Changes in realestate tax engels

Changes to the real estate tax

Feb 17, 2020
Monday, February 17, 2020

Changes to the real estate tax in Curacao

As a result of changes to the law in Curacao, situations may arise in which anyone can be required to submit a (free form) real estate tax (hereafter “OZB”) return. In this memo we will give you more details about what those situations are in which you are required to submit a (free form) OZB return and what information this return should contain.

Situations in which an OZB return is mandatory

The OZB is, in principle, levied when an assessment is raised by the tax inspector. Through an amendment of the legislation in 2019, however, anyone is now required to submit a (free form) OZB return if one of the following situations arises:

  • Immovable property is acquired --> within two months of the acquisition, a tax return must be submitted;
  • The value of an immovable property is affected by changes to the property[1] (with a minimum of NAf 25.000) --> within two months of the change to the property, a tax return must be submitted; and
  • If after 12 months from the end of the calendar year a taxpayer has not yet received an OZB assessment over that year --> within two months after the 12-month period has elapsed, a tax return must be submitted.


Manditory tax return if no OZB-assessment received in the past five years or incorrect valuation immovable property

If, in the past five years, you have not received an OZB-assessment[2] or have received an assessment with a valuation of the immovable property that deviates from the actual value by more than 5%, then you must submit a (free form) return no later than 29 February 2020.  In case of doubt, you can ask the Tax Receiver for a summary of tax debts to ascertain whether an OZB assessment has been raised during the past five years.


What must be included in the free form OZB tax return

The free form OZB tax return should contain at least the following information:

  • the name, address and CRIB-number of the taxpayer;
  • the acquisition date of the immovable property;
  • based on what right the property is held (for example ownership, possession or limited right);
  • the address of the immovable property; and
  • an indicative value of the immovable property (based on a reasonable estimate; a valuation report is not required).

Not submitting a mandatory OZB tax return may result in a fine of at most 100% of the tax owed being imposed. Also, the term within which the tax inspector may raise an OZB additional assessment is extended to a period of ten years (instead of five years).

For further information, please contact:

Anjli Finessi, tax adviser,

Wilco van Oosten, tax adviser,

Arthur van Aalst, tax attorney,


[1] The value can increase (for example because of an expansion) or decrease (for example as the result of a fire).

[2] On the basis of the grandfathering rules, anyone who had possession of an immovable property on 1 September 2019 through ownership, possession or limited right or availed of a construction on rental land belonging to the government, but hasn’t received an OZB assessment during the past five years, or if the value of the immovable property has changed, must submit a tax return.

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