Event Recap, May 6, 2026
Why the Dutch Caribbean, Why Now
On May 6, 2026, theUrban Land Institute Netherlandshosted a private working session in Amsterdam focused on investment, hospitality, and real estate opportunities in the Dutch Caribbean. The event brought together developers, family offices, investors, legal advisors, hospitality professionals, and capital market participants to discuss the region’s evolving role in global real estate allocation.
Special thanks to theULI Netherlands team,Greenberg Traurig Amsterdamfor hosting, andAG&Tfor helping to organize the event. Most of all, to the speakers and attendees who contributed to an open and thoughtful discussion.
Caribbean Stability
A recurring theme throughout the day was Caribbean stability. As investors reassess exposure across traditional markets in Europe and the Middle East, many are increasingly seeking jurisdictions that combine legal stability, tourism-driven demand, and USD backed investments.
The Caribbean, and particularly the Dutch Caribbean, continues to gain attention because it offers a unique combination of geopolitical stability, tourism fundamentals, familiar legal structures, and strong connectivity to both Europe and the United States.
Participants discussed how these structural characteristics continue to support tourism demand, hospitality performance, and long term real estate investment across the region.
Key Data
Several key data points framed the conversation:
- The Caribbean receives more than 30 million stay-over visitors annually, with total arrivals including cruise passengers exceeding 60 million
- Tourism contributes between 20% and 90% of GDP across many Caribbean economies • The region has no history of interstate conflict, with most jurisdictions maintaining long-standing political stability
- The United States accounts for more than 50% of regional visitor demand, providing a stable and affluent customer base
- Most Caribbean economies maintain currencies tied directly or indirectly to the U.S. dollar
The discussion then focused on why the Dutch Caribbean is increasingly attracting European and international capital.
As part of the Kingdom of the Netherlands, the Dutch Caribbean provides a stable legal framework, recognized corporate structures, and consistent regulation, while also offering access to USD-linked income, tourism-driven demand, and higher-yield real estate opportunities outside Europe.
Several important structural advantages were discussed:
- Strong Legal FrameworkThis creates a level of certainty not always found in other Caribbean markets. • Part of the Kingdom of the Netherlands • Independent judicial systems • Final legal recourse through Dutch courts
- Stable Regulatory EnvironmentThis allows investors to structure capital efficiently. • No major tax law changes since 2010 • Transparent corporate structures • Familiar legal vehicles including BV, NV, and PFF entities
- European and U.S. ConnectivityThe region operates at the intersection of European capital and U.S. demand. • Direct flights to Europe and the United States • International investor base • Multilingual business environment
Curaçao and Sint Maarten
One of the central discussions focused on the differences between Curaçao and Sint Maarten, and how each island serves a different investment profile.
Within the Kingdom, Curaçao has historically led the conversation. It offers stability, familiarity, and a well-structured investment environment.
Sint Maarten, however, generated significant discussion because of its higher tourism intensity, stronger ADR performance, and higher potential cash flow.
Across the Caribbean, average rental yields generally range between 3% and 5%. Both Curaçao and Sint Maarten outperform that baseline, but differently:
- Curaçao: Gross yields of approximately 8% to 12% • Net yields of approximately 6% to 9% • Occupancy ranging from 50% to 88%
- Sint Maarten: Gross yields of approximately 10% to 18% • Net yields of approximately 7% to 12% • Select luxury assets exceeding 20% gross yields
The discussion emphasized that Sint Maarten’s return premium is driven by several structural factors: • Higher ADRs, often ranging between $400 and $700+ in premium segments • Higher annual revenue per property • Strong tourism intensity and shorter stay durations • Dual market access through both the Dutch and French sides of the island • High visitor turnover and strong U.S. demand.
Airlift cost and frequency was also a big topic.
Airlift cost and flight frequency were also major topics of discussion, as participants examined how accessibility influences visitor profile, ADR, and overall tourism economics.
Participants noted that flights from Amsterdam to Curaçao are often available in the approximately €500–€700 range, supported by stronger direct connectivity and higher flight frequency. By comparison, flights from Amsterdam to Sint Maarten can frequently exceed €1,000–€1,200, particularly during peak travel periods.
From the United States,the pattern is often reversed. Flights to Sint Maarten from major U.S. gateways are commonly available in the approximately $300–$700 USD range due to strong Northeast and Florida connectivity, while flights to Curaçao can at times exceed $700–$850 USD depending on routing and seasonality.
The broader conclusion discussed was that Curaçao tends to attract larger volumes of European leisure travelers, while Sint Maarten benefits from a higher-spending North American visitor profile, supporting stronger ADR performance and higher rental revenue potential.
Underwriting Risk
Another important topic was risk. Sint Maarten carries higher perceived risk due to hurricane exposure, tourism concentration, and a smaller economic base. However, the group discussed how those risks also create supply constraints and pricing inefficiencies that can contribute to higher returns over time. There is almost no luxury hospitality product in Sint Maarten.
As part of the discussion, participants referenced the investment by the Dutch Caribbean Fund into The Setai Sint Maarten project as an example of growing institutional and regional confidence in luxury hospitality and branded residential opportunities within Sint Maarten.
Several speakers emphasized that the real investment question is not which island is “better,” but rather which strategy an investor is pursuing.
One of the strongest conclusions from the session was that the Dutch Caribbean is becoming increasingly relevant to European investors seeking diversification, yield, and USD-linked income outside traditional markets.
Additional discussions focused on: • Climate resiliency and impact investing • Infrastructure and airport investment • The growing role of branded residences and luxury hospitality • Construction, insurance, and development costs • Structuring Caribbean investments for European investors • The importance of creating local jobs and long term economic value • The role of the Dutch Caribbean Securities Exchange and alternative liquidity strategies.
The event concluded with a presentation about the Setai project.
Thank you again to all speakers, attendees, and partners for contributing to a meaningful and forward-looking discussion.
Speakers and participants included:
- Zev Mandelbaum, Principal of The Setai Sint Maarten and President of Altree Development
- Hans Leverman,Dutch Caribbean Real Estate Fund
- Frank Lammers, principal, PYGG
- Natalie (Leibowitz) Abrams, Director of Finance,Altree Developments
- Alexander Van Hovell, @Greenberg Traurig, LLP Shareholder & Notaris
- Arnaud de Graaf,Professor of International Tax Law, University of Curaçao University
- @Gijs Vreeburg,Financieringsgilde Rotterdam
- @Marco Albers, Ex. Government of Sint Maarten Minister, Tax Specialist.
- Shirley Van der Borden,Senior Director of Sales, Setai Sint Maarten
- Bram Ossel,Co-founder & Managing Director Coco invest
AboutUrban Land InstituteNetherlands – Our mission is to shape the future of the built environment for transformative impact in communities worldwide. We provide our members with independent forums for discussion and debate about city building issues and best practices. TheULI NetherlandsNational Council has been active since 2010 and includes the leading real estate stakeholders in the Netherlands.
Visit:netherlands.uli.org/membershipOr contact:netherlands@uli.org
About AG&T – is a real estate development and advisory firm focused on hospitality, mixed use, residential, and strategic land development opportunities throughout the Caribbean and the Americas. Headquartered in Miami, with deep roots in Puerto Rico and the Dutch Caribbean, the firm specializes in investment strategy, development advisory, capital positioning, and cross border real estate opportunities.
Founded by Adam Greenfader, AG&T has participated in more than 55 projects representing approximately $1.5 billion USD in aggregate development value since 1993. AG&T’s experience spans luxury hospitality, branded residences, resort communities, multifamily housing, wellness-oriented development, and large-scale master planning. The firm is particularly active in markets where tourism, infrastructure, resiliency, and international capital intersect.
Visit:www.agandt.com
Originally published on LinkedIn on May 13, 2026.
Adam Greenfader is Chairman of AG&T, a Caribbean real estate capital advisory firm with more than three decades of experience structuring and executing real estate development projects across the Caribbean and Latin America, with over two billion USD in aggregate value.