Netherlands. 
 
Thus, Curaçao can maintain its position as a very interesting destination for investors and their investments as well as a hub for investments into the region, who seek the high level of investment protection of Dutch BITs. 
 
Additionally, Curaçao offers a stable legal framework that is closely linked to the Dutch legal system in Europe and a very attractive tax climate for foreign investors who are incorporated in Curaçao.
 
Therefore, existing and new Dutch BITs provide significant benefits for Curaçao, which can enhance Curaçao’s function as a hub for investments into the Americas as well as into Europe.
 
Maintaining existing BITs and concluding new BITs with third states
 
For these reasons, Curaçao should not only aim to maintain the application of the currently existing Dutch intra-EU BITs, but moreover, should intensify its efforts to conclude new BITs with other states in the region, for example with Columbia, in order to create opportunities for new in- and outgoing sustainable investments, which create economic growth and new jobs in the region.
 
The taskforce
 
The taskforce on promoting the benefits of existing, but also new Dutch BITs with third states, currently consists of:
 
• Prof. Dr. Nikos Lavranos, founder & owner of NL-Investmentconsulting, This email address is being protected from spambots. You need JavaScript enabled to view it.
 
• Prof. Dr. Gerard Meijer, Partner at Linklaters, This email address is being protected from spambots. You need JavaScript enabled to view it.
 
• Mr David den Blaauwen, NautaDutilh, This email address is being protected from spambots. You need JavaScript enabled to view it.
 
• Prof. Dr. Frank Kunneman, Partner at Van Eps Kunneman Van Doorne, This email address is being protected from spambots. You need JavaScript enabled to view it.
 
• Mr Randolph Van Eps, Partner at Van Eps Kunneman Van Doorne, This email address is being protected from spambots. You need JavaScript enabled to view it.
 
• Mr Terrence Melendez, Senior Manager Tax at EY Dutch Caribbean, This email address is being protected from spambots. You need JavaScript enabled to view it.
 
 
For more information see the website of NL-Investmentconsulting

Curacao Immigration card goes fully digital

WILLEMSTAD – The Curaçao Tourist Board (CTB) is collaborating with the Government of Curaçao and Curaçao International Airport to switch fully to an online immigration card in a continuing effort to simplify travel to Curaçao.

Motion to transfer management law enforcement to The Hague

THE HAGUE–Separating management of and authority for of law enforcement in St. Maarten, and seeing if the Netherlands could take over this task for a period of five years to strengthen this sector, was the essence of a motion filed by Member of the Second Chamber of the Dutch Parliament Chris van Dam of the Christian Democratic Party CDA during the handling of the draft 2020 budget for Kingdom Relations in the Second Chamber last week Thursday.

Balie vestiging Curaçao weer normaal geopend

WILLEMSTAD - De balie (Front Office) van de vestiging Curaçao van het Hof van Justitie is vandaag weer op de normale tijden bereikbaar. De administratie afdeling (Back Office) is vanaf 13:00 uur weer beschikbaar.