Deloitte Urges Curaçao Organizations to Plan for Leadership Succession

Deloitte presented a session on Succession Planning in Willemstad, Curaçao, addressing the complex process of transferring family-owned businesses to the next generation. The presentation emphasized that handing over a family business involves far more than simply dividing shares among heirs. Key factors such as the wishes and ambitions of the children, tax implications, real estate holdings, land ownership, and the long-term future of the company all play critical roles in the transition. Without proper planning, family businesses risk conflict, financial loss, or even collapse during the transfer process. The event highlights a growing awareness in Curaçao's business community of the need for structured succession strategies to protect generational wealth and enterprise continuity.

A Curaçao court has ruled that property owners living abroad can be classified as taxable entrepreneurs under local law if they rent out their Curaçao properties as vacation rentals. The decision has significant implications for the growing short-term rental market on the island, where many properties listed on platforms such as Airbnb and Booking.com are owned by non-residents. Under the ruling, overseas owners who commercially rent their properties may be subject to turnover tax and other entrepreneurial obligations in Curaçao. The court's decision clarifies a previously grey area in the island's tax framework, bringing foreign-based landlords closer to the same regulatory footing as locally based rental operators. Authorities and tax advisors are expected to review existing rental arrangements in light of the judgment. The ruling could prompt a wave of compliance reviews and, in some cases, retroactive tax assessments for overseas property owners. For the Curaçao government, the decision represents a potential new revenue stream from the island's booming tourism accommodation sector.

A new government report on Curaçao signals a significant policy shift away from restarting the island's long-idle oil refinery at Bullenbaai, a facility that has been central to economic discussions for years. The report indicates that 2BAYS, the company holding the concession for the refinery site, is pivoting toward a services-based business model rather than pursuing petroleum refining operations. This marks a notable departure from previous plans and expectations that the refinery could be brought back online as an economic engine for the island. The shift raises questions about the future of hundreds of potential refinery jobs and the broader economic development strategy the Curaçao government intends to pursue. Stakeholders and labor groups are likely to scrutinize the report closely, given the refinery's historical importance to the island's economy and identity. The move toward services could reflect both global energy market pressures and financing challenges that have long plagued refinery restart efforts. The government has not yet publicly outlined what alternative economic benefits the services pivot by 2BAYS would deliver to Curaçao.