June 24, 2016
Retirement Residency St Maarten
Retirement Residence for Qualifying Pensioners
Retired people who meet certain requirements can live on the island and be taxed at low rates.
“Sint Maarten” is a constituent country of the Netherlands. It covers the southern third of the Caribbean island of Saint Martin, while the northern two-thirds of the island is the French overseas collectivity of Saint Martin. Before 2010, Sint Maarten was one of the five island territories of the Netherlands Antilles. The island is a tropical paradise, one of the favourite tourist spots in the Caribbean region.
Retired applicants can opt the so called “pensionado arrangement”, if the applicant not have been resident in St. Marteen in the five years before taking up the residence there. Qualifying pensioners must be at least fifty years old and must purchase a house or apartment on St. Marteen with a value of at least ANG 450,000 (app EUR 222,000 to USD$ 260,000 ). There are different retirement schemes, one for the applicants who came from the Kingdom of Netherlands and an other for foreigners. Foreign retirees can choose from two tax solutions:
– A flat tax of 10% on foreign income,
– A flat annual tax of approximately ANG 226,000 (app EUR 111,000, USD $126,000).
Until the retired person reaches the age of 60, he/she must pay social security premiums. All residents of St. Marteen must pay a 2% premium for exceptional medical expenses, up to an income of ANG 430,000 (app. EUR 211,000 USD $240,000).
Documents necessary for the application to the St. Maarten retirement scheme:
– Application form,
– Copy of passport,
– Original Birth Certificate,
– Original Police Record,
– Original Marriage Certificate,
– School registration letter for the children
– Proof of sufficient income:
1. Bank statement,
2. Declaration by a local registered accountant of monthly income.
– Statement of Guarantee,
– NAF 5,- stamp.