Congratulations! When you are reading this, you are most likely looking into the house market in Aruba and taking the whole thing seriously enough to buy a property - or at least think about it.
Before you jump onto the process yourself - there are a few important things that you need to know before buying a property in Aruba as a non-resident.
So, what is it that you need to know?
1. THERE ARE NO RESTRICTIONS
First of all, know that there are no restrictions for any foreigner on buying properties in Aruba.
2. YOU CAN STAY IN ARUBA
Second home owners coming from qualified countries, are allowed to stay for up to 180 days per calendar year. And citizens of the Netherlands/ the Netherlands Antilles may stay up to six months.
3. YOU CAN STAY AS A PENSIONER
If you plan to come to live in Aruba as a pensioner/ retiree, please contact DIMAS. Go to the DIMAS website for information and/or an appointment: http://www.dimasaruba.aw
4. FIND A PROFESSIONAL REALTOR
Find yourself a professional realtor and they can cover all listings of all realtors and developers for you, no extra costs involved. (The seller pays the commission and realtors share amongst them). That way you only have to deal with one broker, which will save you lots of time during your stay. The Association of Aruban Realtors have a lot of members and real estate agents that have the expertise to help you.
5. COME PREPARED
Come prepared; the internet is an excellent tool to get started and it is advisable to start your search while still at home. Let your realtor know what you are looking for in regards to size, location and budget.
6. THE BUYING PROCESS
When you have chosen a home/ condominium and went through price negotiations, a Purchase and Sales Agreement will be signed after proper review. Take your time to understand the different procedures and different laws. Your realtor will walk you through the agreement. A 10 % deposit payable towards the escrow account of the selected notary is usually agreed upon. The buyer will select the notary. We will need your ID’s, proof of address, proof of income, proof of funds, and additional personal data.
After submitting all documents to the notary, he or she might need some more documentation. After the notary deed is ready to be signed, the notary will send a final statement to buyers and sellers and after the receipt of payment, an appointment for the closing can be set.
7. YOU CAN RENT YOUR PROPERTY
Lastly, know that in Aruba you are allowed to rent out your property year-round if you wish, and there are plenty professional rental agencies and property management teams to assist you with this, to create income from your investment, if you wish.
This article is written by Miriam Engeln, a Century 21 Aruba sales agent who is a member of the Association of Aruban Realtors.
She is specialized in Residential and Condo Sales, and with over 20 years in Real Estate Sales experience, she is your “to go to girl”, advising you (both sellers and buyers) about anything on this sunny island Aruba, and she will find you the right property/ buyer.
Miriam has bought, built, sold, rented, and flipped properties on her own, and knows the Aruban market very well. Reach Miriam by email; email@example.com
Posted on Dec 03, 2020