The economy of Aruba is an open system, with tourism currently providing the largest percentage of the country’s income. Because of the rapid growth in the last twenty years, related industries like construction have also flourished. Other primary industries include oil refining and storage, offshore banking and aloe cultivation, while technology, finance and communications are in a developing phase.
Aruba currently has one active free zone. The Free Zone has been operational since the 1950’s. In recent years there has been increasing interest from European, Canadian and United States based business that want to make use of commercial opportunities in Aruba. A free zone company in Aruba enjoys four major financial benefits relating to tax profits.
Other than exchange control, currency regulations and the principle of having at least one local director acting in companies in Aruba (which is not a statutory requirement, but is a principle based on the policy of the Department of Economic Affairs), there are no specific restrictions or authorizations required for foreign investment. However, authorization may be required in certain regulated areas, such as banking and financial services.