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Thread: Looking for guidance as Canadians coming to Bonaire

  1. #21
    Join Date
    Feb 2012
    Posts
    40

    Default

    My personal experience is just bring a check with you to deposit into your account while on the island. You avoid the wire transfer fees and the money is in the account in just a few days and the fee is just a few dollars.

  2. #22
    Join Date
    Sep 2016
    Location
    West Milford NJ
    Posts
    254

    Default

    Some US Banks allow depositors a certain number of free wire transfers monthly. I can wire money from Chase 4x a month for free. My Bonaire bank Orco charges us US$5.25 for incoming wire transfers.

  3. #23
    Join Date
    Jan 2021
    Posts
    10

    Default Temporary Residence & Taxes on Bonaire

    Quote Originally Posted by Canuck52 View Post
    Hi,

    When we do wire transfers from our Canadian Banks (we mainly use TD, but sometimes we use BMO) the costs are dependant on the amount being sent to Bonaire. Best to check with your Bank in Canada what their fees would be for any given amount. The time for the money to show up in our MCB account is about 2-3 days. One down side is we have to physically go into a branch in Canada to do the transfers, we can not do them on-line or by phone. I guess that is just about security. As noted below the RBC in Bonaire is in name only, no official banking ties to RBC in Canada.

    Good Luck with your plans. We have owned a home on Bonaire for about 1.5 years now, and are very happy. We have not done the residency thing yet as we still have to look into any Canada/Bonaire Tax issues.

    Cheers

    HI There!! I have been reading through this thread and noticed you mentioned "We have not done the residency thing yet as we still have to look into Canada/Bonaire Tax Issues"

    We are planning to come to Bonaire in Jan 2022 - we wanted to apply for 1 year Temp Residency but are trying to find out if that would require us to pay taxes on Bonaire on our income earned in Canada -

    Our retirement will be funded by Canadian Dividend Income and the taxes payable in Canada will be minimal based on our situation - so we do not want to have to pay Bonaire Taxes on this Canadian Income - but not sure if "Temp Residency" requires that or not...

    Any info you have found would be super helpful if you have any further insights!! Thanks!
    Deb

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