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Thread: How to open new bank account on Bonaire?

  1. #31
    Join Date
    Jul 2011
    Posts
    103

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    On Bonaire, BV's and NV's are virtually the same, and NV's only exist as "old" companies. All new companies are formed as BV's going forward. In simple terms, a BV on Bonaire is similar to an LLC in the US, and does provide you with some personal liability protections.

    KOB is right if you form a BV here AND THE BV GETS PAID here for your work, you only pay taxes in the US when you take money out if the company (via payment OR loan).

    Simple explanation:
    - There are no profit taxes on Bonaire companies, and no taxes from the US on a Bonaire company.
    - If you pay yourself a salary from a Bonaire company, you must pay local income taxes first (about 30%), and then additional income taxes might be due on that income in the US
    - If your company has a profit and you pay yourself a "dividend" you pay a 5% dividend tax on Bonaire, PLUS personal income tax on the amount in the US. The additional tax you pay in the US depends in your tax rate in the US.
    - If you take out a personal loan from your company it is treated as income for US tax purposes and subject to US income taxes.
    - NOTE: If you are a director of your Bonairian company you DO NOT have to pay the premiums for health care insurance. You DO have to pay the health care premiums for any employees you have.
    - If you own rental property on Bonaire, the rental income from your property is not taxable on Bonaire. HOWEVER, the NET income (after depreciation and expenses) is taxable in the USA as income.

    NOTE: As a RESIDENT you pay taxes on Bonaire first, and most Bonaire taxes are usually tax deductible in the US. Then, if you Uncle Sam decides you didn't pay enough taxes on Bonaire you may have to pay additional taxes in the US. If you are a non-resident, in most cases you don't need to worry about the taxes on Bonaire.

    I would also advise you to consult with Bruce Z if you are a US citizen before get residency on Bonaire or start a company to make sure you set things up correctly from the beginning.
    Bob Bartikoski
    Owner RE/MAX Paradise Homes
    www.bonairehomes.com

  2. #32
    Join Date
    Dec 2017
    Posts
    1

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    We started an American LLC to purchase rental property on Bonaire. I think it would be a good idea for the company to have a Bonairian bank account. Is there any major difference between the available banks? They all look like they have pretty much the same offerings.

  3. #33
    Join Date
    Jun 2011
    Location
    Annapolis, Maryland and Santa Barbara, Bonaire
    Posts
    141

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    Vacation rentals or Long Term rentals?
    owner - Casa Bunita Bista

  4. #34
    DSearle is offline Bonaire Lover Bonaire Talker
    Join Date
    Mar 2014
    Posts
    38

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    Info posted by me on this thread has gotten a little out of date. Bonairehelpdesk.com no longer posts a list of local banks on our website, but you can find such a list on the Info Bonaire website at https://www.infobonaire.com/banking/. Bonaire Help Desk does have an Info Sheet about the requirements for opening a bank account in Bonaire, which you can get here: https://indd.adobe.com/view/d7cc6393...6-2d25b6621393.

  5. #35
    agd is offline Bonaire Lover Bonaire Talker
    Join Date
    Aug 2016
    Posts
    53

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    Thanks for updating this Doug and more so, thank you for your help in PM.

    Andy

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