Audit Chamber finds APS local returns lagged international portfolio in 2025
The Audit Chamber said APS domestic investments returned 2.65% in 2025, while international holdings returned 15.95%.
The General Audit Chamber said the General Pension Fund of St. Maarten, APS, earned 2.65% on domestic investments in 2025, down from 3.36% in 2024. International investments returned 15.95%, up from 10.50%, according to the Chamber's October 2026 compliance audit of APS's 2025 financial statements.
The Chamber reported that APS held about Cg1.037 billion in pension assets at the end of 2025. Its coverage ratio rose from 114.1% to 116.2%, above the required minimum, while its overall investment return was 9.23%, exceeding its long-term minimum target of 4.18%.
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The audit said several local investments faced delayed development, limited income or uncertainty. Mary's Fancy Plantation, acquired in 2014 for an eco-hotel project, was put on hold in 2023 because of rising costs and difficulties securing an operator. The property generated no income, and its book value fell from Cg8.11 million in 2023 to Cg5.66 million in 2024.
The Chamber also called for a decision on the future of the Professional Office Park's vacant lot and said land beside the Government Administration Building remained undeveloped at the end of 2025. About Cg403,000 had been spent on studies and related work for a planned parking garage, the Chamber said.
APS recorded a further Cg2.96 million impairment and a Cg3.93 million write-off linked to its restructured Rainforest Adventures St. Maarten loan in 2025, according to the audit. The Chamber recommended clearer annual reporting on local investment performance, projections, risks, losses and development plans. It concluded that APS's financial statements gave a true and fair representation of its financial position.
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