Enhanced Monitoring Report on the Implementation of the Standard on Transparency and Exchange of Information on Request 2026 Update (June)

Aruba

(Adopted by the Global Forum in November 2025)

Aruba joined the Global Forum in 2009. Aruba underwent its Second Round of EOIR Peer Review in 2018 (Aruba’s 2018 Report),1 which assessed its legal and regulatory framework in force as at 31 July 2018 and its practical implementation, including in respect of EOI requests received and sent during the review period from 1 July 2014 to 30 June 2017. Aruba received an overall rating of Largely Compliant and the individual Elements were rated as follows:

 

	A.1	A.2	A.3	B.1	B.2	C.1	C.2	C.3	C.4	C.5	Overall
Determinations	i.p.b.	i.p.b.	i.p.b.	i.p.	i.p.	i.p.	i.p.	i.p.	i.p.	n.a.	LC
Ratings	PC	PC	LC	LC	C	C	C	C	C	LC

Status of implementation of recommendations issued in the peer review report

Aruba received nine in-box recommendations in relation to Elements A.1, A.2, A.3, B.1 and C.5.

This monitoring report assesses the actions taken by Aruba to address the recommendations issued in its EOIR Peer Review Report and the peer input received for the monitoring period 2023-2024.

The report concludes that three recommendations are “considered provisionally addressed in the context of the monitoring process, subject to detailed validation”. Out of those, for the two recommendations pertaining to the legal and regulatory framework, the report issues two new corresponding recommendations to monitor the implementation of the legislative changes introduced to address these recommendations. The report further concludes that six recommendations are “in the process of being addressed”, and it advises on actions required.

Element A.1: Availability of ownership and identity information

1. Availability of identity information on the owners of bearer shares

 

Recommendation (A.1, framework)	Aruba should ensure that identity information on the owners of bearer shares in NVs [public limited liability companies] and AVVs [Aruba exempt companies] issued prior to 2012 is available.
Underlying factor	NVs [public limited liability companies] are not required to keep identity information on the owners of bearer shares issued prior to 2012. Furthermore, the custodian arrangement for AVVs [Aruba exempt companies] may not be sufficient. (see paragraphs 69 et seq. of the Aruba’s 2018 Report for more information)
Summary of actions reported	Book 2 of the Civil Code of Aruba (2021) was amended to require all bearer shares to be converted into registered shares by 2 January 2022. Unconverted bearer shares of public limited liability companies would automatically go back to the company. Further, Book 2 of the Civil Code of Aruba also ended the existence of exempt companies, with all exempt companies having to be converted into another legal form by January 2024. Upon conversion, such erstwhile exempt companies would need to comply with the obligations for the relevant legal form. No legal entity is permitted to issue or retain bearer shares.
Conclusion	Aruba appears to have taken appropriate actions to address the recommendation. All existing bearer shares had to be either converted into registered shares or attributed to the corporations. Further, with the abolition of exempt companies, all exempt companies are to convert to another legal form, none of which supports the issuance of bearer shares. The implementation and enforcement in practice of these legislative amendments is yet to be ascertained. Therefore, Aruba is expected to report progress on the implementation of the changes in the legal framework under a new recommendation. Aruba is recommended to ensure that the 2021 and 2024 provisions on the abolition of bearer shares have been implemented effectively and to enforce sanctions on non-compliant companies.
Status determined	Existing recommendation: considered provisionally addressed in the context of the monitoring process, subject to detailed validation New recommendation issued.
Actions required	Existing recommendation: No immediate action required. New recommendation: In its next self-assessment, Aruba should – Provide information on the implementation of the 2021 amendments, such as the number and proportion of bearer shares that have been converted into registered shares and of bearer shares that have been effectively allocated to the companies, when the share certificates have not been submitted to the company. Provide information on the implementation of the 2024 amendments, such as the number of exempt companies that have converted into another type of company and the number of exempt companies that have been dissolved or liquidated. Report actions taken to enforce the 2021 and 2024 amendments and results of the enforcement action.

2. Availability of identity and beneficial ownership information for foreign trusts

 

Recommendation (A.1, framework)	Aruba is recommended to ensure that legal and beneficial ownership information not limited to the 25% threshold is available in all cases in respect of foreign trusts, where Aruban trustees/service providers are involved.
Underlying factor	In the case of foreign trusts administered by Aruban trustees/service providers, the beneficial owners to be identified are those with 25% or more of the capital of a trust or who can exercise effective control over such a legal arrangement (article 1, AML/CFT State Ordinance). (see paragraphs 84 et seq. of the Aruba’s 2018 Report for more information)
Summary of actions reported	The AML/CFT State Ordinance was amended in 2021 to ensure the definition of beneficial ownership is not limited to the 25% threshold.
Conclusion	Aruba has made progress to address the recommendation. The threshold of 25% applicable to beneficiaries of a trust while identifying the beneficiaries and beneficial owners of a trust under the AML law has been removed. The definition of beneficial ownership of trusts is largely in line with the standard. It is not certain that all natural persons exercising ultimate effective control would be identified if there are legal entities or legal arrangements in the trust’s structure and guidance has not been available for review as it is undergoing revision. No information is available on the implementation and enforcement of the legal amendments. Aruba should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment, Aruba should – Report further actions taken to align the definition of beneficial ownership of legal arrangements with the standard. Report on the implementation and enforcement of obligations to identify all beneficial owners of trusts according to the standard.

3. Availability of beneficial ownership information for all entities at all times

 

Recommendation (A.1, framework)	Aruba is recommended to ensure that all the legal entities are adequately covered by either AML, commercial or tax laws to ensure the availability of legal and beneficial ownership information for all entities at all times.
Underlying factor	Only VBAs [private limited liability companies] and AVVs [Aruba exempt companies] are required to engage an AML obligated service provider and there is no such requirement in respect of NVs [public limited liability companies]. Further there may be situations where the agent for AVVs [Aruba exempt companies] is not replaced in the event of disengagement by the AVV [Aruba exempt company] or the TSP [Trust Service Provider], and the AVV [Aruba exempt company] is then without any AML obligated person in Aruba to provide the updated beneficial ownership information. (see paragraphs 58 to 60 of the Aruba’s 2018 Report for more information)
Summary of actions reported	As of 1 January 2023, Aruba put in place an ultimate beneficial ownership register, maintained by the Chamber of Commerce and Industry. The deadline for existing companies to register their ultimate beneficial owners was 30 June 2024 and new companies must register their ultimate beneficial owners within one week of establishment and any change must be reported within one week. The AML/CFT Handbook is currently being revised to reflect the amendments, including with regards to the definition and method of identification of beneficial ownership. Aruba started to phase out Aruba exempt companies in 2021, with all of them having to be converted into a different legal form by January 2024.
Conclusion	Aruba has made progress to address the recommendation. The amendments of the Trade Register Ordinance and the AML/CFT State Ordinance, the phasing out of Aruba exempt companies, and the establishment of an ultimate beneficial ownership register are welcome steps towards ensuring the availability of beneficial ownership information. There are gaps in the legal framework on the beneficial ownership register, mainly related to a definition of beneficial ownership that is not fully in line with the standard and the mechanism for updating information. Guidance on the application of the beneficial ownership definition was not available for review, as it is currently undergoing revision. No information on the implementation of the register is available yet. The implementation and enforcement of the legislative amendments on Aruba exempt companies are yet to be ascertained. Aruba should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment, Aruba should – Report further on the legal framework, including guidance, pertaining to the ultimate beneficial ownership register and how it ensures that changes in beneficial ownership information are brought to the attention of the companies. Report on the implementation of the ultimate beneficial ownership register supported by relevant information, including statistics, on coverage, compliance, accuracy, adequacy and the up-to-date nature of such information. Report progress on the implementation of the changes in the legal and regulatory framework as pertains the phasing out of Aruba exempt companies.

4. System of oversight to monitor compliance with legal ownership, identity and beneficial ownership information keeping and filing requirements

 

Recommendation (A.1, practice)	Aruba should ensure compliance by all entities with ownership and identity information-keeping and filing requirements. To ensure continuity of effective exchange of accurate and up-to-date beneficial ownership information, Aruba is recommended to design and implement adequate supervisory programmes to ensure that updated ownership information is available in all cases.
Underlying factor	Aruba continues to not have a regular system of oversight to monitor compliance with the requirements on NVs [public limited liability companies], VBAs [private limited liability companies], partnerships, foundations and trusts to keep and file ownership and identity information. During the review period the inspections/verifications were not adequate to come to any conclusion on whether Aruba ensures the availability of accurate and updated beneficial ownership in practice, particularly in the cases of companies, partnerships and trusts. It is also noted that there are more than 90% inactive AVVs [Aruba exempt companies] and more than 60% inactive NVs [public limited liability companies] as per the records of the Chamber of Commerce and Industry. Further, the definition in the AML guidance is not fully in line with the standard, indicating a preference for treating managers as the beneficial owners. (see paragraphs 38, 51 to 52 and 62 to 64 of the Aruba’s 2018 Report for more information)
Summary of actions reported	As of 1 January 2023, Aruba put in place an ultimate beneficial ownership register, maintained by the Chamber of Commerce and Industry. The deadline for existing companies to register their ultimate beneficial owners was 30 June 2024 and new companies must register their ultimate beneficial owners within one week of establishment.
Conclusion	Aruba has made progress to address the recommendation. The establishment of an ultimate beneficial ownership register is a step towards ensuring availability of beneficial ownership information. There are gaps in the legal framework on the beneficial ownership register, mainly related to a definition of beneficial ownership that is not fully in line with the standard and lack of mechanism for updating information. Guidance on the application of the beneficial ownership definition was not available for review, as it is currently undergoing revision. Information about the implementation of the register and how it provides a system of oversight is yet to be provided. Aruba is yet to report about the supervision and enforcement of the obligations related to the availability of legal ownership and identity information of relevant legal entities (including inactive companies) and legal arrangements. Aruba should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment, Aruba should – Report further on the legal framework, including guidance, pertaining to the beneficial ownership register and how it ensures that changes in beneficial ownership information are brought to the attention of the companies. Report on the implementation of the ultimate beneficial ownership register supported by relevant information, including statistics, on coverage, compliance, accuracy, adequacy and the up-to-date nature of such information. Report actions taken to ensure the supervision and enforcement of the obligations related to the availability of legal ownership and identity information of relevant entities. Report actions taken to ensure the availability of ownership information of inactive companies.

Element A.2: Availability of accounting information

5. Retention of accounting records

 

Recommendation (A.2, framework)	Aruba is recommended to ensure that accounting records of liquidated, dissolved or struck-off companies are retained for 5 years.
Underlying factor	There are no legal obligations for retention of accounts of liquidated, dissolved or struck-off companies. (see paragraphs 101 and 115 of the Aruba’s 2018 Report for more information)
Summary of actions reported	Book 2 of the Civil Code of Aruba (as amended in 2021) provides for the custodian (which is often the liquidator) to retain books, documents and other data of a liquidated company for 10 years. In cases of absence of a designated liquidator, the Chamber of Commerce will request the Court of First Instance of Aruba to appoint a liquidator. Book 2 provides for the retention of books, records and data carriers by a custodian for 10 years.
Conclusion	Aruba appears to have taken appropriate action to address the recommendation. The implementation and enforcement in practice of these legislative amendments is yet to be ascertained. Therefore, Aruba is expected to report progress on the implementation of the changes in the legal and regulatory framework under a new recommendation. Aruba is recommended to supervise and enforce the implementation of the legislative amendments on the retention of accounting records for liquidated, dissolved or struck-off companies for at least five years, in line with the standard.
Status determined	Existing recommendation: considered provisionally addressed in the context of the monitoring process, subject to detailed validation New recommendation issued.
Actions required	Existing recommendation: No immediate action required. New recommendation: In its next self-assessment, Aruba should – Report progress on the implementation, supervision and enforcement of the changes in the legal and regulatory framework.

6. Supervision and enforcement to ensure availability of accounting information

 

Recommendation (A.2, practice)	Aruba is recommended to ensure adequate supervision as well as enforcement provisions to ensure the availability of accounting information at all times with all relevant entities and arrangements.
Underlying factor	In the current review period, adverse peer input has been received in respect of the two requests for accounting information sought from Aruba, whereby it could not be provided at all in one case and an avoidable delay occurred owing to lack of compliance by the registered agent in the other case. Further, in the review period there has been only a limited supervision by the Tax Authority as well as the Chamber of Commerce and Industry to ensure the availability of accounting information with all entities (including the dormant companies) and arrangements at all times. (see paragraphs 117 et seq. and 120 of the Aruba’s 2018 Report for more information)
Summary of actions reported	Since 2023, the profit tax declaration form and accounting information must be submitted online, and failure to do so is subject to a fine. Underlying documentation has to be maintained and provided on request.
Conclusion	Aruba has made progress to address the recommendation. The online submission of profit tax declaration forms and accounting information will facilitate the supervision of the availability of such information. Fines are available for cases of non-compliance, but Aruba is yet to report on supervision and enforcement actions and statistics. Aruba should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment, Aruba should – Report further on supervision and enforcement actions pertaining to the availability of accounting information. Report statistics on tax filing rates, tax audits and imposition of sanctions. Report actions to ensure the availability of accounting information of entities considered inactive.

Element A.3: Availability of banking information

7. Availability of beneficial ownership information for trusts

 

Recommendation (A.3, framework)	Aruba should ensure that beneficial ownership information is available for trusts in all cases.
Underlying factor	In respect of trusts, since the definition of beneficial owner sets the threshold at 25% ownership, the requirements under the standards are not met in terms of identifying all the beneficial owners in all cases. Further, the definition in the AML guidance is not fully in line with the standard, indicating a preference for treating managers as the beneficial owners. (see paragraphs 62 to 64, 123 and 137 of the Aruba’s 2018 Report for more information)
Summary of actions reported	The AML/CFT State Ordinance was amended in 2021 to ensure the definition of legal and beneficial ownership of trusts is not limited to the 25% threshold.
Conclusion	Aruba has made progress to address the recommendation. The 25% threshold as applicable for beneficiaries of a trust has been eliminated. The definition of beneficial ownership of trusts is largely in line with the standard. It is not certain that all natural persons exercising ultimate effective control would be identified if there are legal entities or legal arrangements in the trust’s structure. Guidance has not been available for review as it is undergoing revision. Deficiencies related to the preference of treating managers as beneficial owners could therefore not be analysed. No information is available on the implementation and enforcement of the legal amendments. Aruba should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment, Aruba should – Report further actions taken to align the definition of beneficial ownership of legal arrangements with the standard. Report on the implementation and enforcement of obligations to identify all beneficial owners of trusts according to the standard.

Element B.1: Access to information

8. Use of compulsory powers to ensure effective exchange of information

 

Recommendation (B.1, practice)	Aruba is recommended to use its compulsory powers and make use of dissuasive sanctions in the GTO [General Tax Ordinance] to ensure effective exchange of information.
Underlying factor	In the current review period Aruba did not use its compulsory powers to access and provide the accounting information sought by a partner, which has adversely impacted the exchange of information. (see paragraphs 165, 173 to 175 and 179 of the Aruba’s 2018 Report for more information)
Summary of actions reported	Effective exchange of information is ensured through the tax authority’s internal regulations and procedures as laid out in the National Ordinance on International Assistance in Tax Matters (2017) as amended in 2023 and the Disclosure Requirement Fining Policy (2025), and early actions by the Tax Information and Investigation team. The Fining Policy has formalised the administrative procedure for imposing penalties in a wide range of cases of non-compliance.
Conclusion	Aruba has made progress to address the recommendation. The introduction of internal regulations and procedures is welcome. However, no concrete actions or statistics on the use of compulsory powers and application of sanctions have been reported. Aruba should report further progress in its next self-assessment.
Status determined	In the process of being addressed
Actions required	In its next self-assessment, Aruba should – Provide more detailed information about how the internal regulations and procedures of the Tax Office provide for the effective, streamlined and timely application of compulsory powers to ensure the effective exchange of information. Report concrete actions with regards to the use of compulsory powers, including statistics about the application of sanctions, where applicable. If there are no cases pertaining to exchange of information that required use of compulsory powers, consider providing evidence from domestic tax cases.

Element C.5: Effective exchange of information

9. Timeliness of answers and provision of status updates to EOI partners

 

Recommendation (C.5, practice)	Aruba should systematically provide an update or status report to its EOI partners in situations when the competent authority is unable to provide a substantive response within 90 days.
Underlying factor	Delays have been experienced in answering some EOI requests received during the period under review. In addition, Aruba has not consistently provided status updates to all its treaty partners in relation to requests that cannot be replied within 90 days. (see paragraphs 260 et seq. and 264 et seq. of the Aruba’s 2018 Report for more information)
Summary of actions reported	The tax authority has put in place a new document management system with clear reporting features to monitor requests and provide status updates. Aruba provided final responses within 90 days in 82% of requests and within 180 days in 88% of requests received during the monitoring period. The competent authority provides status updates in all cases where it was required during the monitoring period.
Conclusion	Aruba has taken actions to address the recommendation, through the introduction of a new document management system. In the current monitoring period, timeliness of response has improved, and status updates were provided in all required cases.
Status determined	Considered provisionally addressed in the context of the monitoring process, subject to detailed validation
Actions required	In its next self-assessment, Aruba should provide updated timeliness statistics for the corresponding monitoring period, according to paragraph 29 of the Methodology for Enhanced Monitoring.

EOIR experience

Over the monitoring period, Aruba received 17 requests and sent 12 requests. The Netherlands and the United States were the key partners in respect of outgoing requests. Aruba reported providing full and final responses in 88% of all the received requests and indicated 6% (i.e. 1 request) as pending requests. The remaining 6% (i.e. 1 request) correspond to requests withdrawn by the requesting jurisdiction.

Five members provided peer input on Aruba. Peers reported general satisfaction in respect of their EOIR experience with Aruba.

New developments having a bearing on the EOIR standard

No recent developments that could have a bearing on the EOIR standard (other than those reported to address recommendations) have been reported by Aruba or have otherwise come to light.

Next steps

Aruba should continue taking actions towards implementing the standard effectively.

Under the first round of enhanced monitoring, two new recommendations are issued to Aruba.

10. Monitoring the implementation of legislative amendments to ensure the elimination of bearer shares of public limited liability companies and of Aruba exempt companies

 

Recommendation (A.1, practice)

Aruba is recommended to ensure that the 2021 and 2024 provisions on the abolition of bearer shares have been implemented effectively and to enforce sanctions on non-compliant companies.

Underlying factor

Through introduction of Book 2 of the Civil Code of Aruba, bearer shares of public limited liability companies must have been converted into registered shares or reverted to the corporation. New Aruba exempt companies with bearer shares cannot be incorporated and existing exempt companies must have been converted into another legal form by January 2024 and in doing so must not have any bearer shares. The implementation in practice of these legislative amendments is yet to be ascertained.

11. Monitoring the implementation of legislative amendments to ensure the retention of accounting records for liquidated, dissolved or struck-off companies

 

Recommendation (A.2, practice)	Aruba is recommended to supervise and enforce the implementation of the legislative amendments on the retention of accounting records for liquidated, dissolved or struck-off companies for at least five years, in line with the standard.
Underlying factor	Book 2 of the Civil Code of Aruba provides for the retention of accounting records for liquidated, dissolved or struck-off companies for 10 years. The implementation in practice of these legislative amendments is yet to be ascertained.

The following next steps are expected from Aruba:

• Submit its next self-assessment, including on the new recommendations issued, in 2028 under the second round of enhanced monitoring.

• See also Chapter 1 (Scope and Methodology), section on “PRMG decisions – Statuses determined and actions required”, which explains the next steps expected on recommendations that are “Considered provisionally addressed in the context of the monitoring process, subject to detailed validation”.

Views/response of the monitored jurisdiction

Aruba welcomes the findings and conclusions of the Enhanced Monitoring Report prepared by the Peer Review and Monitoring Group (PRMG) under the Global Forum on Transparency and Exchange of Information for Tax Purposes.

We note with appreciation that the report acknowledges the significant progress Aruba has made in implementing the EOIR standard and strengthening the overall framework for transparency and cooperation in tax matters. The rating of “Largely Compliant” is a fair reflection of our current status and the efforts undertaken to align our legal, regulatory, and operational practices with the international standard.

Aruba agrees with the key findings and accepts the recommendations outlined in the report. In particular, we appreciate the recognition of improvements made in areas such as:

• Availability of identity and beneficial ownership information for all entities at all times

• System of oversight to monitor compliance with legal ownership, identity and beneficial ownership information keeping and filing requirements

• Supervision and enforcement to ensure availability of accounting information

• Timeliness of answers and provision of status updates to EOI partners

We also acknowledge the areas where further enhancements are recommended, and we remain committed to addressing these as a priority.

Participation in the peer review process has been a valuable experience, and we reiterate our strong commitment to international standards of tax transparency and cooperation. We look forward to continued engagement with the Global Forum and its members, in order to achieve full compliance with the EOIR standard.

Note

← 1.  OECD (2018), Global Forum on Transparency and Exchange of Information for Tax Purposes: Aruba 2018 (Second Round): Peer Review Report on the Exchange of Information on Request, Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD Publishing, Paris, https://doi.org/10.1787/9789264306042-en.