Curacao

🇨🇼 Curaçao is a Lesser Antilles island country in the southern Caribbean Sea and the Dutch Caribbean region, about 65 km (40 mi) north of the Venezuelan coast. It is a constituent country (Dutch: land) of the Kingdom of the Netherlands. Together with Aruba and Bonaire it forms the ABC islands. Collectively, Curaçao, Aruba and other Dutch islands in the Caribbean are often called the Dutch Caribbean.

Curaçao was formerly part of the Curaçao and Dependencies colony from 1815 to 1954 and later the Netherlands Antilles from 1954 to 2010, as "Island Territory of Curaçao" (Dutch: Eilandgebied Curaçao, Papiamento: Teritorio Insular di Kòrsou) and is now formally called the Country of Curaçao (Dutch: Land Curaçao, Papiamento: Pais Kòrsou). It includes the main island of Curaçao and the much smaller, uninhabited island of Klein Curaçao ("Little Curaçao"). Curaçao has an area of 444 km² (171 sq mi); its capital is Willemstad.

Forts When the Dutch arrived in 1634, they built forts at key points around the island to protect themselves from foreign powers, privateers, and pirates. Six of the best-preserved forts can still be seen today: • Fort Amsterdam (1635) • Fort Beekenburg (1703) • Fort Nassau (1797) • Waterfort (1826) • Rif Fort (1828) • Fort Piscadera (built between 1701 and 1704).

In 1957, the hotel Van der Valk Plaza Curaçao was built on top of the Waterfort.

The Rif Fort is located opposite of the Waterfort, across the Otrobanda harbour entrance. It contains restaurants and shops, and in 2009, the Renaissance Curaçao Resort and Casino opened next to it.

Economy Historic area of Willemstad, declared a World Heritage Site by UNESCO in 1997

Curaçao has an open economy; its most important sectors are tourism, international trade, shipping services, oil refining, oil storage and bunkering, and international financial services. Venezuelan state oil company PDVSA's lease on the island's oil refinery expired in 2019; the facility employs 1,000 people, refining oil from Venezuela for export to the US and Asia. Schlumberger, the world's largest oil field services company, is incorporated in Curaçao. The Isla oil refinery [fr; nl] is said to be responsible for Curaçao's position as one of the world's top five highest per capita CO2 emission-producing countries.

Along with Sint Maarten, Curaçao uses the Netherlands Antillean guilder as its currency. Its economy is well-developed, supporting a high standard of living, ranking 46th in the world in terms of GDP (PPP) per capita and 27th in the world in terms of nominal GDP per capita. Curaçao possesses a high-income economy as defined by the World Bank. Activities related to the port of Willemstad, such as the Free Trade Zone, make significant contributions to the economy. To achieve greater economic diversification, the Curaçaoan government is increasing its efforts to attract more foreign investment. This policy, called the "Open Arms" policy, features a heavy focus on attracting information technology companies.

Since 2016, reduced foreign demand for goods due to the ongoing unrest and political uncertainty in Venezuela has led to decreased exports and increased domestic demand for goods and services, resulting in economic stagnation. While many economic sectors contracted, expansion took place in the construction, financial intermediation, and utilities sectors.

Tourist Industry While tourism plays a major role in Curaçao's economy, the island is less reliant on tourism than many other Caribbean countries. Most tourists come to Curaçao from the Netherlands, the eastern United States, South America and other Caribbean islands. Curaçao was a Caribbean leader in cruise ship tourism growth, with 610,186 cruise passengers in 2013, a 41.4% increase over the previous year. Hato International Airport received 1,772,501 passengers in 2013 and announced capital investments totaling US$48 million aimed at transforming the airport into a regional hub by 2018.

The Curaçaoan insular shelf's sharp drop-off known as the "Blue Edge" is often visited by scuba diving tourists. Coral reefs for snorkeling and scuba diving can be reached without a boat. The southern coast has calm waters as well as many small beaches, such as Jan Thiel and Cas Abou. At the westernmost point of the island is Watamula and the Cliff Villa Peninsula which are good locations for drift diving. The coastline of Curaçao features numerous bays and inlets which serve as popular mooring locations for boats.

In June 2017, the island was named the Top Cruise Destination in the Southern Caribbean by Cruise Critic, a major online forum. The winners of the Destination Awards were selected based on comments from cruise passengers who rated the downtown area of Willemstad as "amazing" and the food and shopping as "excellent". The historic centre of Willemstad is a World Heritage Site. Another attraction is the towns colourful street art. the Blue Bay Sculpture Garden with works from known Curaçao artists is situated in a nearby resort. Landhuis Bloemhof is an art museum and gallery located in Willemstad.

Some of the coral reefs are affected by tourism. Porto Marie Beach is experimenting with artificial coral reefs in order to improve the reef's condition. Hundreds of artificial coral blocks that have been placed are now home to a large array of tropical fish. It is now under investigation to see if the sewer waste of hotels is a partial cause of the dying of the coral reef.

Financial services Curaçao's history in financial services dates back to World War I. Prior to this period, the financial arms of local merchant houses functioned as informal lenders to the community. However, at the turn of the 20th century, Curaçao underwent industrialization, and a number of merchant houses established private commercial banks. As the economy grew, these banks began assuming additional functions eventually becoming full-fledged financial institutions.

The Dutch Caribbean Securities Exchange is located in the capital of Willemstad, as is the Central Bank of Curaçao and Sint Maarten; the latter of which dates to 1828. It is the oldest central bank in the Western Hemisphere. The island's legal system supports a variety of corporate structures and is a corporate haven. Though Curaçao is considered a tax haven, it adheres to the EU Code of Conduct against harmful tax practices. It holds a qualified intermediary status from the United States Internal Revenue Service. It is an accepted jurisdiction of the OECD and Caribbean Financial Action Task Force on Money Laundering. The country enforces Anti-Money Laundering and Counter-Terrorism funding compliance.

Foreign Account Tax Compliance Act On 30 June 2014, Curaçao was deemed to have an Inter-Governmental Agreement (IGA) with the United States of America with respect to the "Foreign Account Tax Compliance Act" of the United States of America. The Tax Information Exchange Agreement signed in Washington, D.C. on 17 April 2002 between the U.S. and the Kingdom of the Netherlands includes Curaçao, and was updated with respect to Curaçao in 2014, taking effect in 2016.

Trade Curaçao trades mainly with the United States, Venezuela, and the European Union. It has an Association Agreement with the European Union which allows companies which do business in and via Curaçao to export products to European markets, free of import duties and quotas. It is also a participant in the US Caribbean Basin Initiative allowing it to have preferential access to the US market.