Country Manual Private Banking
St Maarten
BRP has updated its Country Manual Private Banking for
St Maarten (deutch part) (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
The Country Manual has been reviewed to ensure that the content of all documents remains accurate and up to date.
The sections regarding Foreign Exchange Controls have been amended to reflect the changes brought by the revised foreign exchange regulation introduced by the Central Bank of Curaçao and Sint Maarten in October 2024.
The reform is mainly aimed at increasing the transaction limits requiring a foreign exchange license, in order to “reduce the administrative burden of the licensing process”. For example, the annual limit to transfers without a license to a private foreign bank account by a Sint Maartener resident has been raised from amounts above NAf 250.000 to amounts above NAf 500.000 (+/- USD 277.342). For more details, the Foreign Exchange Regulation 2024 (Implementation Decrees of the Foreign Exchange Regulation 2010) further provides for an overview of the capital transactions which require a foreign exchange license.
Non-material changes
Some content has been reworded, without introducing material changes, to provide more clarity.
Furthermore, some amendments to the BT have also been made, without there having been any material changes:
Reporting activities related to banking services (i.e., providing account/deposit information and statements): the answers to such reporting activities made to non-qualified clients actively, onsite and via remote means of communication, are now a Grey zone/No to better reflect the general cautious approach recommended when actively undertaking banking activities with such clients in and into Sint Maarten.
BT Short comparison
This document allows users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “SINT MAARTEN” in the Target Country Field.
The BT Short Comparison should be read as follows
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, April 14th, 2025