Is the mortgage on Curacao deductible on income?
For loans closed after August first of 2000, homeowners can deduct mortgage interest up to a maximum amount of Nafl. 27.500,-. This includes contributions to a company affiliated to the mortgage life insurance. If it is a second home there are no deductions possible.
Are there besides the mortgage more deductions?
Yes, costs associated with the mortgage loan are deductible. This includes the brokerage fees, valuation fees for the bank and the cost of the mortgage. The transfer tax, notary fees and agency fees are not deductible. Again, no deductions are possible when buying a second home.
What about maintenance costs?
The maintenance of the property, as well as the garden, is deductible up to 2% of the value of the property for property tax (Curacao property value). This is tied up to a maximum of Nafl. 3000,-.
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