Aruba Mortgage Requirements for Non-Residents
40–50% down payment, max 15-year term, and full document checklist. Aruba Bank, Banco di Caribe, and RBC requirements for international buyers.
1. Aruba Mortgage Requirements for Non-Residents
Aruban banks finance roughly 50–60% of the purchase price for non-residents, with interest rates typically between 5% and 7%. Banks must confirm your identity, income, and the property you're buying. Below are the main requirements for non-resident applicants.
2. Key Requirements for Non-Residents
| Requirement | Typical Range |
|---|---|
| Down Payment | 40% – 50% of property value |
| Maximum Financing (LTV) | 60% – 65% of purchase price or appraisal |
| Loan Term | Max 15 years (non-residents) |
| Interest Rate | Approx. 5% – 7% (USD) |
| Minimum Age | 21; loan must be repaid before retirement age |
Non-residents must provide fire and life insurance with the bank as first beneficiary. Closing costs typically include about 1% of the loan amount in bank fees, plus notary fees.
3. Required Documents Checklist
| Document | Purpose | Notes |
|---|---|---|
| Two valid IDs (Passport + Driver's License) | Confirms identity | Both valid for at least 2 months |
| Employer Letter | Job title, salary, start date | Confirms employment |
| Proof of Residential Address | Utility bill, census registration | Establishes address |
| Payslips (last 2–3 months) | Proof of income | Or pension/income certification |
| Bank Statements (3 months) | Shows savings and income flow | Non-residents: 3–6 months |
| Two Bank Reference Letters | Financial reliability | From financial institutions |
| Credit Score Report | Financial responsibility | From home country if non-resident |
| Declaration of Assets/Liabilities | Source of wealth | Required by many banks |
| Purchase Agreement or Proof of Ownership | Confirms property | Signed by buyer and seller |
| Appraisal Report | Property market value | From Aruban appraiser, not older than 6 months |
| Home Insurance (Fire & Life) | Required for approval | Bank as first beneficiary |
| Financial Statements (self-employed) | Company financials | Last 2 years, audited |
4. Mortgage Requirements by Bank
Aruba Bank
- Application form, ID copy
- Payslips (3 months) + employment verification
- Bank statements (6 months)
- Appraisal by approved appraiser
- Purchase agreement
- Down payment proof (40–50% for non-residents)
- Self-employed: audited financials (2 years)
- Non-residents: two bank reference letters, foreign credit report, proof of assets
RBC Royal Bank
- Valid ID, income proof (3 months)
- Tax returns (2 years), bank statements (3 months)
- Appraisal report and signed purchase contract
- Down payment minimum ~40% for non-residents
- Home insurance policy
- DSR check: total debt ≤ ~40% of income
5. Mortgage Checklist for Aruba
Personal Identification
- Passport (valid)
- Proof of address
- Credit report (home country if non-resident)
Income Verification
- Payslips (3 months)
- Employer letter / Income verification
- Tax returns (last 2 years)
- Bank statements (3–6 months)
- Financial statements (for business owners)
Property Documents
- Signed Purchase Agreement
- Appraisal report (local appraiser)
- Proof of down payment
- Home insurance quote
Additional (if applicable)
- Marriage certificate (buying jointly)
- Residency or work permit (for residents)
- Reference letter from your bank
6. Additional Requirements for Construction
When financing new construction in Aruba, banks typically require extra documentation from the Public Works Department (D.O.W.) and your contractor:
- Approved building permit (blue card) from D.O.W.
- Approved construction drawings from the Public Works Department
- Contractor's quotation with project details
- Contractor's Chamber of Commerce registration
- Appraisal report for land and planned construction value
7. How Long Does the Mortgage Process Take?
- Pre-approval: about 2 weeks after submitting documents
- Compliance and final approval: 4–5 weeks
- Full financing completion: roughly 2 months total
Prepare all documentation in advance to avoid delays.
8. Closing Costs and Important Considerations
Expect roughly 1% of the loan amount in bank fees, plus notary fees (transfer deed and mortgage deed). Total buyer-side costs often add up to 5–12% of the purchase price. The minimum age to apply is typically 21, and the loan must be repaid before retirement age.
9. Common Mistakes to Avoid
- Applying without a valid appraisal report
- Forgetting to include tax returns
- Assuming a foreign credit score automatically transfers
- Waiting to check eligibility until after selecting a property
Pro tip: Contact the bank for pre-approval before making an offer.
10. Frequently Asked Questions (FAQ)
What are Aruba mortgage requirements for non-residents?
Non-residents typically need a 40–50% down payment, max 15-year term, valid passport, proof of income, two bank reference letters, and an appraisal report. Interest rates are often 5–7%.
Can foreigners apply for a mortgage in Aruba?
Yes. Aruba Bank, Banco di Caribe, and RBC Royal Bank offer mortgages for non-residents, usually with a 40–50% down payment and max 15-year term.
How long does mortgage approval take in Aruba?
Pre-approval often takes about 2 weeks. Full approval can take 4–5 weeks for compliance. The full process from application to financing may take around 2 months.
What are the closing costs for an Aruba mortgage?
Expect roughly 1% of the loan amount in bank fees, plus notary fees (transfer deed and mortgage deed). Total buyer-side costs often add up to 5–12% of the purchase price.
Do I need a local notary?
Yes. All property transactions must be processed through a local notary.