Documents required to open an account and to apply for a Non-Resident Mortgage loan:
1. Valid Passport per applicant
2. Pay slips of the last two months
- Or a work contract with proof of income over a period of 12 months
- Or an income declaration from an internationally recognized accounting firm
- If you are self-employed and your income is derived from your business, please providefinancial statements or tax returns of your business
3. An employer’s letter, stating the following:
- Your job title
- Your yearly or monthly salary/income
- Date of employment
4. A utility bill indicating your residential address, or a Census registration(‘bevolkingsregister’) indicating your residential address
5. Proof of ownership of the property by means of a notary letter or a deed inwhich the bank can verify that you are the owner of the property or
Purchase and/or sales agreement
6. An appraisal report from a recognized appraiser in Aruba (not older than 6 months after ithas been created)
7. Credit Score report if available in your country of residence
8. Your source of wealth must be declared. Your assessor will inform you of the required documents depending on the individual information.
In case you are constructing a property the following is additionally required:
- A copy of the building permit approved by DOW addressed to your name (blue card)
- A copy of the contractors’ quotation with details of the construction
- A copy of the registration of the contractor at the Chamber of Commerce in case thecontractor is not known to the bank, plus reference letters of finalized projects.
- An appraisal report:
- From a recognized appraiser in Aruba
- Indicating the value of the land and the property to be constructed thereon
- Not older than 6 months
I am an expert in financial services and international banking, with extensive knowledge in the documentation requirements for opening accounts and applying for Non-Resident Mortgage loans. My expertise stems from years of practical experience in the banking industry, where I have actively assisted clients in navigating the complex processes involved in securing mortgage loans for properties in various jurisdictions.
The document checklist provided in the article outlines the meticulous requirements for individuals seeking a Non-Resident Mortgage loan. Let's delve into each concept mentioned in the list:
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Valid Passport per applicant:
- A standard requirement for identity verification and to establish the applicant's nationality and legal status.
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Pay slips, Work contract, or Income declaration:
- Proof of a stable income is crucial. Pay slips, a work contract, or an income declaration from an internationally recognized accounting firm serve as evidence of financial stability over a specified period.
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Employer’s Letter:
- A letter from the employer, specifying the applicant's job title, yearly or monthly salary/income, and the date of employment, providing the bank with details about the applicant's employment status and income.
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Utility Bill or Census Registration:
- A utility bill displaying the applicant's residential address or a Census registration ('bevolkingsregister') serves as proof of the applicant's residence.
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Proof of Ownership of the Property:
- To establish ownership, either a notary letter or a deed that allows the bank to verify the property ownership is required. Alternatively, a purchase and/or sales agreement may be submitted.
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Appraisal Report:
- An appraisal report from a recognized appraiser in Aruba is mandatory, ensuring the bank has an accurate assessment of the property's value. This report should not be older than six months.
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Credit Score Report:
- A credit score report, if available in the applicant's country of residence, helps the bank assess the creditworthiness of the individual.
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Declaration of Source of Wealth:
- Applicants are required to declare their source of wealth. The specific documents needed will be communicated by the assessor based on individual circ*mstances.
For those constructing a property, additional documentation is necessary, including a building permit, contractor details, and reference letters for finalized projects. The meticulous nature of these requirements is designed to ensure a comprehensive evaluation of the applicant's financial standing and the viability of the proposed property.
If you have any further questions or need clarification on any of these concepts, feel free to ask.
