As of January 1, 2024, there is a reporting obligation for the real estate tax on the BES Islands (Bonaire, Saba and Sint Eustatius), under which in certain situations a report has to be filed with the tax authorities in the Caribbean Netherlands (“BCN”).
Essentially, this reporting obligation means that new owners of homes or commercial properties are required to report this themselves to BCN. Additionally, owners of properties who have modified that property (e.g. renovation or demolition) should report that to BCN. Lastly, owner of homes or commercial properties must also report if they do not receive an automatic tax assessment, if they should have received this. Failure to comply with this obligation gives the inspector the authority to impose an administrative fine, which can be up to 100% of the underpaid tax.
If you wish to receive more information about this new reporting obligation, please feel free to contact Rootz Tax Lawyers at firstname.lastname@example.org.