WILLEMSTAD – In a departure from the trend of companies seeking tax havens, investment firm HAL is bucking the trend by returning to its home country. Corné van Zeijl, analyst and strategist at asset manager Cardano, notes,

“There is often a stigma around companies operating in those jurisdictions, and they wanted to get rid of that.”

In its recent quarterly update, HAL, a major shareholder in companies like CoolBlue, FD Mediagroep (including BNR), and the owner of dredging firm Boskalis, declared its intention to leave Curaçao next year and relocate its operations to the Netherlands.

The decision came as a surprise to Van Zeijl, who remarked, “Because the list of departures from the Netherlands is quite long, and this one is coming back.” He attributes the move to the “unclear structure” of activities on the island. “They are located there where lawyers are mentioned in the Panama Papers, and that smells a bit,” Van Zeijl explains. HAL aimed to shed this reputation, which implies that the company will now be subject to the Netherlands’ fifteen percent dividend tax.

Despite the move, HAL’s recent financial results were deemed “reasonable” by Van Zeijl, with a small profit but a slightly smaller increase compared to the broader market. He highlights HAL’s substantial reserves, stating, “HAL has an enormous amount of money in the bank—3.5 billion. They didn’t leave it there for interest but invested it very short term. That was a good move.”

Bron: Curacao Chronicle