Curacao Business Magazine - Edition 3, 2020 by Curacao Business Magazine

CUR AÇAO

BUSINESS

EDITION 3 | 2020

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LETTER FROM THE PRESIDENT / CHIEF EDITOR

LETTER FROM THE PRESIDENT As we wrap up this edition, we are experiencing second waves of COVID-19 in different parts of the world. The global lockdown has had a huge impact on our local business community, especially our accommodation & food service industry, real estate activities, arts, entertainment & recreation, and transportation sector. Industries have become increasingly more aware of the need for business model innovation and online accessibility. The nature of work here and globally, the required job, talent, and managerial skills have all changed, and continuously keeps changing at lightning speed. The technological innovations (such as 3D printing, cloud computing, big data, artificial intelligence, crowdsourcing, internet of things, robotics, biotechnology) are the real drivers of change. For some, this has regrettably caused business disruption resulting in painful closures and loss of jobs. For others, new opportunities have opened requiring adoption of new technology and a collaborative attitude to join other like-minded entrepreneurs, while combining efforts and complementing each other’s products and services. One thing is sure, each one of us needs to be proactive and supportive. As the Chamber, we continue to take steps in line with our published 2019 white paper “Ban Sembra Awe pa Kosecha Mayan” (Let’s sow today, to reap tomorrow). In addition to our main industries, we need to take strategic bets and support sectors with great potential such as our software & IT sector, knowledge-intensive business services, and transnational education activities. Curaçao is gearing up to invest in qualitative technology and execute a targeted immigration policy. Besides connecting to the world, technology also propels creativity, productivity, and direct foreign investment attraction. Each one of these strategic bets, if consistently aligned with sustainability, will safeguard sustainable growth, attract professionals and innovative investors. Another example of connecting our population to global resources and possibilities is the development of a tailor-made English language curriculum in partnership with the Government of Curaçao, the U.S. Consulate, various school boards and educators. Ultimately, a state-of-the-art educational system will trigger an upgraded productivity and competitive position of our youngsters and labor force. Enhancing the qualified and skilled human resources of the country will allow our citizens to capture available job opportunities resulting in sustainable economic development and improve the level of well-being of our people. As a final point, the transformation your business underwent and is probably still going through should not be in vain. Use this time to build resilience in your business: act decisively, empower employees, and collaborate more with others. It could create a synergistic impact bringing greater value to your customers both locally and overseas. Achieving an effective successful business is attainable for those with great energy, strength of character, the ability to adapt, and willingness to take prompt, right actions. With a concerted effort and personal investment from each one of us, we will achieve a prosperous economy. Will you join us? Billy Jonckheer President Curaçao Chamber of Commerce and Industry

LETTER FROM THE CHIEF EDITOR It has been a hell of a year. It is ok to not be ok at times. We are all adjusting and trying to navigate our changing lifestyle. As mostly social beings, we thrive by connection to others, cultivating relationships, finding a sense of life purpose, and being part of a greater framework. It has been impossible to predict the depth or duration of the crisis for which the speed of recovery cannot happen fast enough. When in search for optimism in a better world, it becomes necessary to change our thinking and the way we make decisions aiming to become more knowledgeable about the future and how to improve it. As an editor, I look for topics that shine a light on what is going on around us, what is interesting, relevant, and critical to rising us up. As we dive into this idea and edition, we see the path to a resilient economy, especially during uncertain times, is through innovation and adaptation with sustainability at the forefront. In the near future to be located off the coast of Curaçao, Proteus, the world’s most advanced underwater scientific research station and habitat, will soon exist to address humanity’s most critical concerns: medicinal discoveries, food sustainability, and the impacts of climate change. This revolutionary platform strives to become an integral part of advancing scientific research and discoveries to benefit the future of the planet. In addition, the Zakitó District Cooling project is almost a reality. Seawater cooling, an alternate-energy system that uses the cold water from the deep ocean to cool buildings, has the potential for expanding into a benchmark system for cooling as a greener alternative to conventional air conditioning while significantly reducing cooling costs. For the first time in history, a health crisis has shut down the entire global economy demonstrating how inseparable healthcare and the economy have become. The healthcare sector remains essential, dynamic, and critical in providing preventative, remedial, and therapeutic services to patients. While the world’s focus has been on the pandemic, cancer is predicted to become the top global health threat as most cancers are diagnosed too late. As early detection and support can save lives, the dedicated services of the foundations, the Caribbean Prevention Center and the Princess Wilhelmina Foundation, to the people of Curaçao are exceptional. The idea of economic safety and freedom is a worldwide goal: people want to live in peace, earn a decent living, educate their children, take care of their families, and save for the future. The economic and social impact of the pandemic has not only accelerated the corrosion of commerce and relationships across borders but also highlighted the extreme vulnerability of the world’s population to disease, economic insecurity, and exclusion. Constructive solutions to the island’s economic prospects are possible with targeted practical rebuilding, international cooperation and outreach. As we look ahead, I am confident we will find a way to survive this pandemic, adapt, and even be better as we advance and aspire for a brighter, healthier tomorrow. Truly and with gratitude Risa Schonbaum CPA Chief Editor Curaçao Business Magazine

CURAÇAO BUSINESS | EDITION 3 | 2020

INDEX

Rocher Cyrus CPA, CGMA rcyrus@globalintmanagement.com CURAÇAO BUSINESS MEDIA GROUP B.V. CHIEF EDITOR Risa Schonbaum CPA ADDRESS ON CURAÇAO Julianaplein 36 Willemstad, Curaçao +599 9 8440057 SUBSCRIPTIONS & ADVERTISING info@cbm.cw

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STRATEGIC PARTNER Van Munster Media BV P1: Postbus 6684, NL6503 GD Nijmegen The Netherlands P2: Kerkenbos 12-24a NL-6546 BE Nijmegen The Netherlands T: +31(0) 24 373 8505 F: +31(0) 24 373 0933 I: www.vanmunstermedia.nl ART PRODUCTION Jan-Willem Bouwman The publisher and its staff cannot be held liable for the contents of this magazine, statements, or if advertisements do not necessarily reflect its editorial views. Although the greatest care was given to the accuracy of the information in this publication and checked where possible, the publisher and editors explicitly contest any liability for any incorrectness or incompleteness of the information provided.

CURAÇAO BUSINESS | EDITION 3 | 2020

INDEX

PUBLISHER

PROTEUS – The International Space Station off the Coast of Curaçao

How Cool is the Future?

16 Blockchain Highlights from 2

Half of 2020

18 Blockchain-Enabled Central Bank Digital Currencies 20

The Invincible Company

van 24 munster Overview of the US Election Process m e d i a

g r o e p

Building Blocks to Grow and Accelerate the Curaçao Economy

Understanding Disenfranchised Grief

Two Foundations. One Goal. Improving Quality of Life

Maternity Clinic Fundashon Duna Lus Curaçao

Spotlight – New Local Business – Wawuya

The Wharf – Luxury Living in the Heart of the City

Jetair Caribbean – Connecting Curaçao to the Region

Fabien Cousteau, aquanaut, documentary filmmaker, oceanographic explorer, environmental advocate, and marine conservationist, has been scuba diving since the age of four. As the grandson of legendary ocean explorer Jacques Cousteau, a passion for the sea is in his blood, and he has dedicated his life and career to exploring, documenting, and protecting the ocean.

8 By now, we are all aware of the apocalyptic picture exhaustingly drawn by scholars and activists; global warming, over-population, famine, mass-extinction. To put it mildly, not desirable. We can choose to work against something bad, or we can choose to work towards something good.

12 Asset backed cryptoassets continue to make headlines but understanding the differences between the options that exist is essential for wider adoption. Much has been written and discussed about the potential of cryptocurrencies to revolutionize financial markets and transactions, but price volatility still poses a substantive headwind to broader utilization.

In January 2006, Kongō Gumi, a Japanese construction company, went into liquidation. Although regrettable, this is not inherently remarkable. What truly was astonishing though was the fact that this mostly family-run company closed up shop after 1,428 years. How could this enterprise survive for over a millennium and other businesses file for bankruptcy within a decade?

If you were offered the opportunity to prevent developing cancer, would you take it? Having cancer is hard and going through it can be an incredibly overwhelming and complicated process. As a cancer patient, it is normal to feel disbelief, shock, fear, or anger, and need help to understand the diagnosis and treatment options.

32 Work has commenced on The Wharf, the much-anticipated residential project in Scharloo. Located on Curaçao’s world-famous Handelskade, a UNESCO’s World Heritage site, the first phase of the development will consist of thirty-five luxury apartments and 1,000 m2 of commercial space spread across three separate buildings as well as four separate city apartments.

Since the beginning of 2020, more and more countries across the world have shut down borders and limited domestic travel as a response to the COVID-19 outbreak. Thus, cancelling almost all flights to control the spread of the virus has affected the entire airline industry globally.

CURAÇAO BUSINESS | EDITION 3 | 2020

CONTRIBUTING WRITERS

CONTRIBUTING WRITERS NATHASJA JT PLAIZIER, After graduating at Rijksuniversiteit Groningen w ith her BSc Behav ioral Neuroscience receiving a Bachelor of Honor, she proceeded with the Master Education & Communication in Mathematics and Life Sciences. In February 2014, Nathasja moved to Curaçao. Out of interest, she followed the propaedeutic year of Law at University of Curaçao. Nathasja currently spends her days in corporate life and as a teacher, writer and entrepreneur. -----------------------------------------------ÚNA JANSEN is a writer and journalist with a background in finance and academia. She holds a Master’s Degree in English Literature and is a guest lecturer at the University of Curaçao. Originally from Ireland, Úna is the founder and owner of Dublin Communications, providing writing and editing services to clients across a range of industries. ------------------------------------------------

CURAÇAO BUSINESS | EDITION 3 | 2020

TIM Q.M. MARTINA, If asked, Tim would most likely describe his perfect world as a place where logic prevails above all, form follows function and mankind has reached a sustainable and highly comfortable way of living through effective use of the ever-increasing technological possibilities. In the meantime, he indulges in pro-actively advocating strategic innovation in Curaçao as the Chief AI Strategist at BRABU. -----------------------------------------------SEAN STEIN SMITH, DBA, CPA is a professor at the City University of New York – Lehman College. He also is the chairperson of the NJCPA’s Emerging Technologies Interest Group (#NJCPATech). He serves on the Advisory Board of the Wall Street Blockchain Alliance, where he co-chairs the Accounting Work Group. Sean is on the Advisory Board of Gilded, a TechStars ’19 company. He is also a Visiting Research Fellow at the American Institute of Economic Research. ------------------------------------------------

DESI DIJKHUIZEN is the owner of Dcommunicates!, a company that focuses on copywriting, translations and vlogging. In 2010, Desi graduated with a Master’s degree in Latin American Studies at the University of Leiden and gained a meaningful career experience at the Embassy of Chile in The Hague. Back in Curaçao, Desi started working for a local newspaper where she developed her journalism skills. At the beginning of 2019, she made the decision to start the exciting entrepreneurial journey. -----------------------------------------------K IRK PHILLIPS, CPA , CM A , CFE, CBP is a Certified Bitcoin Professional, Managing Director, Global Crypto Advisors, Inc. “A boutique crypto CPA firm”, Principal in Blockchain Catalytics, LLC, Author of the Ultimate Bitcoin Business Guide™, Author of the AICPA Blockchain Fundamentals course, advisor to numerous projects, crypto fund manager to just about everything blockchain and cryptocurrency. ------------------------------------------------

PROTEUS

PROTEUS THE INTERNATIONAL SPACE STATION OFF THE COAST OF CURAÇAO “THE PROMISE OF THE OCEAN IS THE ANSWER FOR OUR FUTURE” FABIEN COUSTEAU

In 2016, he founded the Fabien Cousteau Ocean Learning Center (FCOLC), a nonprofit organization dedicated to raising awareness, educating, and empowering the citizens of the world to protect and

CURAÇAO BUSINESS | EDITION 3 | 2020

preserve the planet’s coastal areas, endangered marine habitats and marine life. The FCOLC is committed to creating long-term education and engagement initiatives, conservation efforts and marine research

projects that will help save our ocean to benefit human well-being. Current programs of the FCOLC include Coral Reef Restoration, Mangrove Restoration, Beach Clean Ups and Sea Turtle Restoration.

PROTEUS

In July of this year, the center released details of a ground-breaking project to be located off the coast of Curaçao. Proteus, the marine equivalent of the International Space Station, will be the planet’s largest and most technologically advanced underwater scientific research station and habitat. Hosting two state of the art laboratories, a medical bay, sleeping quarters, and even a hydroponic garden, Cousteau’s brainchild will place a finger on the pulse of the health of our oceans, becoming a platform for ocean research, education, conservation, and even for training astronauts.

ing samples gathered by scuba diving in this rich, biodiverse environment. “Proteus will allow us to open the Pandora’s box of secrets contained in this underwater rain-

forest”, he says, and the possibilities are endless. Just like the rainforest, the ocean has the potential to provide us with cures and treatments for a whole catalog of human

In 2014, Fabien spent thirty-one days in Aquarius, an underwater facility the size of a school bus, nine miles off the Florida coast. During this period, he and five crew members conducted the equivalent of three years’ worth of research. At 4,000 sq ft, Proteus will be the size of a large American family home and ten times bigger than Aquarius, allowing for far longer deployments and extended missions. The new structure will provide the comfort, safety, and conditions to support scientists study-

CURAÇAO BUSINESS | EDITION 3 | 2020

PROTEUS

10 10 ailments. Only recently, it was discovered that the venom of cone snails is ten times more potent than morphine. A discovery like this can allow us to develop new medications to treat cancer patients and much more. Only 5% of our vast oceans have been explored to date, so it is mind-boggling to imagine how much we have yet to discover. Fabien believes that the ocean will also deliver us with vaccines for a range of diseases, perhaps even for COVID-19. An underwater habitat allows scientists to collect samples and process these quickly. Since the platform will be located 60 feet beneath the surface, there is no need for divers to decompress on entering, a timeconsuming process that can carry health risks. The samples collected never come to the surface in comparison to traditional research in which they are frozen and transported thousands of miles for analysis which invariably causes deterioration and corruption. Even in Aquarius, a 30-yearold structure which Fabien describes as “hopelessly underequipped”, the team was able to make unprecedented progress. In Proteus, he intends to advance marine research by light-years. T he concept

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design was co-conceived by renowned industrial designer Yves Béhar and his firm fuseproject with the objective of providing an environment that would simultaneously facilitate advanced scientific research alongside the conditions that humans need to function at the high level required for this kind of work. Factors such as personal privacy, sufficient space, comfortable living areas, and even specialized lighting to support circadian rhythms were high on the agenda. It was this desire to provide human comforts that inspired Fabien’s idea for growing food hydroponically onboard and to create the first underwater greenhouse. The lack of fresh food was one of the biggest challenges that he and his crew experienced on Aquarius. In such a highly pressurized environment, cooking with any kind of open flame or element is out of the question so the team relied on dehydrated food, ‘cooked’ with boiling water sent from the surface. Underwater, humans require three times the calories that we burn on land, and scuba diving for up to eight hours a day requires enormous energy. The Frenchman in Fabien found the diet of dehydrated food bland and unappetizing, losing seventeen pounds in weight during

the course of the mission. On Proteus, the crew will at least be able to supplement processed food with freshly grown plant life for food. The new habitat will also take a giant leap forward in terms of self-sufficiency and sustainability. Where Aquarius relied on a fossil fuel-powered life support buoy (LSB), Proteus will be entirely powered by renewable energy using solar and wind power alongside Ocean Thermal Energy Conversion (OTEC), a largely unexploited energy source which is generated in exactly the conditions where the habitat will be located. Curaçao, on a sea mountain in the tropics, is ideally situated to generate OTEC. The beauty of this type of energy is that unlike solar or wind power, it is continuously available and as such, does not need to be stored in battery form. There is virtually no negative impact upon the environment and on top of that, it generates fresh distilled water as a by-product. Fabien hopes that Proteus will showcase the potential for this type of energy as a sustainable alternative to fossil fuels which continue to pose one of the greatest threats to our oceans and the planet as a

PROTEUS

whole. He believes that Curaçao is in the perfect location for a closed-loop system of solar, wind, and OTEC, offering the island an opportunity to blaze a trail as a leading nation in sustainability. It was this geographical location combined with the undersea topography and relatively unexploited coral reefs that helped to identify Curaçao as the perfect home for Proteus. Its proximity to the shore will allow for oxygen, water, and big data to be supplied via an umbilical cord. Proteus will have 16K broadcast capabilities allowing for live feed streaming which will open up the habitat to people all over the world. Close by, the FCOLC will also install a smaller habitat nicknamed Triton, which at 600 feet below the surface will facilitate much deeper exploration. Triton will run on helium-oxygen which helps to sustain divers in a deep-sea environment and research will be conducted predominantly by scuba divers. Remotely operated underwater vehicles (ROV) will also play a role but Fabien views these as a secondary tool. “ROVs are clumsy”, he says. “You need human beings with their insights and finesse. That human element is still necessary for every endeavor that we undertake”. The cost of constructing Proteus is estimated at $135 million. At the time of pub-

lication, Fabien is approximately $1 million away from being able to begin Phase Two of the project. Financing has been somewhat slowed by the global pandemic but nevertheless, significant progress has been made. Since the FCOLC is a non-profit organization, Proteus is also eligible for governmental grants. Fabien intends to build strategic partnerships with organizations that can use the platform for their own research. For example, Aquarius was used for training US Navy personnel (for activities strictly unrelated to warfare) and even NASA astronauts. The layout and design of Proteus is significantly influenced by the International Space Station. Both structures need to operate in and withstand extremely harsh conditions, and in many ways, the ocean is even more punishing than space. As such, it is an ideal place for training astronauts, providing comparable conditions in a relatively accessible location. Proteus also offers incredible potential in terms of climate monitoring and will be capable of predicting weather fronts, weeks and sometimes even months earlier than existing weather labs. Once funding has been secured, construction of Proteus is scheduled to happen fast. Fabien plans on the platform being built, installed, and having completed its first mission within 32 – 36 months. The main construction material for the project will be metal alloy.

Composites were first explored as an option, but it soon became clear these would be too light for the task and could even risk the habitat floating to the surface. The modular sections of the habitat are designed to be easily removable to facilitate servicing and upgrades. This construction will give Proteus a life span of at least fifteen to twenty years, during which it may well be the site of unprecedented and revolutionary discoveries that have the potential to change the fate of humanity, our oceans, and Planet Earth. For more information about Proteus and the work of the Fabien Cousteau Ocean Learning Center, visit https://www.fabiencousteauolc.org/

CURAÇAO BUSINESS | EDITION 3 | 2020

HOW COOL IS THE FUTURE?

HOW COOL IS THE FUTURE? By now, we are all aware of the apocalyptic picture exhaustingly drawn by scholars and activists; global warming, over-population, famine, mass-extinction. To put it mildly, not desirable. We can choose to work against something bad, or we can choose to work towards something good. WRITER: TIM Q. M. MARTINA

There is a difference. Post-scarcity is a theoretical economic state in which products are produced in abundance through limited to no human labor. Goods and services are very cheaply or freely obtainable. Futurists persuasively argue, seeing that energy is the primordial commodity, solving the global energy problem

12 12

Zakito Government Vision

CURAร AO BUSINESS | EDITION 3 | 2020

unlocks the path to a post-scarcity global society. Even if practically possible, this is of course a monumental task not probably attainable in our lifetime. We can, though, do our part in the right direction and even make a profit while doing so. In Curaรงao, the next step towards solving this very complex problem might just

be closer than we realise: Zakitรณ District Cooling. As public offices strategise investments for the local economy, sustainable development often lies in the midst of many proposals. This is also the case with the vision for the Zakitรณ area

HOW COOL IS THE FUTURE?

ecopowerinternational.com

where the immense thermal potential of the ocean is to be used for the Seawater based District Cooling (SDC) project. ZakitĂł extends from the Rif/Mangrove area by Otrobanda near the old water and energy plant to Parasasa beach in Piscadera. When developed, this area instantly becomes prime real estate for spin-off ventures ranging from tourism, hospitality, agriculture, health, and export of goods and services. Leveraging proper understanding of the laws of nature, we can sustainably in current day engineer a comfortable and cost-effective way of living by building in harmony with nature. Here in the tropics, much more than half of the electric energy is used for air conditioning. It is only logical to aspire to utilise an inexhaustible and renewable energy source. At a depth of ap p rox im ately 850 meter s , the ocean water on this latitude is around 5 degrees centigrade. This cold seawater

is pumped ashore through an intricate pipe system and either passed through a heat exchanger, where a freshwater

loop is centrally chilled for f urther decentralised cooling applications, or directly distributed to consumers. In 13

Zakito Government Vision

CURAĂ&#x2021;AO BUSINESS | EDITION 3 | 2020

HOW COOL IS THE FUTURE?

the latter case, each consumer has a private energy transfer station that interfaces w ith a cooling system onsite. At this point in the SDC process, the slightly warmed seawater is around 10 degrees centigrade and is pumped back offshore to a depth around 100 meters. The environmental impact of the slightly warmed effluent seawater is insignificant. System designers in cooperation with marine biologists have taken into account that this nutrient-rich water needs to find its way back to the proper depth in order not to disturb the fragile equilibrium of coral and algae growth on the local reefs.

14 14

Comparatively to conventional cooling solutions, this approach to cooling increases the energy-efficiency by tenfold, thus substantially reducing total electric-energy cost, diminishing carbon footprint, and eliminating use of hazardous refrigerants. The process of seawater for cooling is already in use for decades around the world. In addition to the cooling benefits, this efflu-

ent seawater could potentially be used for activities in agriculture (vegetable greenhouses), aquaculture (seafood farming and storage), micro algae farms for the pharmaceutical industry, deep seawater desalination, and research & development in general. Ecopower International (Curaรงao), Van Oord (The Netherlands), Curaรงaose Wegenbouw Maatschappij (CWM , local representative of Janssen de Jong Group, The Netherlands), Deerns (The Netherlands), Civil Engineering C a r i b b e a n (C u r a รง a o) , D E VC C O (Sweden), Makai Ocean Engineering (Hawaii, USA) and Emmitt Green (The Netherlands), form the international consortium taking on this challenge. This joint venture with their extensive global experience, at the time of publication, is almost ready to start construction as soon as financial closure is reached. The expectation for completion of the infrastructure once started is to be approximately 2 years and require a total investment of USD 45-50 million.

ecopowerinternational_com

CURAร AO BUSINESS | EDITION 3 | 2020

Although there is no rational way to conclude that this is not a sound investment, the real valorisation comes with the platform that this infrastructure creates. For the majority of local businesses, cooling represents approximately 70% of the total energy-related costs. By relieving companies from the relatively high energy tariffs, this platform can arguably facilitate a much higher capital-efficacy for the investing enterprises. This means the cost of conducting business is reduced, and the local entrepreneurs are investing in the path to resilience and sustainability instead of just paying for air conditioning. As a result, benefits are far reaching not only for the environment but also for businesses and the economy. Preliminary forecasts estimate that this initiative unlocks an economic output of 2 billion US dollars and 400 permanent jobs, a new economic pillar for the island. The Zakitรณ District Cooling project has the potential to provide reliable, sustainable, and cost-effective cooling but also develop a deep seawater industry which can generate export earnings as well as food security for a more self-sufficient island. Even if caring for the environment is not your initial focus, this bottom line is hard to overlook.

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BLOCKCHAIN HIGHLIGHTS

BLOCKCHAIN HIGHLIGHTS FROM 2ND HALF OF 2020

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CRYPTO BANKS, SAND DOLLARS AND DEFI The lightning fast pace of innovation is the one constant in the blockchain and crypto asset space. Developer talent is in short supply and blockchain career demand is jumping to the front of the pack. There is no global stakeholder left who is not aware of and considering blockchain tech in some capacity. Regulators, central banks, financial institutions, big fintech and a host of others are weighing in and getting into the game. This has been the theme in 2019 and 2020, but the pace is accelerating, and competition is heating up. We are still in the early days and enterprises should focus on taking advantage of this once in a lifetime opportunity. There have been 4 major story lines in the latter half of 2020 which frame the global trajectory heading into 2021. WRITER: KIRK PHILLIPS, CPA, CMA, CFE, CBP

BANKS AND CRYPTO ASSETS In July 2020, the US Office of the Comptroller of the Currency (OCC), an independent bureau of the US Treasury Department, stated federal banks can provide custody services to their cryptocurrency customers. The OCC stated, “In the letter published today, the OCC concludes that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services.” This was big news in the blockchain space considering banks continue to be risk averse towards opening bank accounts for crypto related businesses. The OCC news could be the first nudge helping to dissolve some of the risk aversion. US banks

CURAÇAO BUSINESS | EDITION 3 | 2020

already offer financial services, so it is only a matter of time before crypto assets are woven into the wider service offering.

legislature which is capable of creating blockchain friendly laws ultimately bringing in more revenue to the state.

THE KRAKEN BANK Kraken is the first crypto exchange to become a US bank in September 2020. This milestone marks the moment where the new and old financial paradigms come together in a single platform. The seemingly soft-spoken yet highly progressive and innovative US state of Wyoming made this possible. It is not a surprise to those already familiar with Wyoming who invented the widely used Limited Liability Company (LLC) in 1977. Wyoming is the smallest populated state in the US with less than a million residents. This equates to a nimble

The Special Purpose Depository Institution (SPDI) statute was one of the blockchain bills passed into law allowing Kraken to become a US bank, but not just any bank. CoinDesk reported, “SPDI banks can hold digital assets but will never have legal ownership over those assets. This means that even if a SPDI bank goes bankrupt, those assets have to be returned to customers, whereas a trust company can have its assets claimed by a judge during bankruptcy.” Caitlin Long, an expert in bitcoin and blockchain technology, also helped pioneer this groundbreaking legislation.

BLOCKCHAIN HIGHLIGHTS

THE SAND DOLLAR The Central Bank of The Bahamas launched the Sand Dollar in October 2020, the world’s first central bank digital currency (CBDC). Several central banks have been working on and eventually expect to launch a CBDC in the near future. Sand Dollar payments are made by eWallet apps on mobile phones which a majority of Bahamian residents already have. Cointelegraph reported, “Each Sand Dollar is pegged to the Bahamian dollar, which is in turn pegged to the US dollar. The Sand Dollar is intended to drive greater financial inclusion within the archipelago nation of more than 700 islands, about 30 of which are inhabited.” The Bahamas’ small nation status combined with a compelling need to create a better financial infrastructure was the right recipe for being first to market. The Sand Dollar is now a catalyst for accelerating other CBDC projects as the milestone has been crossed and other central banks do not want to get left behind. THE YIELD FARMING CRAZE Meanwhile, on the other end of the blockchain and crypto asset spectrum, decentralized finance projects (DeFi) attracted staggering amounts of capital from June to September of 2020, highlighting the greed and exuberance of human nature. Many DeFi platforms reward liquidity providers in the form of a native token and/or interest-like payments in other crypto

assets by using smart contracts to “program the money”. Those native tokens were traded up to sky high values, thus reinforcing the greed. This is known as “yield farming” and savvy farmers could make unsustainable triple digit returns in some cases. Aggregator platforms emerged allowing users to maximize returns across various DeFi projects further exacerbating the craze. Open source copycats, like Swerve Finance, surfaced overnight collecting $600 million of assets in one week. Profit seeking yield farmers would simply bounce around from DeFi platform to the next draining assets just as fast as they added them. Even though DeFi has since settled down, it will no doubt replace a large chunk of centralized traditional finance while using stablecoins and CBDCs alongside other crypto assets. Crypto platforms are morphing into banks and banks are morphing into crypto platforms. The examples above happened in the US, but the narrative will continue around the globe. Whether these services look the same at the end of the metamorphosis is an open question. The more CBDCs get rolled out by central banks the faster the overall adoption of blockchain and crypto assets. All asset types will eventually be tokenized among hundreds of blockchains including real estate and securities. Even a CBDC is simply a tokenized version of central bank fiat currency. Remember,

not all blockchains are the same and the age of DeFi has forced the term CeFi to distinguish the difference between decentralized finance and centralized finance. The benefit is a potential unlimited range of financial products coupled with a new realm of risk that did not previously exist. Both businesses and consumers get to choose which model they prefer rather than the more limited choices of legacy finance.

CURAÇAO BUSINESS | EDITION 3 | 2020

CENTR AL BANK DIGITAL CURRENCIES

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BLOCKCHAIN-ENABLED CENTRAL BANK DIGITAL CURRENCIES ARE DEVELOPING FAST, BUT HOW ARE THEY DIFFERENT FROM OTHER CRYPTO? Asset backed cryptoassets continue to make headlines but understanding the differences between the options that exist is essential for wider adoption. Much has been written and discussed about the potential of cryptocurrencies to revolutionize financial markets and transactions, but price volatility still poses a substantive headwind to broader utilization. WRITER: SEAN STEIN SMITH, DBA, CPA, AS ORIGINALLY PUBLISHED WITH FORBES.COM

In response to that, the blockchain and cryptoasset ecosystem has organically developed alternatives and options that include an array of new cryptocurrencies that are connected or supported by external assets. While the goal of these new iterations, be they stablecoins or central bank digital currencies (CBDCs), are the same (wider use of cryptocurrencies as currencies), the mechanics of how these cryptoassets operate

CURAĂ&#x2021;AO BUSINESS | EDITION 3 | 2020

can vary significantly. Whichever specific cryptoasset achieves mainstream adoption and use by individuals and institutions, understanding the differences between different crypto types is critical, especially considering just how rapidly the assetbacked-cryptoasset space has expanded. Letâ&#x20AC;&#x2122;s take a look at how, while superficially similar, stablecoins and central bank digital currencies are actually quite different.

Private versus government money. The most obvious difference between stablecoins and CBDCs is the fact that stablecoins are, in essence, a form of private money. Although they may be connected or linked to an external asset, stablecoins do seem to represent the current state of private money versus governmental issued currency. Even if a stablecoin is pegged on a one-to-one basis to the USD, for example, these cryptoassets are issued by

CENTR AL BANK DIGITAL CURRENCIES

a private entity, and not a governmental body. CBDCs, conversely, are a merger of existing fiat issuance processes with blockchain technology. In other words, CBDCs are an evolution of existing fiat options whereas stablecoins are a competing form of privately issued currency. Framed in this context, the evolution of cryptocurrencies – from decentralized ones such as bitcoin, to stablecoins, to CBDCs – should be seen as a natural development and convergence as incumbents seek to capture the benefits of blockchain. Details can vary. One of the most common misconceptions surrounding stablecoins is that every single option operates the exact same way. Without getting overly technical in nature, the redeemability and exchangeability of stablecoins can vary, and can impact the usability of stablecoins as a legitimate medium of exchange. For example, if a stablecoin is backed by gold, what does this actually mean? Are these cryptoassets able to be exchanged for physical gold bullion or coins, or are they only able to be exchanged for some sort representation of gold, such as a gold exchange-traded fund (ETF)?

C B D C s , c o n t r a r i l y, a r e t h e d i r e c t representation of existing fiat currency, and so – in theory – should be treated, accounted for, and handled the same as currency units. With all of the projects underway across the globe, however, there is no guarantee that every CBDC will operate in a similar manner. Currency versus currency hedge. Perhaps most interestingly is the difference that exists in the underlying goal of these different cryptoassets. Stablecoins might seem to represent a next step in the evolution of fiat but are still designed as an alternative to these options. Bitcoin generates headlines on an almost daily basis due to its price volatility but is still thought of by some as an inflation hedge, or protection against currency devaluations. Even if a stablecoin is supported by an existing currency, the embedding of blockchain and cryptoasset technology into this financial instrument does create a similarity to decentralized crypto. CBDCs are a direct representation of the fiat currency they are seeking to replace or augment, and so will be subject to the same vagaries that are connected to existing

options. This might seem like a direct opposite of what bitcoin was supposed to represent, a decentralized and distributed form of money versus centrally controlled and issued crypto but may in fact be a viable pathway to generating mass utilization. Regardless of the specific iteration of cryptocurrency, asset-backed-coins, or some hybrid between existing fiat and blockchain technology, the direction of the ecosystem is clear. Cryptocurrencies were designed and are being refined to serve as a replacement for existing currency units, but the eventual path forward might be closer to a collaboration than might otherwise be expected. Stablecoins and CBDCs are, in both cases, a hybrid or halfway point between bitcoin and the current reality of fiat currencies and have the same objective of facilitating wider adoption. Understanding the differences between these two options, which run deeper than they might initially appear, is an integral component of achieving the mass adoption these crypto iterations are seeking to accomplish. 19

CURAÇAO BUSINESS | EDITION 3 | 2020

THE INVINCIBLE COMPANY

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THE INVINCIBLE COMPANY RESILIENCE. In January 2006, Kongō Gumi, a Japanese construction company, went into liquidation. Although regrettable, this is not inherently remarkable. What truly was astonishing though was the fact that this mostly family-run company closed up shop after 1,428 years. How could this enterprise survive for over a millennium and other businesses file for bankruptcy within a decade? We might have no way of certainly knowing, but it seems like the 40 generations of leadership were all playing an Infinite Game. Let’s explore this. WRITER: TIM Q. M. MARTINA

FINITE AND INFINITE GAMES. “What will undo any boundary is the awareness that it is our vision, and not what we are viewing, that is limited.” That is a quote from Professor James P. Carse’s 1986 book Finite and Infinite Games: A Vision of Life as Play and Possibility. Albeit with a rather philosophical approach, the author compellingly conceptualises two types of games, each with their respective rules and course of play. A Finite Game, like sports, politics, and war, is bounded by fixed rules and time. This game is played by known players to be won and the winner can only truly win with the acknowledgement of the other players. Otherwise there is no valid-

CURAÇAO BUSINESS | EDITION 3 | 2020

ity to the title claim. In comparison, an Infinite Game has no agreed-upon rules, no boundaries, and no objectives. Known and unknown players single-purposely play this game to prevent it from coming to an end. Three decades later, the best-selling author Simon Sinek (Start With Why, Leaders Eat Last) argues in his book The Infinite Game (2019) that the business arena fits the very definition of an Infinite Game. Sinek so eloquently puts it like this: “No matter how successful we are in life, when we die, none of us will be declared the winner of life. And there is certainly no such thing as winning business. All these

things are journeys, not events.” Sinek contends further that for one to succeed in this type of game, the proper mindset for this specific type of game must be adhered. “A company built for resilience is a company that is structured to last forever. This is different from a company built for stability. Stability, by its very definition, is about remaining the same.” In short, times change and uncertainty is inherent to change. To survive the test of time, continuous improvement is the required mindset, and thus using this mindset to build an invincible company. But how does one go about doing this?

THE INVINCIBLE COMPANY

PROPER BUSINESS ETHOS. Although the odds are that none of us are consciously or willingly sabotaging our own enterprises, there are some lessons to be learned. How can we inspire all those involved to feel accountable for the sustainability of the business? Where are we to learn from if we are pioneering? The short answer is by adopting the proper attitude, by learning and by adapting quickly to change. Sinek translates valuable lessons directly from good practices. He also thoroughly explores a five-step practice that forms the fundament for good business: • • • • •

Advance a Just Cause Build Trusting Teams Study your Worthy Rivals Prepare for Existential Flexibility Demonstrate the Courage to Lead

History is full of accomplished moonshots and unfortunate mishaps. The ones that really stand out, though, are the ones where the leaders closely followed this five-step framework. Whether it was Johnson & Johnson’s global recall during the Tylenol cyanide poisoning crisis, taking a loss of more than USD 100 million in 1982. Or when CVS Caremark stopped selling tobacco-related products in 2014, losing USD 2 billion per year in revenue. They all overcame adversity by sticking to their Infinite Mindset. Enduring a significant loss in the short term but coming out as heroes in the end, ultimately putting a smile on the shareholders’ faces. NO PROVERBIAL SILVER BULLET, IS THERE EVER REALLY A SIMPLE SOLUTION TO A COMPLICATED PROBLEM? After 1,428 years led by 40 generations, Kongō Gumi had to succumb to a substantial debt, brought forth by change in national legislations and arguably mismanagement. The mostly family-run construction enterprise might have had a much too amicable attitude towards its suppliers, which compounded to an unfortunate financial downfall. So even the most resilient business is susceptible to modern day challenges. Uncertain times require leaders to be proactively investing in resilience and constantly adjusting to current circumstances. Leaders should courageously be: • inspiring their environment to iteratively create value, • cultivating the proper mindset within their organisation to support this (the Infinite Mindset of continuous improvement),

• tailoring an agile framework best suited for their enterprise to facilitate this never-ending continuous improvement. This is no easy task, even in times of economic expansion. There is no one absolute solution to the complexity that is business. What we can do, though, is setting ourselves and our businesses up for the best possible outcome. Adapt to a framework for continuous improvement, keep learning proactively, and not just achieve current year goals but aspire to have your organisation last forever.

CURAÇAO BUSINESS | EDITION 3 | 2020

OVERVIEW OF THE US ELECTION PROCESS

OVERVIEW OF THE US Every year, Americans have the opportunity to vote for leaders at the federal, state, or local levels. The presidential election happens every four years and becomes the main event for that year. This year on Election Day in November, in addition to choosing the President,

DEFINITIONS Caucus: A meeting of the local members of a political party to select delegates to the national party convention. A caucus is a substitute for a primary election.

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voters will choose 35 members of the US Senate and all 435 members of the US House of Representatives at the federal level. Senators serve for six years, thus each election cycle about one-third of the 100 seats (two from each state) are up for a vote. Every representative’s seat is up for

election every two years on the even years. The number of representatives a state has depends on its population, and each representative serves a specific congressional district. At the state level this year, 11 governorships are up for election as are more than 5,000 state legislature seats. In other

PRESIDENT OF

U.S. CONSTITUTION’S REQUIREMENTS FOR A PRESIDENTIAL CANDIDATE

NATURAL BORN CITIZEN

The presidential candidates campaign thoughout the country to win the support of the general population.

STEP 2 NATIONAL

CONVENTIONS Each party holds a national convention to select a final presidential nominee.

STEP 3 GENERAL

... And I approve this message.

ELECTION

People in every state across the country vote for one President and Vice President.

When people cast their vote, they are actually voting for a group of people known as elector.

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Primary: An election where voters select candidates for an upcoming general election. W i n n i n g c a n d i d ate s w i l l have delegates sent to the national party convention as their party’s U.S. presidential nominee.

DEFINITIONS

CURAÇAO BUSINESS | EDITION 3 | 2020

U.S. RESIDENT 14 YEARS

At each convention, the presidential candidate chooses a running mate (Vice Presidential candidate).

E l e c t o ra l C o l l e g e: T h e voters of each state, and the District of Columbia, vote for electors to be the authorized constitutional members in a presidential election. Natural Born Citizen: Someone b or n w ith U. S . citizenship includes any child born “in” the United States, the children of United States citizens born abroad, and those born abroad of one citizen parent.

MINIMUM AGE 35 YEARS

START

Delegate: A person authorized to represent others as an elected representative to a political party conference. Elector: A member of the electoral college.

Caucus: A meeting of the local members of a political party to select delegates Delegate: A person authorized to represent others as an elected representativ Elector: A member of the electoral college. Electoral College: The voters of each state, and the District of Columbia, vote Natural Born Citizen: Someone born with U.S. citizenship includes any child Primary: An election where voters select candidates for an upcoming general

OVERVIEW OF THE US ELECTION PROCESS

ELECTION PROCESS US elections, candidates are elected directly by popular vote. However, the President and Vice President are not elected directly by the citizens, instead they are chosen by ‘electors’ through a process called the Electoral College. The process of using electors comes from the Constitution.

OW TO BECOME

F THE

Each state gets as many electors as it has members of Congress (Senate and House). There are currently 538 electors in all, including Washington, DC’s three electors. Each state’s political parties choose their own slate of potential electors, and who is chosen to be an elector, how, and when

UNITED STATES

STEP 1 PRIMARIES

varies by state. A candidate needs the vote of at least 270 electors, more than half of all electors, to win the presidential election. As the US election process can be rather confusing, we have included in this edition a visual description to help understand the presidential elections.

AND CAUCUSES

There are many people who want to be President, each with their own ideas about how government should work.

People with similar ideas belong to the same political party, this is where primaries and caucuses come in.

Candidates from each political party campaign through the country to win the favor of their party members.

IN A PRIMARY Party members vote for the best candidate that will represent them in the general election.

IN A CAUCUS Party members select the best candidate through a series of discussions and votes.

...

STEP 4 ELECTORAL 12 7

4 6

6 11

3 10

5 6 7

COLLEGE

16 20 11 18

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11 4 14 7 3 10

5 13 15 3 9 6 (D.C.) 16 6 9 8

8 11

VOTE

VOTE PRESIDENT

VOTE

In the electoral college system, each state gets a certain number of electors based on its representation in Congress.

The newly elected President and Vice President are inaugrated in January.

Each elector casts one vote following the general election, and the candidate who gets more than half (270) wins.

538

ELECTORAL VOTES

270 VOTES

Based on 2010 Census

s to the national party convention. A caucus is a substitute for a primary election. ve to a political party conference.

e for electors to be the authorized constitutional members in a presidential election. born "in" the United States, the children of United States citizens born abroad, and those born abroad of one citizen parent. election. Winning candidates will have delegates sent to the national party convention as their party’s U.S. presidential nominee.

Revised: April 2016

CURAÇAO BUSINESS | EDITION 3 | 2020

OPINION COMMENTARY

BUILDING BLOCKS TO GROW AND ACCELERATE THE CURAÇAO ECONOMY 26 26

Summarized version of an opinion report from Toine Knipping, Chief Executive Officer and a Co-Founder of Amicorp Group and Amicorp Community Foundation. Toine has been promoting a balanced, ethical, and holistic approach to business ever since he started his first company and has authored many articles as well as a few books. September 2020

The Curaçao economy currently is in dire straits and needs urgent, drastic repair and restructuring to start growing again. This will require taking realistic, pragmatic solutions, and necessary bold steps by elected officials and their constituents, citizens, and the business community all holding themselves accountable to the highest ethical standards. Below are some ideas collected from highly successful economies that all started with almost no infrastructure (and mostly with very limited resources). Think of Hong Kong, Singapore, and the oil rich nations of Dubai, Abu Dhabi, and Qatar. All have used their geo-political location exceptionally well, by focusing on niches and needs in their region, and made each country into global centers of excellence in ‘something’. Hong Kong became the gateway to China and is a thriving hub of trading and investment business.

CURAÇAO BUSINESS | EDITION 3 | 2020

Singapore became the ‘Miami’ of South East Asia with world class medical facilities, tourism activities as well as trade, financial services, and trans-shipment. All get way more stay-over visitors than can be explained by their limited population size or the ‘beauty of their beaches’. All of them were much poorer than Curaçao not even 50 years ago, and all currently are in the top tier of countries with the highest per capita income. As the following are just some selected ideas of many, the focus herein is mostly on the economic undertaking for the country, however it is important to discuss ‘nation building’ as it is a key ingredient for success. NATION BUILDING / MENTALITY DEVELOPMENT As a society, we show some widely shared weaknesses. We must educate ourselves and each other to strengthen our values as

a community. For Curaçao to be successful, I believe the following is critical: • End corruption and nepotism. It is demoralizing to those people (especially the poor) who see those ‘on top’ get away with anything while suffering both the costs and moral consequences of the misallocation of community funds and putting incompetent people in charge of projects that thus become doomed to fail. Any form of corruption and nepotism is not acceptable in a country that tries to be internationally competitive. • Stop any form of discrimination, all lives matter equally. Treat people based on capabilities and motivation. • Stop pollution, get everyone involved in cleaning up the island. A clean island will make tourists happier and ourselves much prouder of what we have. • Stop tolerating drug trafficking. • Stop tolerating drunk driving.

OPINION COMMENTARY

• Enforcing that we are all responsible for our own success and need to help each other so all get there. Not just the few that are hoarding ‘power’ and sources of ‘income’. ECONOMIC MEASURES According to current reports, there is a need to create a minimum of 30,000 jobs, many of them relatively low-skilled. Close to full employment will almost ‘automatically’ have a positive effect on poverty and crime reduction. The government can help create the ideal circumstances for growth but should not itself hire the available people. It can start by greatly simplifying labor laws. It should also not keep artificially alive businesses that have no commercial basis of existence (like currently the refinery). Financial services industry: The Curaçao financial services industry is hopelessly outdated and suffers from a lack of ideas and innovation, as well as a lack of diversity and international contacts. The focus remains on a limited part of the world and on ‘tax savings’, most importantly savings on ‘withholding taxes’. Due to a race to the bottom (in withholding tax rates) over the past 20 years, low or no withholding taxes are no longer a main unique selling point and the ‘real’ historic attraction, providing confidentiality services to non-resident Ultimate Beneficiary Owners of offshore corporations, has come to an end due to Anti Money Laundering

rules and the exchange of information under Common Reporting Standards and the Base Erosion Profit Shifting rules, among others. If we want to create jobs in the financial services industry, we must: • Actively attract talent from all over the world. Talent brings ideas. • Simplify immigration procedures (to no more than a one-week process). • Simplify tax rules. • Maintain simple and easy to understand supervision rules, with immediate feedback and pushback on rules fully in line with the Organisation for Economic Co-operation and Development (OECD) and international standards. Stop looking for ‘loopholes’, focus on ‘mainstream’ business. We must stop thinking like financial ‘pirates’ looking for mazes in the net but focus on quality core services. The industry has moved from simple ‘tax savings’ to more complicated ‘substance’ and now on to value added quality ‘Business Process Outsourcing’. • Have the Central Bank or relevant ministers proactively go out and invite international banks or business groups to establish quality financial institutions on the island. Banks are where the money is. Same applies to venture capital groups, private equity investors and family offices. • Create more volume and substance for the Dutch Caribbean Securities Exchange, with recognition as a ‘real’ exchange. Invest in it,

so it becomes a solid trading facility and not merely a listing facility. • Modernize our Fund Administration legislation/business. Copy, if necessary, Cayman, Luxembourg, and Mauritius. Funds (especially Private Equity and Venture Capital) are a healthy and fast-growing market segment. • Similar to Singapore, Dubai, and Abu Dhabi, link ‘financial licensing’ to the lease of real estate. This continuously increases the value of all real estate in the country and creates a steady, growing source of income for the nation. International trading business: Singapore, Hong Kong, Dubai are all successful trading nations as doing business there is extremely fast, cheap, and transparent compared to anything else available in the regions they service. Rules are clear, deadlines are kept, no permits are ever held up for whatever reason. All processes are transparent and can be tracked online. We could be such a center for Latin America or at least the Greater Caribbean region by simplifying all steps of doing business, importing goods, trans-shipment of goods and the like. Trans-shipment and logistics: Hong Kong is one of the main entrance points to China. Singapore is the center of the South East Asian region. Both have huge airports and have attracted many airlines covering every relevant location in the area. Dubai and Abu

CURAÇAO BUSINESS | EDITION 3 | 2020

OPINION COMMENTARY

Dhabi have a less populated hinterland and therefore a more global focus. All provide first class financial services. The airlines of Dubai (Emirates), Abu Dhabi (Etihad), Qatar (Qatar Airways) and Istanbul (Turkish) have rapidly become major distribution drivers from their global hubs and currently connect almost all parts of the world (with only Emirates flying to the Caribbean). The Caribbean is, for those airlines, the only remaining unexplored but inhabited spot on the map. Especially now, with the airline industry in the doldrums, is an excellent moment to try and entice at least one of those to set up shop in Curaçao and use the island as a regional (distribution) hub in their networks (with extensions to Mexico City, Bogota, Lima, and Sao Paulo). Ministers can travel there and actively invite both Government and Private sectors to come and look at the island as their regional hub.

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Tourism: The tourism business has developed quite well the past few years. Further improvements are needed, as this is the one sector that has the possibility to create a lot of jobs, especially for people with no advanced education. Define a long-term vision that will directly create jobs in hotels and restaurants, and indirectly offer the local entrepreneurs’ opportunities. Where to get visitors from: • Improve on cur rent markets in the Netherlands, Latin America, and the US, by diversifying the product. • Create large scale entertainment: rides/ theme parks, high level spas, safari park following the success of the Sea Aquarium. • Organize large events (the North Sea Jazz Festival is an excellent example) and provide first class facilities around it. • Offer frequent direct flights to/from Sao Paulo, Bogota, Lima, Mexico City, and push for name recognition there not just as a beach destination and an entertainment center, but also as a business hub coupled with territorial taxation. • I nc rea se direc t f light s to/f rom: (1) Copenhagen, the elite hub of the Nordic countries, and offer Snowbird programs; (2) Hamburg, Berlin, and Frankfurt; and (3) Istanbul, Qatar, Abu Dhabi, Dubai, to connect to Asia where over 60% of the world’s population lives. The Gulf region is very developed now. Most of the large developers and construction companies there are looking to expand to

CURAÇAO BUSINESS | EDITION 3 | 2020

other places that can support large scale hotels, combined with large scale apartment complexes, big shopping centers and other facilities as integrated turn-key projects. The financing comes from the Gulf region, NRI (Indian expat) money and the significant Asian wealth that is looking for diversification as interest rates on government bonds look like they will remain below 2% for years to come. Invite those construction companies and investors. Once here, they will create the local employment and their money will roll. Go and see for yourself in Dubai or Abu Dhabi. Thirty years ago, there was only dust and heat. The DIFC (Dubai International Financial Center), the government institution working on developing growth in Dubai, is looking to expand to other jurisdictions to create more trade relationships and help investors to create more economic activity. Curaçao and the wide region around it is complete ‘terra incognito’. Attract a DIFC information hub and establish a desk there to promote Curaçao as a Latin American investment hub. Once a few are ‘over the dam’, more will come. All need diversification. Refinery: It is time to face reality. The refinery is not contributing to our economy and it will be very hard to find a reliable operator who will put in the large investments needed whilst Venezuelan oil is subject to embargoes and decreasing production. Take the courageous decision to close it down and redevelop the area. Keep the salvageable trans-shipment and storage facilities and find Gulf Region oil traders to exploit them. Residency programs: We need to promote our residency programs in different ways. All over Latin America (especially in Mexico and Brazil), there are lots of working families with top jobs and businesses who feel insecure and cannot live as freely as they would like to. When they move to the US, where they can find all relevant facilities, they become subject to US worldwide taxation, a huge deterrent. Create a very safe environment for them to live and work with direct, frequent, cheap flight connections to the hubs in Lima, Mexico and Sao Paulo, and people will consider having their families live and go to school in Curaçao while splitting time working in their home country and remotely from here. The Gulf States and Singapore have millions of families that operate that way. The

cost of the travel is easily compensated by the benefits of the territorial tax regime and the peace of mind of living in a safe and clean environment. Adjusting the model to our envisioned reality requires territorial taxation, world class schools with education in various languages, safe apartment buildings, and world class medical care. It is a chicken-egg situation, build it and they will come. Developers who have seen the model work before may be interested in financing it if the process is not made too complicated. The developers that invest in the facilities (shopping centers, entertainment, medical facilities, etc.) could be compensated with permission to build large scale housing developments. POPULATION GROWTH The Curaçao economy is very small, partly because it has a small population (with a large diaspora) and as a result a limited variety of skills. Actively trying to grow the population would give a big boost to the island. A growing population can support a growing and improving infrastructure and will have a positive effect on property values (property values is what has fueled most of Singapore’s and Dubai’s growth over the years). It will add to cultural diversity, richness in choice of activities and services available, etc. The cost burden of one-off facilities like airport, government, healthcare, education, and security can be spread over more people. R e g a rd i n g i m m i g r at i o n , g r a nt e ve r y non-Netherlands citizen, after the appropriate checks and can prove they have a proper source of income to sustain themself, a work (and residency) permit within a week. This process can be outsourced e.g., to notaries. If the person on the work permit loses their source of income, they have a limited time (in Dubai 4 weeks) to find an alternative source of income and renew their work permit, and if not successful will be repatriated to their country of origin. EDUCATION Many current problems are partly the result of failing education levels. If we want to be successful as a society in 20 years, we need to invest in education now. With tourism going to be much more important, we need proper hospitality schools on the island providing the various levels of education with recognized practical skills for service. We

OPINION COMMENTARY

need to create proper high-quality schooling in Spanish and Portuguese to attract more people and investments from Latin America. And make sure we pay educators well, so we can demand quality and judge them on their performance.

• Overstaffing the public sector with ‘friends/ family’ or with ‘surplus’ people in general has lots of negative effects and leads to increased bureaucracy, higher inefficiency, cost increases and blocks upward mobility for real talented people.

COST CUTTING / EFFICIENCY / FINANCING The government should not be in the business to create jobs in the public sector to ‘compensate’ for lack of initiative or investments in the private sector. The government’s goal should be as lean, flexible, and simple as possible. Curaçao, even smaller than the Netherlands, yet copies most of the structure and institutions that exist in countries 100 times its current size. The government must do whatever it can to balance its budget and not to accumulate significant additional debts. Debt creates dependency, limits future growth and flexibility, and is costly in so many ways.

POVERTY / SOCIAL SECURITY We are currently faced with high unemployment and as a result high poverty rate. We need to maintain minimum living standards for all and possibly create public work to give people temporary purpose in return for their pay. Cleaning up the island would fall in that category and would at least help in building more of a sense of community and creating personal satisfaction.

• Reduce the overall cost of the government by 25% by simplifying tasks, reducing the scope, and significantly reducing civil servants. Reduce the number of tasks and for each task ensure the objective is clear, time frames are strict, and results are measured. • Outsource as many tasks to the private sector as possible. • Simplify tasks that are people intensive and sensitive to corruption, like taxation, by making the tax system simple. Indirect taxes (import duties, excise duties, property taxes, transfer taxes, Omzet Belasting (OB)) are simpler to check, collect and create income streams more easily to control than profit taxes. Keep profit taxes and personal income taxes at reasonably low rates, so there is less misuse and focus on the indirect taxes. • Immediately start collecting the taxes that are ‘on the street’. There is over NAF 4 billion uncollected of which potentially NAF 1 to 2 billion is still collectable. Outsource the effort to the private sector (audit firms) or get help from the Dutch receiver and collect the backlog, without making a distinction between ‘friends/family’ and ‘strangers’. It is an insult to those who pay their taxes in time and full, that there is extreme and biased leniency towards others. • Change the relevant laws so all civil servants are paid well, are frequently evaluated on performance, and will be let go if not performing sufficiently. You get what you pay for works both ways. Good salaries attract talent.

In the end, only good education and attracting lots of qualified talent and investments will generate the jobs that can replace social security payments. The government should not create government jobs to hide unemployment, and not subsidize investors who cannot make it on their own but create a flexible, safe, inexpensive, and transparent society in which businesses thrive. TAX MEASURES The tax system needs to be hugely simplified. If the system is simpler: there is less opportunity for tax fraud; there will be less need for discussion and conflict; enforcement and withholding at source will make collection easier, cheaper and with much less room for delays and exceptions. Focus much more on the indirect taxes. Significantly increase import duties, excise taxes, property taxes, transfer taxes, as well as OB. Standardize both personal income tax and corporate income tax rates at flat rates not exceeding 25%. No deductions, no additions. With the current low interest rates on mortgage loans, it would be possible to do without mortgage interest deductions. Mortgage loans must be possible at a <3% interest rate, by issuing them in USD, EURO or RMB. Abolish the discriminatory ‘30% expat rule’. Exempt small taxpayers by putting a 0% rate on the first NAF 24,000 of income. The current OECD designed and enforced model is based on assuring that businesses are taxed where the real work is performed, that people are taxed where they earn their income and investment income is taxed based on investor’s residency. The old ‘form over substance approach’ no longer works and trying to

fool the world with ‘gimmicks’ which worked so well in the past for Curaçao, will not work going forward. The world became fully transparent and we benefit if we quickly follow the trend instead of trying to ignore or delay it. The public sector may not have enough resources to promote Curaçao as a place to invest. Therefore, a public/private cooperation should be set up to staff a tax treaty task force team, an investment attraction board and/or a high commissioner to do so. TAKE ACTION NOW, BE VERY PRAGMATIC Focus on the now and what we can do ourselves today. Do not wait for ‘others’ to help or ‘save us’. Nothing will happen for as long as we keep talking, especially if the focus of our discussion remains on who is to ‘blame’. Start by taking simple steps and keep increasing the pace. Do not waste money on expensive and time-consuming studies. Do not get a thousand people involved in each discussion. Do not hire lots of people on the government payroll or as consultants. Keep pushing for the role of government to reduce. Singapore, Abu Dhabi, and Dubai all make sure they attract the best available talent from different parts of the world. Carefully select the right people and thereafter trust those people to do the right thing. Time is the most valuable resource of all, and we all have limited quantities of it. Take pragmatic decisions and take them fast. When a decision once taken turns out to be proven wrong, reverse it quickly. And let the successes run. All easier said than done. But if it can be imagined, it can be done. For our children, it must be done!

CURAÇAO BUSINESS | EDITION 3 | 2020

UN DERS TAN DING DISENFR ANCHISED GRIEF

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UNDERSTANDING DISENFRANCHISED GRIEF ACKNOWLEDGING WHAT WE HAVE LOST AND HOW WE ARE GRIEVING Grief doesn’t always mean death and loss isn’t always tangible. The term “disenfranchised grief” was coined by Dr. Kenneth J Doka in 1985, and he described it as grief that is not acknowledged by society. Indeed, if someone is experiencing emotions that are unacknowledged or unvalidated by social norms, it can make it particularly hard to process. It can be very isolating to go through an experience that is not understood or dismissed by people around you. All grief is valid. Whether it is a physical death or an emotional loss, it can help to have insight on where feelings come from and how to navigate them when they overwhelm us. WRITER: SHRUTI TEKWANI, LICENSED MENTAL HEALTH COUNSELOR, CERTIFIED COACH, CHOICE THEORY & REALITY THERAPY TRAINER

As a mental health therapist, I have had the privilege of seeing people at their most vulnerable, sometimes to the point when they don’t recognize themselves. Whether they initially seek out counselling, for example because they are going through a divorce or they have recently retired and are struggling

CURAÇAO BUSINESS | EDITION 3 | 2020

with navigating the space that opens up in their lives, I often ask if they believe they are grieving. Sometimes I get a confused look and they’ll respond, “but nobody died”. While I understand that we associate the concept of grief with death, grief is sorrow after a loss, and I have come to realize that there

are many faces of grief and can describe it as any loss that disrupts our world on a long term basis. Everyone has gone through or will go through some sort of grief, as loss is an inevitable part of life which doesn’t always go according to plans. 2020 has clearly proven that to be true.

UN DERS TAN DING DISENFR ANCHISED GRIEF

According to the concept of Choice Theory, developed by Dr. William Glasser, every human’s basic needs profile includes 5 physical and psychological needs: survival, love/ belonging, freedom, fun, and power/significance. While all humans need all 5 of these, the level of need that each person requires is stronger for some than others. If my need for freedom is stronger than the others, my behavior and feelings are going to reflect that. How this translates to loss is because it is important to look at how we are used to getting our needs met. If I lose my job which satisfies my survival, love/belonging, and power/significance needs, my grief is going to be heavier than if it only affects one need. When we grieve, it is sometimes about the life we were expecting to lead and the picture in our heads of what that should look like. It takes conscious effort and intention to adjust those pictures in our heads. One of the first steps in overcoming loss and grief is to know your needs and be able to recognize what makes you tick. Once you are familiar with that, it is a bit clearer.

Why is it that loss throws us for such a loop? As human beings, most of us are creatures of habit. We expect things to go a certain way and we tend to count on them for survival. If our car doesn’t start when we’re counting on it to get to work, that is a disruption in our routine, and it forces us to think of another way to get what we need. Just like that, when our expectations aren’t met, our needs aren’t met. Sometimes the options that are made available to us are limited and we feel trapped without the tools we are used to.

During the COVID-19 pandemic, almost everyone can say they have lost something. We are experiencing disenfranchised grief as a human race and it can be validating to recognize this. Sometimes we are in the middle of feeling things that are unfamiliar and don’t have a name, so it is hard to comprehend where they are coming from. In the past few months, we have all been forced to adjust our individual worlds and some of us have coped better than others. I really believe it all boils down to how we are getting our needs met within the limitations set upon us. Are we able to meet our needs when something is taken away from

us? How do we do that when we are faced with curfews and health regulations? If we are high in need of love, belonging, and connection, it is helpful to recognize that the lack of human touch and social contact can be causing some unhappiness within us because we are grieving for the way we used to show love. Not only is it knowing, but it is also in realizing what we have control over. It seems like wherever we turn, something is being taken away from us. A physical death, no matter how sudden or heartbreaking, leaves us with a process. There are funerals to attend, rituals to perform. When dealing with disenfranchised grief, there is not always a system in place to deal with this grief. With all the loss during the pandemic, there has not been a formal way of saying goodbye to our old lives. Not only that, but the loss keeps moving timelines. We are telling ourselves that it is temporary, but the deadline keeps moving in our heads which makes it hard to accept and to grieve. Slowly, we are adjusting to a different way of living, but a part of our hearts is still craving and missing what we have lost, expecting it to come back some day. Processing grief isn’t exactly fun, but it is important. It is not always possible to work through grief alone. Disenfranchised grief, in particular, may be hard to overcome without professional support. Grief counselors and other mental health professionals can help you acknowledge and accept your loss while validating your pain. Naming and processing it could be the first step in moving forward. CONTACT INFORMATION: shruti@thrivecorp.org www.thrivecorp.org

So, what do we do when we are experiencing loss? Everyone is unique and there is no ‘one-size-fix-all’ solution that I am aware of. We all get our needs met differently, and that translates to grieving differently. When we experience loss, it means that one or more of our needs aren’t being met. If we lose a limb, a relationship, our home, or a person, it requires a certain amount of adjustment to get back to functioning again as we are used to.

CURAÇAO BUSINESS | EDITION 3 | 2020

T WO FOUN DATIONS

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TWO FOUNDATIONS. ONE GOAL. IMPROVING QUALITY OF LIFE THE IMPORTANCE OF SPREADING CANCER AWARENESS THROUGH OPTIMAL SCREENING PROGRAMS AND SUPPORTIVE CARE SERVICES FOR CANCER PATIENTS. TOGETHER WE ARE STRONGER IN THE FIGHT AGAINST CANCER. If you were offered the opportunity to prevent developing cancer, would you take it? Having cancer is hard and going through it can be an incredibly overwhelming and complicated process. As a cancer patient, it is normal to feel disbelief, shock, fear, or anger, and need help to understand the diagnosis and treatment options. For a small island as Curaรงao, it is exceptional to have the availability of two foundations who work together to guide, support and help those affected by cancer, take steps to prevent it or find it at its earliest, most treatable stage. WRITER: DESI DIJKHUIZEN/RISA SCHONBAUM

These services of each foundation are essential. The Caribbean Prevention Center (Fundashon Prevenshon) is raising awareness and educating the public on how to detect and combat cancer. This foundation focuses on population cancer screening programs used to find cancer in people who have no symptoms and provide

CURAร AO BUSINESS | EDITION 3 | 2020

the best chance of detecting certain cancers as early as possible. Additionally, Fundashon Prevenshon has a direct collaboration with organizations that help and support cancer patients. The Princess Wilhelmina Foundation (Prinses Wilhelmina Fonds) understands the social, mental, and emotional effects of cancer

on patients and family members, and provides supportive care services and psychosocial counseling to help cope with the challenges of cancer including its disruption to work and family life. The dedicated strategies of these two foundations have one goal in mind: to aid and improve the quality of life.

T WO FOUN DATIONS

Fundashon Prevenshon, an initiative of Professor Dr. H.M. Pinedo and late Mr. Lionel Capriles, was founded almost 12 years ago on December 23rd, 2008. “These years have been a long, but interesting ride. Since our inauguration, we partnered with the Government of Curaçao, major local benefactors, businesses and organizations to accomplish our goals and objectives, which is to establish and maintain a center for prevention through screening, early diagnosis and early detection of the disease. In 2016, we received a subsidy from the government for the first time. We are so thankful for all the support we have been receiving that makes it possible for the community of Curaçao to benefit from our screening activities”, says Louise Elstak, General Director of Fundashon Prevenshon during our discussion about the center. In 2010, Fundashon Prevenshon started with breast cancer screening programs, in 2016 cervical cancer screening programs followed, and since June 2020, bowel cancer screenings are now also possible. “It is important to mention that our foundation receives the population data from the Civil Registry Office. With this information, we distribute invitations to all districts on the island. Women, 45-75 years old, receive an invitation letter to participate in the breast cancer screening program. Women, 25-65 years old, receive an invitation letter to participate in the cervical cancer screening program. And now, for every woman and man aged 50-75 years receives an invitation letter to participate in the bowel cancer screening program. I would like to emphasize that these screening programs are free of charge for all residents of Curaçao with basic insurance, and

the foundation even makes it possible to transport clients from and to their home. And yes, we can proudly say that Curaçao is the only country that provides a paging system from a central healthcare organization which is available for the whole community”, she informs. These screening tests have diagnosed thousands of people prior to their cancer discovery. “We have a great collaboration with Prinses Wilhelmina Fonds, a foundation that offers psychosocial counseling to cancer patients and their families. The combination of our foundations is the reason why many patients survive with a good quality of life,” she concludes.

When visiting Fundashon Prevenshon, it is impossible not to feel the warmth of the employees, be impressed with the facilities and the newly renovated clinic. The colorful building at Molenplein, Otrobanda with its cozy interior design, which the foundation relocated into mid-2019, will instantly make you feel at ease before starting any screening program. As of September 2020, the center proceeded with their third program of regular screening for the detection of bowel cancer, the most common cancer in men and women in Curaçao. We were fortunate to receive a tour of the clinic by new foundation member Shacara Blake, MD who is performing colorectal cancer scientific research as a PhD candidate and highlighted, “Early stage screenings are key to prevention and should become a standard checkup for everyone in the age range. Regular screenings may help doctors identify abnormal tissue or precancerous cells, even before symptoms arise.” She emphasizes that screening is the first preventative step and not the same tests a person may have when doctors are diagnosing or treating cancer. “Screening tests are to detect potential health issues in people who do not have any cancer symptoms. Some screening tests can find growths which can be removed before they have a chance to develop into cancer, while other tests can detect cancer very early, before it has spread, and thus easier to treat. If people are well-informed and aware of the benefits of the screening offered, we can help them live a longer, healthier life”, she explains.

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T WO FOUN DATIONS

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Regular screenings should become standard for everyone, and the foundation makes the process simple and easy. October is breast cancer awareness month and mammogram exams are readily available by appointment. A cancer diagnosis often becomes one of the most stressful experiences in a person’s life impacting them on all levels – psychological, emotional, interpersonal, practical and financial. No one can or should try to handle cancer by themselves and finding a safe place for help to cope during this challenging time is necessary. The Prinses Wilhelmina Fonds offers support and guidance to all cancer patients living in Curaçao and their close family members. A priority of the foundation is to provide support during the treatment for cancer healing and create awareness about the disease by stimulating and implementing informative programs about cancer in general. “The Prinses Wilhelmina Fonds was established on November 16th, 1949, as a private organization, completely dependent on donations. At our foundation, we deal with human beings, we analyze every case separately and we give every client a personal treatment. For us, it is important to create a strong bond with our clients and become for them like family members”, says President of the Prinses Wilhelmina Fonds Frieda Geller. The current COVID-19 pandemic has taken over the complete focus of healthcare, but the care of cancer and search for a cure remains. Even during lockdown,

CURAÇAO BUSINESS | EDITION 3 | 2020

Prinses Wilhelmina Fonds gave its attention and dedication to the clients suffering from cancer. “We could not visit our clients, but we maintained helpful phone calls. Our volunteers worked from home. We stopped all activities, but the communication continued, nevertheless. Also, during lockdown, we asked for exemptions for our volunteers to deliver special food packages to our clients”, she explains. Every September an annual fundraising is launched, which opens the door for local and international donations to raise the funds to pursue the objectives of the foundation. “It is important to emphasize that our foundation does not receive any subsidy from the government or other organizations. The foundation needs donations. It is necessary to make requests of people to take the initiative to start donating. Let’s join hands together to enable cancer patients to feel and live better”, she states. “On the other hand, it is also important to mention that besides the dynamic team of volunteers, there is another great group of social workers and other professionals, who earns a monthly salary at Prinses Wilhelmina Fonds. We need this team of professionals to give the personalized guidance to our clients. Our clients do not pay for these services, but our foundation is responsible for the salary. That is the reason why the foundation depends on donations”, Frieda continues. Just like Louise, Frieda highlights that Curaçao is one of the leading places in fighting and

curing cancer in the Caribbean. “We have impressive clinics like Fundashon Prevenshon, we have qualified doctors, and we have great collaborations between the foundations and healthcare. The Prinses Wilhelmina Fonds has a committed team of volunteers and professionals, awareness is being raised, and we are proud of the accomplishments we have achieved through hard work and dedication.” For over 70 years, the foundation has unconditionally offered support services that make a difference in people’s lives in their fight against cancer. Imagine a world free from cancer, every donation helps make it a reality. FOR DONATIONS: Prinses Wilhelmina Fonds Call center at P.W.F: +599 9 461 1998 Banco di Caribe: 15547301 Orco Bank: 1064790195 MCB: 25211800 RBC: 800000010322787 Vida Nova: 1159344000 www.prinseswilhelminafonds.cw Fundashon Prevenshon Account #: 21684310 Maduro & Curiels’ Bank (MCB) 0800-1811 (toll-free) www.fundashonprevenshon.com

50-75 AGE

BOWEL CANCER SCREENING PROGRAM

WHAT DOES THE SCREENING PROGRAM IN O E A screening test is done to detect potential health disorders or diseases in people who do not have any symptoms of disease. The bowel cancer screening program involves tests for races of blood in your stool poo). Blood in your stool could be linked to polyps and bowel cancer. You do the stool test at home and take it to the laboratory on the same day. Consult your General Practitioner after 1 week for the results. Every year more than 100 persons on Cura ao die because of bowel cancer.

HOW TO TA E THE STOO TEST PARTICIPATION For every men and women aged 50 to 75 years. Partispation is voluntary and we guarantee absolute privacy regarding your personal data.

EXCLUSION CRITERIA If you have been treated by a gastroenterologist or internal specialist for bowel cancer. If you are already being treated for Crohn disease or Colitis Ulcerosis.

ADDITIONAL INFORMATION Fundashon Prevenshon 4623380 0800 1811 free) info@fundashonprevenshon.com Fundashonprevenshon www.fundashonprevenshon.com

Collect your stool test at the laboratory, read and follow the steps in the User Instruction Form carefully.

THE IMPORTANCE TO TEST Polyps in the intestine can become cancerous. Screening is intended to detect bowel cancer at the earliest possible moment to prevent bowel cancer. Most people do not know if they have polyps. The Population Screening will be repeated every two years. Over time, the screening program will reduce the number of people with bowel cancer.

COSTS Screening is free of charge for those who are registered in the Population Registry in Cura ao.

MATERNIT Y CLINIC FUN DA SHON DUNA LUS CUR AÇ AO

MATERNITY CLINIC FUNDASHON DUNA LUS CURAÇAO THE COMPLETE CARE CENTER FOR PREGNANCY, DELIVERY AND POSTPARTUM

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Pregnancy can bring a massive mix of emotions all at once, from joy, surprise, happiness to panic, anxiety, confusion, and the list goes on. All are normal and frightening at the same time. Knowing what to expect during the full term of pregnancy, before and after childbirth, is critical for monitoring the health of both the mother and baby. The maternity hospital Fundashon Duna Lus, “Kraamkliniek” as it is known on Curaçao, provides the complete care and necessary services from prenatal to postnatal for expecting mothers. To better understand the services and the clinic, we had the honor to speak with the Director Dr. G. Bryson, Head of Care Mrs. S. Adamus-Paz and one of the midwives Ms. A. Adriaansen. WRITER: NATHASJA JT PLAIZIER

KRAAMKLINIEK, AN OVERVIEW Bryson: Fundashon Duna Lus is the official name of the foundation, but everyone knows it as the maternity hospital “Kraamkliniek”. Adamus: Fundashon Duna Lus was founded in 2006 by order of the government. Since the bankruptcy of the central district nursing fund, Fundashon Duna Lus has acted with the aim of creating an integrated maternity center. The care we provide is prenatal, natal, and postnatal. We have midwives, nurses, maternity assistants, and maternity care nurses who offer support to the mothers after the delivery for a 4-day period, usually between the 6th and 10th day after childbirth. When this period has ended, the mothers can come for a consultation and follow-up check with the midwives, which we call the walk-in office. At the start of the Fundashon, we did not yet employ midwives, which was new for a maternity center. The ultrasound procedures during pregnancy and deliveries take place in the main clinic, while the other locations have consultation and walk-in consultation hours for babies including check-ups.

CURAÇAO BUSINESS | EDITION 3 | 2020

Adriaansen: We offer all types of ultrasounds. The first ultrasound, the vitality ultrasound, is performed between 7-10 weeks, which is when the heartbeat is visible. At 10-13 weeks, we perform a term ultrasound when we measure the baby and determine the due date. During the term ultrasound, there is also an option to do a combination test, which is the screening for Down, Patau or Edward’s syndrome. At 16 weeks, there is the possibility to do a gender ultrasound. The 20-week structural ultrasound is performed to check all organs of the baby including its structural growth. If necessary, the gender is also determined if the parents have not performed a 16-week ultrasound. At 32-34 weeks, a growth ultrasound is standard to check that the baby is growing well. The vitality, term, structural and growth ultrasound are reimbursed by insurance providers. Beyond that, a family can choose additional extra ultrasounds plus can request for a 3D ultrasound, suggested between 26-34 weeks when the baby is more developed. During this ultrasound, the baby is examined for 30 minutes to an hour with nice pictures taken.

CORONAVIRUS IMPACT FOR KRAAMKLINIEK Bryson: Pregnant women need our services whether there is coronavirus or not. The biggest challenges have been the stricter measures necessary regarding COVID-19. We are extremely cautious to protect our clients and employees from any possible health threat. When the crisis started, we reduced operations to 50% occupancy due to the uncertainty of the situation. We were running at 50% in terms of staff with the intention if an infection were to occur, then the entire clinic would not have to be closed as we would have staff at home on reserve. Visiting hours have been adjusted, the household rules regarding entrance access have been tightened, we are administering questionnaires, and masks are mandatory. The measures surrounding coronavirus have of course been tightened up, as with every healthcare institution, so that we can keep the chance of contamination as small as possible. PREGNANCY COURSES Adriaansen: Besides offering complete maternity care, another main objective is to provide

MATERNIT Y CLINIC FUN DA SHON DUNA LUS CUR AÇ AO

nancy course is open to everyone, not just clinic clients and provides a support group for families to share and discuss the experience.

as much information on pregnancy as possible. As we are limited in time during consultations, the pregnancy course was set up to offer more in-depth lessons and guide people throughout the pregnancy. We try to form groups with the same due date, and usually start when they are around 28-30 weeks pregnant. The course is meant for pregnant woman and her birth partner, who can be the father, a family member or friend and will be present during the delivery. The goal of the course is to explain to the mothers what to expect but also guide the birth partners of their role. We provide the practical information about pregnancy, giving birth and starting with a new baby in a pleasant and open atmosphere before the life changing experience of becoming a new parent.

EXPECTATIONS FOR THE FUTURE Bryson: We are constantly developing and improving the clinic. Currently, one of our biggest challenges is our location and distance away from the hospital. We are now working on getting as close to the hospital as possible to better respond to any problems that could arise during delivery and if a client requires hospital facilities. Plus, we continue to build new locations for easy access for people. In the field of midwifery, we follow the guidelines in the Netherlands and stay progressive within primary care here on Curaçao. A year and a half ago, we introduced CTG (cardiotocography monitoring, widely used to assess fetal wellbeing). We also have new ideas for pain relief during labor, such as options for doing TENS (trans-electro-nerve stimulation), which can provide pain relief without the need for anesthesia. In these situations, an epidural injection is not necessary and means that women do not necessarily have to be admitted to the hospital during childbirth. These are developments that we are still working on, and hopefully can start them within a few months. Adriaansen: Ideally, pregnant women will come to us immediately from the moment they know they are pregnant, and then we can support them completely during their pregnancy journey.

TIPS FOR EXPECTANT MOTHERS • Schedule a visit with the clinic as soon as you know you are pregnant. • Kraamkliniek is primary care, so no referral from the GP is required. • A s each situation is different, the doctor/midwife will help counsel on the best path to follow and schedule the necessary ultrasounds at the clinic. • K raamkliniek accepts SVB, Ennia, Fatum, Gu ardi an G roup, inclu din g p er son al reimbursement. For more information on Fundashon Duna Lus Curaçao, visit https://kraamkliniekcuracao.com/

The course is divided into several meetings before delivery. The first session begins with introductions and discussions about preparing for childbirth and the physical part of the labor. Topics are discussed such as what to pack and bring, how does your body prepare, what is normal/not normal. We provide breathing exercises for during labor, so that mothers can practice at home. The second session is about the delivery itself, the different types of contractions, understanding the stages of labor, how long it can take once the time has come, what will happen during delivery and as soon as the baby arrives. Then we bridge to the third meeting which focuses on the transition from pregnancy to caring for a newborn and how to handle the first hours, days, weeks and into parenting. During the fourth session, a maternity nurse will explain her role at home after childbirth and advanced courses at the clinic including additional support available such as baby massages and exercise programs for new mothers. The last session, before the expected childbirths, photos are taken, and then weeks later a reunion is scheduled for families with their newborns. The preg-

CURAÇAO BUSINESS | EDITION 3 | 2020

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WAWU YA

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SPOTLIGHT – NEW LOCAL BUSINESS

WAWUYA

Curaçao is known for its numerous plants with potential health benefits and nutritional qualities. In September 2019, two entrepreneurs joined forces to start a business that produces, sells, and distributes final products using naturally growing local plants. Wawuya was born.

Wawuya’s premier product is the moringa oil. Every Monday morning, Ruthmila travels from Bandabou to the Wawuya office in Rooi Santu with a big bag of moringa seeds. Ruthmila is one of the many freelance harvesters working for Wawuya. When she arrives at the office, one of the Wawuya employees carefully weighs the moringa seeds and hands her the corresponding payment in cash. “I lost my job because of the coronavirus related government measures”, Ruthmila says. “Picking moringa gives me some financial relief in these tough times. I go out and pick moringa

CURAÇAO BUSINESS | EDITION 3 | 2020

pods at sunrise. We have a lot of moringa trees here in the countryside. When I have enough pods, I split them open and take out the seeds. Sometimes my mother and cousin join me.” Laughing out loud she says, “I don’t go picking with too many people because we share the revenue!” The moringa seeds are then used to make the moringa oil. Owners Christiaan Winkel and Joeri Oltheten needed more seeds as the demand for their oil started increasing. “We planted our own trees when we started

our business”, Oltheten says. “We wanted to increase seed production while at the same time reforesting the island. Our dream is to have our own moringa forest. This will take some time as the moringa trees only start producing a lot of pods after a couple of years. In the meantime, we ask people to bring seeds for us. Some of the harvesters have big moringa trees in their own gardens that they don’t use. It’s really a win-win situation. They get a fair payment for their work and we get a supply for our production.”

WAWU YA

Oltheten, a serial entrepreneur, specializes in managing projects and companies that enhance sustainable wellbeing. He teamed up with Winkel, a chemist who had been producing moringa oil as a hobby besides his other businesses. “For me, this is really about Curaçao”, Winkel explains. “For over a century, we have had an import culture on our island. People tend to think that everything that comes from abroad is better. The problem with this mentality is that it made us think that we can’t produce anything locally ourselves. With Wawuya, we want to show the island that you can set up your own business by making good use of what nature here provides.” Moringa Oleifera is originally from India and was introduced to Curaçao in the late 18th century. The plant spread rapidly as its drought-resistance makes it a perfect tree for Curaçao’s climate. Popularly known as the miracle tree, moringa has been used for thousands of years due to its medicinal properties and health benefits. It has antifungal, antiviral, antidepressant, and anti-inflammatory properties. The plant contains many healthful components such as essential amino acids, vitamin E and antioxidants. Wawuya’s moringa oil can be used internally and externally. “Every morning, you can just swallow a couple of drops on an empty stomach and you’re good to go”, Oltheten says with a smile. “Our oil contains sterols that lower bad cholesterol, nourishes and protects bones, and helps calm the nervous system to allow a better night’s sleep.”

“It’s also great for your skin”, Winkel adds. “Moringa oil hydrates the skin, making it smooth and silky. If your skin is tired or if you suffer from acne, blackheads, or pigmentation spots, you should really try it. Again, only a couple of daily drops are needed to start seeing and feeling results.” At this moment, Wawuya’s moringa oil is sold in over 35 sale outlets in Curaçao, Bonaire and Aruba, including most pharmacies and major supermarkets. “In our first year of existence, we focused on informing and inspiring our local communities”, Oltheten informs. “It’s fantastic to hear the testimonials from our clients. They use it for eczema, fortifying their immune system, joint pains, the list goes on and on.” And what will be the next step for Wawuya? “I am responsible for product development and

quality control”, Winkel says. “In the coming months, we will introduce new products that obviously fit into our philosophy. We will also start exporting to Europe and the USA. People are becoming more and more aware of the benefits of natural products and the importance of good health. At Wawuya, we want to contribute to a healthy world for everyone.” Oltheten adds, “As a company, we want to represent what we consider to be the new Curaçao. An island that is regenerative, inclusive, and distributive. We think globally and act locally. We have only just begun!” For more information, visit www.hofiwawuya.com or www.facebook.com/hofiwawuya

CURAÇAO BUSINESS | EDITION 3 | 2020

THE WHARF

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LUXURY LIVING IN THE HEART OF THE CITY Work has commenced on The Wharf, the much-anticipated residential project in Scharloo. Located on Curaçao’s world-famous Handelskade, a UNESCO’s World Heritage site, the first phase of the development will consist of thirty-five luxury apartments and 1,000 m2 of commercial space spread across three separate buildings as well as four separate city apartments. The second phase will add an additional thirty apartments along with a 130-room hotel and a further 1,000 m2 of commercial space.

The project was designed by Curaçao-based architect Cees Den Heijer who is known for the Papagayo Beach Hotel, Boca Gentil Resort, and Bohémi Resort. Cees moved to the island in 2004 and was struck by the habit of building closed off homes that confined the dwellers to large, sealed-off, air-conditioned spaces. He immediately set to work on a very different style of residence. Den Heijer architecture is distinctive for simple but sophisticated, open plan living with lots of outside space. All of Cees’s designs are pared down to the essentials giving his architecture a natural, timeless feel with a modern Caribbean aesthetic that relates to and fits in with the local surroundings. As such, the waterfront site offered a unique design opportunity with the St. Annabaai

CURAÇAO BUSINESS | EDITION 3 | 2020

canal on one side and a view over the vibrant Werfstraat on the other. Responding to these contrasting perspectives, The Wharf will have two completely different façades. The waterside aspect will reflect its surroundings, the open water and the large ships that sail by. Generous Venetian style terraces will provide ample space to take in the view over St. Annabaai and Otrobanda, while harmonica doors will allow residents to open up the internal living space to the outdoors as well. Large overhangs and vertical screens will help to keep the sun out, and each room will have opposing windows that can be opened to channel the breeze through the apartment, keeping it fresh and cool. Naturally, all interior spaces

will be furnished with air conditioning and windows will be made of double-glazed isolated glass, so residents have full control over the living environment. The four city apartments will provide practical homes with a view of historic Scharloo and a rooftop garden will offer residents and their guests an ideal place to relax and enjoy the local ambience. The ground-level commercial space is planned to accommodate a high-end restaurant that will provide home delivery as well as eat-in options for residents. The Wharf will offer the ultimate in high-end urban living in one of Willemstad’s most vibrant, up and coming communities. With a 24-hour concierge, underground parking accessed by private elevators, an onsite gym and a commu-

THE WHARF

nal swimming pool, residents will have every convenience at their doorstep. At the time of publication, eighteen of the thirty-five units had been reserved. Many of the buyers are couples who have downsized from large family homes and wish to simplify their lives without compromising on privacy, comfort, or convenience. The developers foresee The Wharf having a positive impact upon Scharloo, offering improved shopping and dining facilities, and directly providing up to 150 jobs in the community. In addition to the development, a public park is being built adjacent to the site and there are plans to add a small marina in the future.

The Wharf is being developed by JCC N.V. which consists of Algemeen Pensioenfonds Curaçao (APC), Architect Den Heijer, C&CC Engineers and Heren2. Curaçao Sotheby’s International Realty are handling sales and will open a sales office on site in January 2021. Phase One of the development is scheduled for completion by December 2022. For more information about The Wharf, contact Curaçao Sotheby’s International Realty at https://www.thewharfcuracao.com

CURAÇAO BUSINESS | EDITION 3 | 2020

JE TAIR C ARIBBE AN

JETAIR CARIBBEAN CONNECTING CURAÇAO TO THE REGION Since the beginning of 2020, more and more countries across the world have shut down borders and limited domestic travel as a response to the COVID-19 outbreak. Thus, cancelling almost all flights to control the spread of the virus has affected the entire airline industry globally. The aviation industry in the Caribbean is no exception. The Curaçao Business Magazine had an interesting and hopeful interview with Antonio Ribeiro, Managing Director of Jetair Caribbean, a private commercial airline based in Curaçao that offers scheduled and charter flights to and from the Caribbean and South America. Even though this newly inaugurated airline did not receive the opportunity to continue its flight schedules due to the pandemic, the airline remains optimistic for the aviation industry’s long-term development. WRITER: DESI DIJKHUIZEN

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Antonio Ribeiro is no stranger to the local business industry. He was the owner of well-known successful companies Curaçao Telecom and Polytronica, and nowadays he is the owner of Jetair Caribbean. “Honestly, I had no experience in the aviation industry. I dove into this complicated and meaningful business that taught me about the essential complex facets of the aviation network”, says Antonio at the beginning of the interview. Retired for approximately fifteen years, his determination and love for Curaçao fuels him to continue working for the welfare of the country. As a senior entrepreneur, he has years of business experience and is eager to embrace new opportunities. “I like to work. I have been working all my life. I will not stay home and watch Netflix. I keep going!” Antonio says with a quick laugh. Jetair Caribbean operates under an agreement with United Caribbean Airlines, a charter company which started in 2006, and applied for its commercial Air Operating Certificate in 2018 which was approved in November 2019. After intense preparations, the airline could finally operate in February 2020. The Jetair fleet consists of 2 Fokker 70 jet aircrafts, both with a capacity of 80 seats and offers flights from Curaçao to Sint Maarten, Kingston, Santo Domingo, and Port-au-Prince. The airline industry is

CURAÇAO BUSINESS | EDITION 3 | 2020

dynamic, competitive and demands knowledge and professional abilities in different departments, for example the diverse and innovative product line of aircrafts, the line and staff personnel, customer service, subcontractors, and departments for operations, maintenance, sales and marketing. “We have been through a long and rough ride to make Jetair Caribbean a reality. The former local airlines did not make it any easier for us with the image that they created, and Jetair Caribbean had to pay a very high price with the local Aviation Authorities for what they left behind. We needed to rebuild trust to reach bilateral agreements and create our business reputation, because of all the complicated airline scenarios that happened in the past. Yes, we had lots of setbacks and we are still facing challenges. Our mission is to provide a safe customer-oriented air transportation product with a high level of customer service and on-time performance in an efficient and friendly manner,” he continues. Besides the past challenges in the local aviation industry, Jetair Caribbean is also facing the consequences of Curaçao’s downgrade to Category 2. Curaçao has been fighting for eight years to regain the Category 1 status that the island lost in 2012 after an inspection from the American Federal Aviation Administration (FAA).

The FAA safety rating is issued as part of the agency’s International Aviation Safety Assessment (IASA) Program. This program assesses a country’s ability, not the ability of individual air carriers, to adhere to international aviation safety standards and recommended practices established by the International Civil Aviation Organization (ICAO). A Category 1 rating means the country’s civil aviation authority does comply with ICAO standards, while a Category 2 means it does not. “With an IASA Category 1 rating, a country’s air carriers can establish service to the United States and carry the code of U.S. carriers. In order to maintain a Category 1 rating, a country must adhere to the safety standards of ICAO, the United Nations’ technical agency for aviation that establishes international standards and recommended practices for aircraft operations and maintenance. It is for this reason that Jetair Caribbean cannot operate in the United States, which results in limitations in the development of our tourism industry”, he explains. “As previously mentioned, Jetair Caribbean started to operate in February 2020, just one month before the outbreak of coronavirus in Curaçao. Before the pandemic, the aviation sector was looking confidently ahead to the future. Barely any sector has been hit as hard by the coronavirus crisis as

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the global aviation and travel industry. We never received the opportunity to show our potential as a trustworthy airline. We started flying in February, but stopped shortly after due to travel bans and airspace closures”, he continues. As scheduled commercial airline services declined or were temporarily suspended, many airlines turned to cargo, charter and repatriation flights as new sources of revenue. No one can say with any confidence when international aviation will be able to resume and, when it does, how quickly demand will recover. Even the broader questions about economic recovery have no clear answers. “In the meanwhile, we do provide repatriation and crew change flights. I hope that this pandemic ends soon so we can resume normal flights and start adding new countries to our list”, Antonio mentions. While eagerly waiting for the situation to improve, he hopes to add Jamaica and Colombia as approved destination countries. Many international groups are exploring possible pathways to facilitate a “restart” of international airline aviation and domestic flights around the world. Flights are slowly resuming as borders open after months of COVID-19 lockdown. Antonio believes in the quality of his airline and the great potential of Curaçao. “At Jetair Caribbean, we have a realistic mindset. The many years of business experience has given me the confidence and determination to focus on the future. We need to be innovative and build the industry in a positive way. We create what we believe in and then implement it. We are confident that things will completely normalize, so we focus on our vision to become a major regional airline in the Caribbean. I would like to finalize this interview saying I will do my utmost to preserve Jetair Caribbean, with the objective to provide Curaçao a high quality airline and step up to fill the gap left by the previous local airlines.” For more information on Jetair Caribbean, visit https://www.jetaircaribbean.com/

CURAÇAO BUSINESS | EDITION 3 | 2020

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