The Economy and Tourism In Aruba

Aruba is an island in the Caribbean off the northwest coast of Venezuela, and a dependency of the Kingdom of the Netherlands. It is a country with one of the highest standards of living and the highest GDP per capita in the Caribbean, with a strong economy and low rate of unemployment, writes Thomas Hughes.
 

With a small population not much greater than 109,500, Aruba is a part of South America, with official languages being Dutch and Papiamento, although English and Spanish are also widely spoken. Aruba is geologically located on the South American continental shelf, and is divided into six main districts which are; Noord, a popular town known for its high-rise hotels, casinos, restaurants, lively nightlife, and California Lighthouse along Palm Beach, the vibrant capital of Oranjestad, known for its bustling marina, Dutch colonial architecture, and duty-free shopping, Paradera, with its iconic national landmarks, historic sites, walkable rock formation and panoramic views, San Nicolaas, the cultural capital with impressive street art, historic museums and colourful murals, Santa Cruz, showcasing the remnants of the 19th-century gold rush, national park and hiking, and finally Savaneta, which is the former capital, the oldest village and a tranquil region along the coast  of the country.
 

Aruba is part of an island group known as the ABC islands, which are the three westernmost islands of the Leeward Antilles in the Caribbean Sea (These consist of Aruba, Bonaire and Curaçao). The idyllic weather and strategic location of the country, make it an attractive choice for business. Telecommunication services are among the best in the region, and companies can benefit from a robust service sector, with a multilingual pool of talent. Corporation tax is competitive at 22% on worldwide income for resident entities, 9% withholding taxes on interest and royalties. Offshore companies and holding companies may be tax-exempt if they do not engage in local commercial activities.
 

Oranjestad is the capital of the island where the majority of the population reside, and there are plenty of streets and malls lined with luxury retailers, diverse boutiques and high-end jewellery stores, including Dolce & Gabbana, Cartier, Louis Vuitton, Gucci, Rolex and Prada. Tax-free bargains are available for many premium brands. The country is also known as ‘One Happy Island’, for its friendly locals, consistent year-round sunshine, stunning white-sand beaches, crystal-clear turquoise waters, and exciting activities including windsurfing, snorkelling, and diving. Aruba is classified as a high income economy by the World Bank, with tourism providing the majority of revenue. Other key industries driving the economy include oil storage and refining, offshore banking, Aloe plant cultivation, livestock, fishing, and construction. Major economic exports are tobacco and hard liquor, jewellery and precious metals, machinery and refined petroleum.   EG