Aruba REAL ESTATE MORTGAGE LOANS BANKS
(The central bank of Aruba is special type of legal body (sui generis), occupying independent position in public sector of Aruba. The central bank has begun the activity since January, 1st, 1986, and same it was a high time in a turn the florin of Aruba Af), adhered to US dollar under rate Af 1,79 to US $1,00 is entered. This parity remains since then invariable.
The central bank bears responsibility for maintenance of internal and external stability of a florin, both stability and integrity of a financial system. The bank sector consists of commercial banks, offshore banks, savings and loan associations, the credit unions and other financial institutions, such as the financial companies and so forth the Investment organisations are presented by life insurance and pension funds. Now in Aruba two offshore banks are registered. These banks are authorised to carry out operation only with non-residents. The bank carries out strict to the policy concerning offshore banks. The major requirement is that the parent bank should be exposed to the complex and all-round control in the check in country and that it should have an excellent financial position and solid reputation.

Operations with a foreign currency

The central bank carries out exchange operations being guided by the Law on operations with foreign currencies. Payment of the import goods can be carried out freely, both export of goods and services does not require licensing. Incomes of export should be converted, as a rule, in local currency within 8 working days or are financed on the bill in local or foreign bank on what it is necessary to inform the Central bank. In 1997 all restrictions on a foreign currency exchange on payments by non-residents have been removed, as, for example, the requirement about presence of the special licence for such operations. Since July, 1st, 1998 presence of the licence for other capital operations which local legal bodies for the sum equivalent carry out, a maximum, 500 000 florins of Aruba in a calendar year is not required. The tax to an exchange of a foreign currency at a rate of 1,3 % is raised from the payments which are carried out by residents in favour of non-residents, excepting calculations in guldens of the Netherlands Antilles.

Investment bank Aruba

Investment bank of Aruba Í.Â. (AIB) has been founded in October, 1987 as the private company. Main objectives AIB are support of average and long-term investments into Aruba and assistance to economic development by private sector expansion. Besides, AIB also develops international contacts in the Caribbean region.