Productivity | Strategy | Profitability
MARGARET MUIR
Connecticut’s finest luxury penthouse
DAVID MORGAN
Analyses the exciting potential for silver
STEFAN OTT
Entrepreneurship and innovation +
LEONARD RABINOWITZ
On strategy and luxury in Beverly Hills
Abel Gomez discusses business, asset protection and residency in the Latin American nation for High Net Worth clients
Private Road Off Lower Benedict Canyon Beverly Hills, CA 90210
27,000 SF | $75,000,000 | www.VillaLulu.com
“A home designed without compromise of taste or quality. A statement frequently used however in this case truly descriptive”
A 2.7 Acre, 27,000 square foot, singular Beverly Hills City estate, with features as follows:
Landscape by Robert Truskowski Architecture by William Hablinski
Interior designed by Roger Thomas
Accessed via a private gate, with a long park like drive to the main residence on a private cul-de-sac off lower Benedict Canyon
• City light views from numerous areas.
• Primary suite with all the dual amenities including office area.
• 4 ensuite guest bedrooms.
• Guest lanai suite with full kitchen and living room.
• 3 staff bedrooms with staff kitchen.
• 3 security bedrooms with kitchenette.
• Reception area/bar room.
• Grand living room.
• Indoor/Outdoor dining room with city views.
• Owner’s office room.
• Media room.
• Full Bel-Air Circuit capable digital cinema screening room.
• Wine room.
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• Spa Suite.
• Pro tennis court with air-conditioned seating house and kitchenette.
• Air-conditioned lanai pool house with kitchen.
• Elevator.
• New central lighting and audio systems throughout.
• Internal generator plant able to sustain itself for over a week.
Art and some furniture photographed are rotated in and out of the residence and may not be present at the time of a showing.
ESTATES DIRECTOR | BROKER ASSOCIATE DRE# 01496421
310.552.8200 LR@LeonardR.com www.AboutLeonard.com
VIEWS IN THE BUILDING PRICE IN THE BUILDING MOVE-IN READY
#1403 WEST PALM BEACH, FL 33401
$15M | 3 BR | 4.1 BA | 4,283± Total SF
• Five-Star Services
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EDITOR-IN-CHIEF
John Marshall
HEAD OF PRODUCTION
Peter Green
EDITORIAL
Thomas Hughes, Rachel Smith, Oliver Taylor, Shannon Berkley, Vincenzo Morello, Cheryl Jones
ART DIRECTION & DESIGN
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EDITORIAL
The Panama Advisor 24
Our cover feature and CEO Profile on The Panama Advisor explores the advantages of asset protection and residency in the Latin American nation with Abel Gomez, Founding Partner of Gomez Tomiczek International
Strategy & luxury in Beverly Hills 20
Executive Global’s bespoke series of interviews on Productivity, Strategy, and Profitability. We discuss strategy in real estate with Leonard Rabinowitz, luxury realtor to the elite at Christie’s International Real Estate Southern California
Private investors near me 16
Richard C. Wilson, CEO, The Family Office Club, delivers his expert insights into raising capital.
The great flip 18
David Morgan, CEO, The Morgan Report, explains why silver is poised for upward growth.
Frankfurt’s tech entrepreneur 22
Stefan Ott, CEO, Confinity Solutions GmbH, discusses fintech and innovation.
Gold rising, a dollar out of options 28
Debt destroys nations. Egon Von Greyerz and Matthew Piepenburg give their expert analysis.
Unbalanced risk to the downside 30
Michael Pento, CEO, Pento Portfolio Strategies, analyses the bond markets, inflation and credit.
The best jurisdictions for trusts 32
Shannon Berkley discusses considerations for asset protection across different regions.
Gaming law in the Isle of Man 34
Why is the Isle of Man such a preferable jurisdiction for gaming? Cheryl Jones reports.
Cheryl Jones explains key differences investors should consider within the UK property market.
FDI in Thailand 38
Thomas Hughes reports on foreign direct investment and opportunities for business.
Business and FDI in New Zealand 40
This highly developed free-market economy has endless possibilities. Rachel Smith reports.
Tourism in France 42
France often ranks as the top destination for tourism worldwide. Rachel Smith tells us why.
Digital asset stockpiles of utility 44
Oliver Taylor looks at digital assets with the greatest use case for financial sovereignty.
The Lotus Evija 46
Oliver Taylor reports on this sleek and beautiful gem in British automobile manufacturing.
The Timekettle WT2 Earbuds 48
Never leave home again without the best in translation tech! Thomas Hughes reports.
Great Britain’s finest airline 50
British Airways is one of the world’s best known airlines. Rachel Smith explains why.
Jet finance considerations 52
Private jets are not just luxury. Thomas Hughes looks at some important points for financing.
The Beechcraft King Air 360 54
Thomas Hughes looks into the twin-engine turboprop upgrade from the King Air 350.
Most entrepreneurial cities 56
Innovation and the art of starting up. Cheryl Jones on some the best cities in the world.
The social role of accreditation 58
Eric Cornuel, President, EFMD Global, discusses accreditation in management education.
Marketing strategy in business 60
Oliver Taylor looks into the 4Ps of the marketing mix and their importance for organisations.
One vision of excellence 62
Gabriel Montigny, Coldwell Banker St Barths, describes three beautiful and iconic territories.
The splendour of Beverly Hills 64
The city with the most famous ZIP code in the United States is known for luxury and beauty.
Connecticut’s luxurious penthouse 66
Margaret Muir, realtor, William Pitt Sotheby’s International Realty, reveals this beautiful home.
Kashmir sapphire 68
Shannon Berkley reports on the record breaking sale of Kashmir sapphire in Ireland.
EDITOR NOTE
Foreword
Bonds are supposed to represent stability. However, we are now reversing course from the trajectory of a 40-year debt bull market, which has been the funding mechanism for the United States as a hegemonic power. Presently, we are staring down the barrel of a bond market crisis on a scale that has never been seen throughout history. According to the International Monetary Fund, the world economic order is undergoing a major reset. When interest rates go up, the valuation on debt goes down, in an inverse correlation to bonds. Normally when interest rates increase, the currency in question will also go up, as greater dividends are paid and a higher yield is accessible.
There has been a downgrade of the United States’ credit rating by Moody’s, which ultimately signals a deeper risk of rising national debt. On the other side of the Atlantic, former UK Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng, tried to implement favourable policies that would have stimulated Britain’s economy before serious problems with the debt market emerged, resulting in UK 10-Year Gilt Bond yields escalating, while the pound sterling fell. This demonstrated a loss of faith in debt instruments, as well as the currency. Seasoned investors like Stanley Druckenmiller and Paul Tudor Jones have announced that they are now heavily short the American debt market, with Jones favouring assets like gold as an inflation hedge.
According to the technical analyst and trader Francis Hunt, the scale of the debt based crisis is unparalleled in any economic history that we’ve ever had and generally speaking, the sequence of such events may indicate the beginnings of a major debt based collapse for Western nations. The EU has a broken banking system, which cannot be allowed to fail, and the European Central Bank ostensibly seems to be preparing to capitalise on some kind of economic ‘breakdown’ for the potential transition towards a ‘digital euro’. Central Bank Digital Currencies of any kind issued anywhere, would pose remarkable dangers to the liberty, financial sovereignty and prosperity of free citizens, with Orwellian concepts like ‘social credit scores’ and ‘programmable money’ being far more aligned with the totalitarian regimes of North Korea, Soviet Russia or Communist China. With such foolhardy plans for the greater digitisation of cash, it seems almost as if the CrowdStrike fiasco has taught the global banking fraternity nothing about the importance of reducing vulnerability to centralised electronic systems in an unstable world, where
there may be any number of ‘cyber terrorists’ or nefarious hackers prepared to sabotage a digital financial system in a manner that would put Luther Stickell to shame.
All of this highlights a calamitous fate for debt long-term, and a very bright future for gold, which has long been viewed as the world’s premier safe haven asset. On July 1st 2025, Basel III upgrades gold to Tier 1 status in the United States, which officially reclassifies it as a high quality liquid asset on an equal level to cash and government bonds. It would greatly benefit all of the world’s central banks for the yellow metal to be revalued higher, which would act as money in trade settlement deals between countries. To quote Andy Schectman, ‘every $4,000 increase in the price of gold gives the United States Treasury General Account $1 trillion dollars, free and clear.’ Precious metals are real, tangible wealth. Stable, physical assets in a digital world. Even Judy Shelton, President Trump’s first nominee to run the Federal Reserve, advocates for 50-year Treasury bonds convertible to gold bullion. There is so much leverage that now has to be unwound in the financial system that an eventual violent reversion to the mean, could result in explosive growth to the upside for those who are early. In 2025, strategy would necessitate the allocation of this asset to portfolios, in order to remain analogue in a world that is becoming increasingly digital and unstable. EG
John Marshall
John Marshall Editor-in-Chief, Executive Global
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I am often asked, ‘what insights do you have to attract local investors?’ Or ‘how can I meet more private investors, angel investors, or accredited investors in my city, so we can easily develop that relationship and trust over time?’
WArticle by Richard Wilson CEO, THE FAMILY OFFICE CLUB
hy? If you follow our investor club’s work, you know by now I’m a big Dr. Cialdini fan, and you know that when I interviewed him recently, he stressed how you are 16 times as likely to close a deal if you meet in person. Beyond that, though - what gets someone to invest? I have found it is typically because they are VERY high up one of these three trust curves or moderate to high on at least two of these three at the time they allocate:
1 - Team: The most influential part of the equation is how well the investor knows the team and/or founder, that matters more than the merits of the deal. Newbies in capital raising get this wrong and think their over-promising of returns due to lack of scar tissue and unknown unknowns is what is going to get someone to invest, but anyone can put any IRR or return % on a piece of paper and hit print. Who refers you the deal matters more than the details of the deal sometimes.
2 - Industry: If someone made their money in your industry they can help you complete due diligence, round up other investors, and ask sharp questions. You don’t have to teach them the ABCs of your space, explain things on a base level, and they could help you play offence securing distribution agreements, IP, sharpening your marketing/positioning, and so on. They can help you play defence and replace a piece of lost talent. Smart money is great as you get a think tank and someone very motivated with the dollars. I often tell investors, see deals first, exclusively and at better
valuations and your net worth goes up - how do you do that? Be known as a strategic investor in your space.
3 - Opportunity/Deal: Are they local to the opportunity or deal? Everything moves faster. If so, you can know the person and industry cold, but if it is self-storage or dental practices, you are based in Dallas and the deal is in Dubai or Belgium, you may not be so excited to move forward. If the deal is local, even if you don’t know the industryyou may be comfortable if you can visit the team for due diligence easily several times, walk the manufacturing floor, secret shop the dental practice, and have a good instinct on that area growing or not.
If you are an investor looking at deals from people that you don’t know in industries you are not familiar with and the deals aren’t local to you, good luck- as you are going to need it. You will likely lose money and be taking more risk on those deals, simply wasting time in many cases as you will not end up allocating as much or as quickly. If you are raising capital and you focus on people who already know your industry, are local to the deal, or know you, then you are swimming downstream. As Buffett famously says, sometimes the tide matters more than the swimmer.
If someone worth $15M made their money in industry X, has known you for two years, and is local to the deal - they are very likely going to invest if the merits of the deal line up. Here is a thorough answer to a frequently asked question so when my team is approached in this way, we can have a clear answer to send them to:
1. Most of what people new to raising capital get wrong applies to meeting with local investors, so if you want to be effective locally, then you need to always
be effective in your positioning, communications and follow-up. Most people lack in all of these areas and have poor, or almost no materials. Please see my $100M Rainmaker Series on YouTube under our Centimillionaire Strategies channel. Under playlists if you fall into that camp, there are 30 strategies and $100k of value in that mini-series.
2. Identify the top non-profits, business ownership clubs, CEO groups, and industryspecific organisations in your city, join them to see which are valuable, and lead a few over time. Another strategy is to locally sponsor the events
IF SOMEONE WORTH $15M MADE THEIR MONEY IN INDUSTRY X, HAS KNOWN YOU FOR TWO YEARS, AND IS LOCAL TO THE DEAL- THEY ARE VERY LIKELY GOING TO INVEST...
that have your key demographic attending and try to negotiate an exclusive sponsorship so nobody else in your niche can also sponsor.
3. Identify the connectors in your city, top CPAs, attorneys, consultants, and power brokers who seem to know everyone and get referred deals, investors, capital, and opportunities constantly. Perhaps they already get to see deals first, exclusively and at better valuations- so by partnering with them, you can too.
4. Live, work, educate your kids, and exercise in an area that is highly concentrated in terms of potential investors. Arrange it so that just by going to the beach, your kid’s school, the gym, etc., you are meeting potential investors and partners. It is an investment in your health and your business at the same time.
5. Create a database of 300 investor leads right in your backyard, those who are within 1-2 hours drive, the local family offices, local investor clubs, and people you can identify on LinkedIn as having 10-20+ employees. Build out your list so 66%-75% of your investors are local to you, and you work them over time to get a cup of coffee or get their attention.
6. The best approach for any type of investor, including local- is to add value first. Can you help investors with tax planning, accessing
opportunities, structuring deals, saving them money on fees, or do you have a one page infographic on top 20 things to ask when looking at any angel investment deal? We have found it de-risks the entire relationship when you add big value first, without asking for anything. That is why we have the Family Office Podcast, the YouTube channel, and the newsletter, it is mass reciprocation as Cialdini would put it, and the more value we give out for free, the more good Karma we create. You need to figure out how to do that locally. A meet-up group? An AI tool you could develop? Free talks or a newsletter you send out to your 300 leads each month? The most generous in a niche wins.
7. Use big data. Look in the Inc. 500 for the last 15 years in your niche and see who had an explosive business. Perhaps they have had an exit- figure out which are in your region or city. Look at county records to see who is on the title of real estate that you are looking to acquire- perhaps you find new investors once you see who owns a lot of the assets already. The more you go the extra mile to be more thorough, more systematic, more thoughtful, more helpful, the better. It is the stuff you don’t want to do that will make the difference, as nobody else wants to do it either. Everyone is ‘too busy’ or
‘under-resourced’ and the big guys have referrals coming in like a river sometimes, so they don’t have to go out of their way to source deals or capital. That is why there are always opportunities. Once someone starts winning, they often stop doing as many creative, new, innovative, and value-add moves that someone smaller can laser-focus on.
To stand out by definition, you can’t get lost in the crowd. Select a unique niche, be concise in communications, add outsized value, and practice extreme focus so that over time, you are known as a top 3 or the #1 player in your sandbox. That is how you reverse the flow from cold reach outs, to leads coming in- and if it didn’t work, we wouldn’t have the investor club we have today. That is what our platform is, built out.
I started without enough money to pay my rent 18 years ago from the basement studio apartment in Harvard Square. By studying family offices (ultrawealthy investors), I figured out which way was up, and scaled our business based on emulating these business owners and investors. I hope whether you are an investor, actively raising capital, a founder, or someone looking to grow a platform- that you find these ideas helpful. EG
For further information, please visit: www.familyoffices.com
The Morgan Report
WArticle By David Morgan PUBILSHER & CEO, THE MORGAN REPORT
hen historians look back on this period, they may label 2025 as the year the tide turned—the moment the old monetary order began its final unraveling.
Gold just broke through $3,500 an ounce, a record high that’s less about enthusiasm and more about exodus. Wealth is fleeing the debt-based system, as central banks, sovereign investors, and institutions quietly prepare for a post-dollar, post-bond, post-confidence world. But as stunning as this gold rally is, the bigger story—the truly explosive upside—is still in silver. And the world is just beginning to wake up to that fact.
Despite silver climbing steadily toward $30, most primary silver producers are still trading at valuations last seen when silver was under $20. This disconnect is astonishing. Investors have flooded into gold ETFs and bullion, but the silver equity sector, especially the pure-play miners—remains deeply overlooked.
Why? Because Wall Street still doesn’t understand silver’s dual identity
Silver is money, yes—but it’s also technology. And demand is coming from both ends like never before. Take a look at the balance sheets of silver miners like MAG Silver, Aya Gold & Silver, and Gatos Silver. Even after recent price gains, they are trading at fractions of the multiples seen in gold peers. Institutional money hasn’t arrived yet—but when it does, we’ll see explosive re-ratings.
At the root of this awakening is the historic selloff in U.S. Treasury bonds. Foreign central banks
are dumping Treasuries. Yields are rising. And the debt markets—long the ”safe haven” of the global financial system—are no longer safe
The world has realized what few dared to admit: the U.S. cannot mathematically pay off its debt, not with taxation, not with growth, not even with inflation.This realization is beginning to undermine confidence in fiat itself. As yields rise, the very value of the dollar is under pressure. Ironically, a “strong” dollar today is just a measure of the weakness of everything else—it’s a contest of the least ugly currencies.
Now Donald Trump, eyeing another term, is doubling down on tariffs. His aim? Bring jobs home, punish China, and weaken the dollar to boost U.S. Exports. But tariffs are a double-edged sword. They raise input costs, suppress global trade, and—crucially—accelerate de-dollarization. China, Russia, the BRICS+ bloc, and even U.S. allies are increasingly seeking alternatives to the dollar settlement system.
Tariffs may create a short-term bump for domestic industry, but they push foreign capital away from U.S. bonds—and into hard assets. Including precious metals. Meanwhile, China’s manufacturing engine is sputtering. April’s PMI fell to a contractionary 49.0, with export orders at
their lowest since the global financial crisis. This is not just a cyclical slowdown—it’s structural. Overcapacity, high debt loads, and shrinking Western demand (exacerbated by tariffs) have left Beijing scrambling to reboot growth.
But here’s the paradox: even as China slows, it is hoarding gold and ramping up strategic reserves in energy, food, and metals. It knows the current financial order is unsustainable. And it’s preparing for what comes next. Gold’s breakout past $3,500/ oz has rattled mainstream economists who once scoffed at metals as “barbarous relics.” But this rally is not speculative, it is defensive. As confidence in fiat erodes, central banks are accumulating gold at the fastest pace in modern history. BRICS+ nations want a non-dollar, non-SWIFT-based settlement system. Gold is their chosen anchor.
Still, gold’s upside from here is likely to be more measured. The real asymmetry now lies in silver
SILVER: $50 IS A FLOOR, NOT A CEILING
Silver’s 2011 high of $49.80 is still in play— and this time, it will be shattered. Why? Because the forces driving silver today are both monetary and industrial. On the monetary side, silver is historically cheap compared to gold—the goldto-silver ratio has been as high at 100:1, far above
the historical average of 40–50:1.On the industrial side, we are entering a demand Supercycle, especially with the rise of solid-state battery technology
Solid-state batteries are the holy grail of energy storage: more power, faster charging, and no fire risk. Toyota, BYD, and Samsung are racing to commercialize them by 2027–2028. Here’s what most analysts miss: solid-state batteries require significantly more silver than today’s lithium-ion designs.We’re talking about a 2x to 3x increase in per-unit silver content. As EV adoption scales into the tens of millions, silver demand from batteries alone could pressure global mine supply.
And that’s before factoring in solar panels, 5G, military tech, water purification, and the continued march of electrification.
THE COMEX ILLUSION AND THE MOVE TO PHYSICAL
At the same time, faith in the COMEX is waning. More investors are asking: does the paper silver market reflect real supply and demand—or is it just a control mechanism?
Premiums on physical silver remain elevated, and delivery demands are growing. The cracks in the façade are widening. We may be heading toward a “failed delivery” moment—where the
THIS IS CONTRARY TO THE FACTS. CURRENTLY THE BIS HAS MADE IT CRYSTAL CLEAR THAT A CBDC THAT IS BACKED BY NOTHING MORE THAN THE POWER OF GOVERNMENT IS THE PLAN.
futures market breaks from the physical. When that happens, silver will gap up—fast Governments around the world are pushing Central Bank Digital Currencies (CBDCs)—a surveillance coin masquerading as innovation. But silver offers something digital currencies cannot: anonymity, finality, and sovereignty. Stablecoins may track fiat. CBDCs may enforce programmable money. But neither can compete with a silver coin in your hand, immune to hacking, freezing, or inflation.
The Morgan Report
That’s why physical silver—not ETFs, not digital tokens—is where serious capital is quietly flowing. Behind the scenes, wealthy family offices and forward-looking hedge funds are reallocating into tangible assets. Real estate, farmland, energy—and increasingly precious metals. Gold is the first stop. Silver is the second. And those who wait too long will find themselves buying silver at $75, $100, or more—after the window has closed.
Finally, we must ask: what will replace the current system? Many believe we are heading toward a Bretton-Woods 2.0—a new international settlement regime backed by commodities or multicurrency baskets. Most in the gold community think some type of tie to gold is inevitable. This is contrary to the facts. Currently the BIS has made is crystal clear that a CBDC that is backed by nothing more than the power of government is THE PLAN.
However, Central Banks have been buying gold at a rapid pace the past two years and this continues. It is my contention that the banking elite will do their best to implement a system without any tie to assets and if this rollout fails, the banks will quickly insert some type of “gold clause” to make the new system appear stable
Thus, whether it’s BRICS gold tokens, blockchain-based SDRs, or bilateral trade pacts, the one constant will be this: fiat as we know it is dying. Be prepared for a cashless society, where every transaction is traced, taxed, and tracked. Your carbon footprint will be logged and potentially will dictate what you can and cannot do based upon your consumption habits.
Silver and gold won’t just be investments. They’ll be anchors. Reserves. Tools of sovereignty in a world searching for stability. In fact silver might just be your only way to preserve some freedom of economic choice in a world where big brother is watching you at all times.
We are living through a controlled demolition of the global financial system. From exploding debt to failing trust, from paper illusions to physical reality—this is the great financial flip. Gold is rising. Silver is stirring. But most investors are still asleep. That won’t last. In the last big banking “crisis” I received three consultations in one week. Each one was similar, the theme being that all were familiar with my work and had multiple millions in the bank, either personally or for business reasons. They wanted to purchase gold (silver too in some cases) and did not want to make a mistake. I accomplished this for them and did it with a lower premium than they could have received almost anywhere else.
Now is the time to accumulate real assets. Focus on undervalued miners, hold physical metals, and sidestep the traps of paper promises. Remember, all new members receive up to an hour one-on-one call with me to maximize their wealth preservation. See my website for details: TheMorganReport.com.
The next chapter is being written—and silver will be the ink. EG
For further information, please visit: www.TheMorganReport.com
LeonardRGroup Christie’s International Real Estate Southern California
Interview with Leonard Rabinowitz LUXURY REALTOR, WWW.LEONARDR.COM
Our special interview with LEONARD RABINOWITZ, Broker Associate at LeonardR Group Christie’s International Real Estate Southern California, highlights the experts with an illustrious track record of facilitating multimillion dollar transactions in Beverly Hills, Brentwood, Bel Air and Malibu. Executive Global talks luxury with the realtor to the elite.
EG How would you compare and contrast the properties, lifestyle and opportunities in areas like Beverly Hills, Brentwood, Pacific Palisades and Bel Air with that of Malibu and the Holmby Hills?
LR Beverly Hills, Bel Air and Holmby Hills are synonymous with prestige, privacy, and pedigree while offerring accessibility to the City. Brentwood is similar with good City proximity but a bit more understated and casual. Malibu, by contrast, is a coastal enclave about living with the ocean on, the sand or the cliffs. Malibu is not just a home, but a lifestyle of nature, serenity, and exclusivity.
EG And how may your extensive experience and strategies having built and sold extravagant 12,000 square foot estates in some of these prestigious locations provide additional value to clients?
LR For Buyers I understand not just the transactional side, but the design, construction, and emotional nuance that come having built these kinds of properties. I know flow, functionality, finishes and future resale potential. For Sellers I know how to position an estate to speak directly to its likely buyer—whether that means bringing in international reach, aligning with architectural pedigree, preparation, or highlighting unique amenities. For buyers, I bring insight into quality and long-term value that goes beyond square footage.
EG Having achieved the highest residential single family home sales price in the State
of California at $210 million in June 2024, you clearly bring unrivalled market knowledge, experience and integrity to clients. What factors are critical to selling real estate at the maximum sales price in California?
LR To be clear I built this one but was not involved in the private sale between multibillionaires. This was about the selection and negotiation of one of the best locations in Malibu, assembling a large piece of land with extraordinary ocean views. Thereafter, retaining a world class architect and not sparing any expense on the quality of build and materials.
EG You are also celebrated for your philanthropic efforts, having raised tens of millions of dollars for charity and donating the then largest private gift ever to a Charter School in Los Angeles. Why is giving back so important in society today?
LR I’ve been fortunate to lead a truly blessed life—producing a blockbuster fi lm and building a billion-dollar fashion brand. But nothing compares to the joy I feel watching the students at The Accelerated School gain a real chance at a better future and truly thrive.
EG You also have a degree from the prestigious Wharton Business School. How would you say that your rigourous academic training helped to prepare you to become a leader in the higher echelons of American luxury real estate today?
LR I returned to Wharton later in life to study Corporate Governance and Finance, to
deepen my effectiveness as board chair of the charter school. That academic rigour, however, has carried through every facet of my professional life including real estate. Many of my clients are top-tier business leaders, and that shared language of finance, governance, and strategy allows me to engage with them at a level they recognize and respect. It’s been invaluable in building trust and delivering a caliber of service that meets their expectations.
EG Your distinguished reputation is reflected in the tremendous feedback you have from VIP clients. What can wealthy buyers and sellers look forward to when working with you?
LR Confidentiality, Knowledge, Integrity and 24/7 availability.
EG What has being Co-Founder of the renowned Carole Little® billion dollar fashion brand, taught you about the importance of quality customer service?
LR Building the Carole Little® brand taught me that quality, both in service and product, is everything. It’s the foundation of trust and longterm loyalty. That same philosophy guides my real estate practice today. I make myself fully available to my curated group of clients—not just for their real estate needs, but open for other personal or strategic matters as well. In the luxury space, exceptional service isn’t optional, it’s expected, and it’s where true value is created. EG
For further information, please visit: www.LeonardR.com
Building the Carole Little® brand taught me that quality, both in service and product, is everything.
Our special interview with STEFAN OTT, Founder & CEO of Confinity Solutions GmbH, showcases the pioneer enabling exchanges, brokerages and banks to thrive with cuttingedge solutions. Executive Global discuss entrepreneurship, fintech and technological innovation for affluent institutional and private clients.
EG How has the financial industry changed since the introduction of Confinity Low Latency Messaging (CLLM)?
SO CLLM transformed global finance by enabling sub-microsecond latency and massive order flows — essential for high-frequency trading, reliable, and stable market operators. Without it, market participants would face slower execution, unpredictable trading behaviours, and limited innovation. Trusted by top exchanges, CLLM ensures speed, reliability, and resilience. Beyond finance, it now expands into other industries like automotives and telecommunications. We’re not just delivering messaging — we’re enabling the digital world to move faster, safer, and smarter.
EG Proximity to Frankfurt is advantageous with it being one of the most important financial centers in Europe. What would you say are the most commonly identifiable traits in all of the businesses that succeed around this region?
SO Frankfurt’s most successful businesses share a few core traits: a strong international orientation, deep regulatory awareness, and an ability to integrate finance with technology. They operate at global standards, attract multilingual talent. Whether it’s exchanges, brokers, HFTs, fintech, or market infrastructure, success here means mastering speed, compliance, and scalability — often simultaneously. Frankfurt rewards precision, excellence, and the capacity to innovate within a tightly governed environment.
EG How do you see the demand for Low Latency Messaging solutions being affected as automation, robotics and distributed ledger technologies continue to rapidly develop?
SO The demand for Low Latency Messaging will only grow. As automation, robotics, and distributed ledger technologies (DLT) advance, the need for fast, deterministic, and reliable communication becomes critical. Whether it’s algorithmic trading, smart contracts, or robotic process automation, milliseconds—or even microseconds—make a difference. Systems must interact in real time across distributed environments, and messaging must be both instantaneous and resilient. CLLM sits at the intersection of these technologies, ensuring that as workflows become more intelligent and decentralized, the underlying data exchange is seamless, secure, and future-proof.
EG How has developing the corporate strategy and vision at Confinity Solutions deepened your insight and what does ‘strategy’ mean to you?
SO Developing Confinity Solutions’ strategy has taught me that true strategy is about clarity and adaptability. For us, that meant staying focused on performance “race to zero latency” and reliability “guaranteed delivery” even as markets evolved. Strategy, to me, is the discipline of saying no to distractions, building for long-term relevance, and constantly aligning innovation with client needs.
EG What do you feel that contemporaries can do to elevate the standard of quality, innovation and keep Frankfurt in the lead as the pre-eminent center for fintech?
SO To keep Frankfurt at the forefront of fintech, industry leaders must foster deeper collaboration between traditional finance, startups, academia, and regulators. We need to elevate standards by investing in R&D, adopting open technologies, and supporting scalable innovation — not just incremental upgrades.
EG How do you define success as an entrepreneur in 2025, and do you feel society can generally be improved by a stronger focus on entrepreneurship?
WHAT TRULY SETS YOU APART IS YOUR ABILITY TO SOLVE REAL-WORLD PROBLEMS UNDER PRESSURE, TO THINK CRITICALLY, AND TO ADAPT FASTER...
SO In 2025, I define entrepreneurial success as creating lasting value — not just revenue. It’s about solving real problems with speed, purpose, and integrity, while building something resilient enough to adapt. Success means your customers trust you, your team thrives, and your product remains relevant. And yes, society benefits enormously from more entrepreneurship. It drives innovation, challenges complacency, and creates jobs. But it’s not just about starting companies — it’s about fostering a mindset of ownership, curiosity, and bold thinking across all sectors.
EG As a leading example of success delivering critical technology to the world financial markets today, what would you say to the next
generation of aspiring Computer Science graduates?
SO To the next generation of Computer Science graduates: your technical skills are just the beginning. What truly sets you apart is your ability to solve real-world problems under pressure, to think critically, and to adapt faster than the pace of change. Stay curious, build with purpose, and don’t be afraid to step into uncertainty — that’s where innovation lives. The financial markets, like many industries, need thinkers who can write code and envision systems. If you combine depth with vision and empathy, you won’t just have a job — you’ll create impact. EG
For further information, please visit: www.confinity-solutions.com
Abel Gomez Tomiczek
Panama offers a secure and welcoming environment for investors.
Abel Gomez Tomiczek
Founding Partner, Gomez Tomiczek International
Our special interview on The Panama Advisor with ABEL GOMEZ TOMICZEK, Founding Partner of Gomez Tomiczek International, profiles the lawyer specialising in making Panama your second home where your dreams and ambition can thrive. Executive Global discusses business, asset protection, and residency in the Latin American nation for High Net Worth individuals.
EG What are the fundamental characteristics that you would say make Panama stand out when compared to other jurisdictions?
AG Panama is a global business hub offering economic stability, tax advantages, and a clear path to residency and citizenship. Unlike jurisdictions focused solely on tax benefits, Panama provides real investment opportunities and longterm security. As a logistics and banking center connecting North and South America, Panama benefits from the Panama Canal and free trade zones. Its territorial tax system means only local income is taxed, making it ideal for international entrepreneurs. The Golden Investor Visa requires just a $300,000 real estate investment, granting permanent residency and citizenship eligibility within five years—a simpler alternative to European programs. With lower living costs than Dubai, political stability, and top-tier healthcare, Panama offers a secure and welcoming environment for investors.
EG And how are you able to assist businesses that desire to relocate to Panama?
AG At Gomez Tomiczek, we provide comprehensive legal support for businesses looking to establish operations in Panama. We assist with corporate structuring, setting up corporations, foundations, and legal entities tailored to each client’s business needs. For companies relocating employees, we handle residency solutions, ensuring executives and staff obtain work permits, visas, and permanent residency efficiently. Navigating Panama’s banking system can be complex, which is why we guide clients through corporate and personal account openings, ensuring a seamless process. We also specialise in investment compliance, offering legal security for foreign investors in real estate, business acquisitions, and asset protection. With deep expertise in Panamanian law and a strong network within the local business ecosystem, we provide strategic guidance and legal certainty, ensuring businesses can establish and operate in Panama smoothly and with full compliance.
EG Panama is also considered to be one of the best places in the world for expats to live. Why would you say this is?
AG Panama is consistently ranked among the top destinations for expats, offering modern infrastructure, a stable economy, and a high quality of life. The country provides first-class healthcare, at a fraction of the cost in the U.S. and Europe. It
Abel Gomez Tomiczek
Founding Partner, Gomez Tomiczek International
Panama and the U.S. share strong diplomatic and economic ties, shaped by the Panama Canal, historical relations, and trade agreements.
BORN
Panama
ALMA MATER
Universidad Santa Maria la Antigua (USMA) EXPERIENCE
2024 Strengthened the company’s proposition for trust formation, wealth management, and High Net Worth client services.
2022 Recognised as a leading legal advisor for international investors, handling complex transactions and corporate structuring.
2015 Expanded firm’s focus on offshore structures, asset protection, and business consulting.
2011 Founded Gomez Tomiczek International.
2005 Became an independent attorney, specialising in immigration, corporate and investment law.
» PRODUCTIVITY
Optimize, automate, dominate. Systematize workflows and let technology do the heavy lifting.
» STRATEGY
Trust is currency. Build lasting relationships—short-term wins mean nothing if you’re not playing the long game.
» PROFITABILITY
Smart capital wins. Prioritize intelligent investments over short-lived profits— real success compounds over time.
is also one of the few countries that offers affordable stem cell therapy, attracting medical tourists seeking advanced treatments not widely available elsewhere. The cost of living in Panama remains significantly lower than in North America and Europe, making housing, food, and utilities more affordable while still maintaining a comfortable and modern lifestyle. Expats can choose from diverse living environments, whether it’s the vibrant urban energy of Panama City, the tranquility of Coronado’s beaches, or the cool mountain retreat of Boquete.
Panama’s territorial tax system is another major advantage, as it only taxes income generated within the country, making it a particularly attractive destination for retirees, entrepreneurs, and investors. Additionally, the country offers fast-track residency programs, with some approvals granted in as little as 30 days, while the average processing time ranges between 3 to 4 months, depending on the visa category. With its political stability, strong international connections, and investor-friendly policies, Panama continues to be a top choice for individuals and families looking to relocate and build a future abroad.
EG Compare and contrast the regions of Panama City, Boquete and Coronado, with Puerto Armuelles, Boca Chica and Chitré?
AG Panama offers a diverse range of locations, each catering to different lifestyles and investment opportunities. Panama City, the country’s capital, serves as the economic and financial hub, featuring luxury real estate, international commerce, and high-end shopping and dining. It is the ideal destination for business professionals and investors seeking a dynamic urban environment with direct access to global markets.
For those looking for a slower-paced, community-oriented lifestyle, Boquete stands out with its cool mountain climate, lush landscapes, and vibrant expat community. It has become a top choice for retirees and foreign residents who appreciate its tranquil setting and high quality of life. In contrast, Coronado offers a beachfront, resort-style atmosphere, attracting expats and second-home investors searching for a beach retreat just an hour from Panama City. Puerto Armuelles and Boca Chica provide more remote, natureoriented experiences, attracting investors looking for untouched beachfront properties. Chitré, a growing provincial city, offers a blend of traditional
Panamanian culture with modern amenities, making it an emerging investment location.
EG How does the Golden Visa Programme in Panama compare with those in other jurisdictions?
AG Panama’s Golden Investor Visa is one of the most accessible, cost-effective, and efficient residency-by-investment programs worldwide. With a low investment threshold (starting at $300,000 in real estate), a fast-track application process, and approval times averaging just 30 days, it provides an expedited route to permanent residency and potential citizenship in five years.
Unlike many European Golden Visa programs— often burdened by bureaucratic complexities, fluctuating policies, and rising investment thresholds—Panama offers a streamlined, investorfriendly alternative. The program grants flexibility in choosing between move-in-ready properties and pre-construction investments, allowing buyers to capitalise on a rapidly expanding real estate market with strong ROI potential.
With a dollarized economy, no tax on foreign income, and a pro-business legal framework, Panama’s Golden Visa is not just a residency option—it’s a strategic wealth move. Investors seeking a stable, tax-efficient jurisdiction with high liquidity and long-term security will find Panama among the most compelling options in the global Golden Visa landscape.
EG Discuss the different kinds of Visa available in Panama, along with how you are able to assist clients with residency in the country?
AG Panama offers a range of residency programs, each designed to meet the needs of different investor profiles and expatriates:
• Golden Investor Visa – Tailored for high-networth individuals, this visa grants permanent residency through a real estate investment of at least $300,000, with a path to citizenship after five years.
• Friendly Nations Visa – Designed for professionals, entrepreneurs, and investors from eligible countries, this program offers a streamlined residency process with a minimum investment of $200,000 in either real estate or a fixed-term deposit.
• Pensionado Visa – A retirement-friendly visa for individuals with a minimum pension of $1,000 per month, granting lifetime residency and exclusive benefits, including discounts on healthcare, travel, and daily expenses—making Panama one of the
Abel Gomez Tomiczek
Founding Partner, Gomez Tomiczek International
Abel Gomez is an immigration consultant and the founder of Gomez Tomiczek International Group, a Panama-based boutique law firm. It helps clients throughout the world to relocate to Panama. The firm offers counselling on legal aspects related to vessel registration, wealth protection, Panama company formation, as well as tax incentives and exemptions.
» Successfully assisted hundreds of international investors in securing residency and citizenship in Panama.
» Founded Gomez Tomiczek in 2011, now recognised as a leading law firm for Germanspeaking clients in Panama.
» Established strategic partnerships with European firms, strengthening Panama’s appeal for international investors.
» Advised on multi-million dollar real estate transactions, ensuring legal security and compliance for global clients.
» Recognized as Vertrauensanwalt of the German Embassy in Panama City and an active member of the German Chamber of Commerce in Panama, reinforcing credibility within the European business community.
most attractive destinations for retirees worldwide. • Panama Travel Passport Program – Also known as the Rentista Retirado Program, this is a unique second residency and passport option aimed at investors seeking global mobility and a secure travel document. While it does not grant full citizenship, it provides financial diversification and enhanced international access. This program is one of the most under-the-radar opportunities for investors looking to secure a second residency and a globally recognised travel document, offering an alternative to citizenship while maintaining financial diversification.
At Gomez Tomiczek, we offer end-to-end legal support for each of these residency programs— handling document preparation, compliance, and legal representation—ensuring a seamless, efficient process for our clients worldwide.
EG What are the strengths and weaknesses of Panama’s relationship with the United States, and how do you think this may be affected by the new Trump Administration in the coming years?
AG Panama and the U.S. share strong diplomatic and economic ties, shaped by the Panama Canal, historical relations, and trade agreements. The dollarized economy and free trade policies continue to attract international business and investment. However, evolving U.S. policies and economic interests—particularly regarding the administration of the Panama Canal and illegal immigration through the Darién Gap—may pose challenges for Panama’s new President. Maintaining a strong bilateral partnership will require a delicate balance between diplomatic cooperation, financial transparency, and Panama’s sovereign role as a key global player.
EG Asset protection is increasingly important today. Why is 2025 the perfect year to setup a Panamanian Trust?
AG With growing economic uncertainties and increased global tax scrutiny, 2025 presents an ideal moment for high-net-worth individuals to establish Panamanian Trusts. Panama offers a robust legal framework for asset protection, with strong confidentiality laws and tax-efficient structures. These trusts provide long-term wealth security, shielding assets from political instability and litigation risks.
EG When did Panama officially become a reputable jurisdiction for offshore banking?
AG Panama’s offshore banking industry gained prominence in the 1970s with the establishment of its International Banking Center. Today, it is a globally recognised financial hub with stringent compliance standards that ensure regulatory stability while maintaining financial privacy. The country’s banking sector continues to evolve, adhering to international anti-money laundering protocols while offering competitive banking solutions for global investors.
EG What can foreign real estate investors expect when working with you?
AG At Gomez Tomiczek, we offer a full-service approach to real estate investment, ensuring legal security, transparency, and risk mitigation. We conduct due diligence and title verification, draft and negotiate airtight contracts, and oversee the entire transaction process from agreement to closing.
Our expertise includes structuring asset and share deals, setting up corporate entities for tax efficiency, and providing estate planning solutions to secure assets for future generations. Whether acquiring residential, investment or commercial properties, we deliver tailored strategies that align with our clients’ financial goals and long-term security. EG
For further information, please visit: www.gomitom.com
Economists, mathematicians and diverse figures from David Hume of the 1750’s to Rheinhart & Rogoff of the modern era, have consistently known what the Austrian School has warned for decades, namely: Debt destroys nations and their currencies.
Sby Egon Von Greyerz FOUNDER, VON GREYERZ GOLD
hould We Be Concerned? - Global debt is now careening toward $400T and US public debt alone is whistling past a $37T graveyard. This represents the greatest, as well as most unsustainable, debt crisis in the history of financial markets.Thus, if debt is a destroyer of economies and currencies, and if debt levels now are the highest on human record, should we not be, well…concerned? The answer is as obvious as the question is rhetorical.
Debt also has a way of limiting choices among bad options for debt-ridden as well as debt-culpable nations, markets and central bankers. All such culprits share a collective guilt in promulgating a fantasy policy that debt problems can be solved with more debt, which is then monetized by currencies created out of thin air.
Take Fed Chairman Powell as an example. He tried to “fight” what he called “temporary inflation” by raising rates, an option available to Volcker in 1980, when debt was low, but completely unavialble to Powell in the 2020’s, when debt was to the moon. By raising rates, Powell sent bond prices down and hence bond yields skyward, a simple reality which meant he only succeeded in making the cost of debt not only too high for a string of failed banks, small businesses, the S&P and middle-class aspirations, but also for Uncle Sam’s own bar tab
Economists call such an irony “fiscal dominance,” a scenario by which trying to raise rates to fight inflation, only makes debt too expensive for the policy to succeed. As a result, Powell, having lost the war on inflation, was forced to pivot toward
Article by Matthew Piepenburg PARTNER, VON GREYERZ
lowering rates. Or stated more simply, the bond market wouldn’t allow the Fed to do much of anything that it otherwise wanted.
Fast forward to April of 2025, and we see a similar irony (and weakness) facing the Trump White House, which, like the Fed, had some grand aspirations but only weak results. On April 2, or “Liberation Day,” Trump launched a now wellknown tariff war on traditional trading partners around the world, with the bulk of his ire aimed at China in an otherwise legitimate effort to reshore American manufacturing. The hope was that the USA, as home of the world reserve currency and infamous Tier-1, 10-Year UST (“risk-freereturn”), had enough monetary, political and financial leverage to make the world kiss the ring of US interests, which is what the USA has been doing since 1944 with relative impunity.
Unfortunately, the USA of 2025 is not the USA of 1944. Within minutes of “Liberation Day,” equity markets gave up $10T in market cap in a frenzy of volatility which sent the VIX (volatility index) past 60 and 10-Year UST prices to the floor. The yields on that “risk free return” then went to the moon—as high as 4.5% in a matter of hours
Rising yields (i.e., rising debt costs) scared the debt-soaked USA into a corner, and just like Powell was forced to pivot in a dovish dance and capitulate to his war on inflation, Trump was immediately forced to capitulate in his tariff war on China. Why? Because the bond market would not let him act as forcefully as he spoke.
IN SUCH AN OTHERWISE OBVIOUS BACKDROP OF FIAT DECLINE, THE WORLD KNOWS THAT IT IS FAR SAFER TO USE PHYSICAL GOLD AS A STORE OF VALUE THAN A UST OR USD.
The USA is losing leverage, power, respect and trust because less and less counter-parties, nations and actors trust its IOU’s. This is particularly true of China, once (but no longer) a major buyer of USTs. Rather than flee to the safety of the UST in a moment of volatility, the world dumped those bonds in April. Why? Very simple: The world is losing faith, trust and interest in: 1) an IOU issued by a nation over its skis in unsustainable debt and 2) in a nation that has also weaponized that IOU in 2022 against a major political adversary. In other words, not only is the world reserve currency and IOU debt-soaked and hence discredited, it is politically weaponized— a veritable double whammy against it.
And so, Trump quickly caved and the markets immediately recaptured an another $4T in instant
market cap as the globe breathed a temporary sigh of relief…The Western media declared this otherwise policy fiasco as just a clever moment in the “art of the deal.” Crazy . The markets, grotesquely over-valued by every metric and unloved by even Warren Buffett, who is hundreds of billions in cash, continues to keep its nose above water (for now) on headlines rather than fundamentals.
And as for that so-called Tier-1 asset, the laughable 10-Year UST, when measured against actual rather than reported inflation, it is offering a negative return, which technically makes it a defaulting bond. In short, the so-called “risk-freereturn” of Uncle Sam’s IOU is objectively nothing more than “return-free-risk.”
If WE see this, of course, the rest of the world does too. This explains why as early as 2014, central banks have been net dumping USTs and net purchasing physical gold, which even the BIS had to concede in 2023 as a better Tier-1 asset than a UST. This process of dumping Uncle Sam’s IOUs in favor of physical gold only got stronger once the USA, in a moment of myopic insanity, weaponized a neutral reserve asset against Russia in 2022. Prior to that moment of, well, stupid…annual central bank purchasing of gold stood at 118 tons, but after 2022, that annual number skyrocketed to over 290 tons.
Such de-dollarizing is a theme we foresaw in 2022, and the pace is undeniable as the BRICS+ nations steadily trade outside the USD, including
20% less global oil purchases outside the once sacred petrodollar. Recent outflows of physical gold from the COMEX, moreover, are yet just another sign of counter-parties (whales) seeking physical gold while retail guppies still chase market tops and dangerously “de-worsified” (or diversified?) bond allocations. In short, the move away from the UST and USD is not a “gold bug” argument, it is an objective turning point in the global financial system/disorder.
None of this means that the USD or UST is dead, or that the Yuan or Rubble (or any other currency) is soon to replace the USD as a world reserve currency. Nor does it mean the USD will soon become “gold-backed.” What it does mean is that the USD is openly losing its hegemony, which means the US is openly running out of options and leverage. We also know that the Fed’s real mandate is keeping its bond market bought and hence its bond yields (and cost of debt) down.
But if less parties are buying those bonds to keep yields down, the buyer of last resort will have to be the Fed. This is because there is no money in the USA—in tax receipts or GDP—to naturally buy those bonds. The Fed’s only source of liquidity to purchase the same is a mouse-clicker at the Eccles Building. In other words, fake money to solve a fatal/real problem. The inevitable bazooka money to come from the Fed will only serve to further debase the inherent purchasing power of an already debased fiat dollar, an inevitability of which we have warned for years.
In such an otherwise obvious backdrop of fiat decline, the world knows that it is far safer to use physical gold as store of value than a UST or USD. And as we have also warned for years, gold will not rise because gold is somehow magically strengthening. No. Gold is rising, and will continue to rise, because fiat money in general, and the USD in particular, will continue to fall in this historical debt trap. It’s just that simple. Even the IMF and the BIS have openly stated as much.
So, if the whales are swimming toward gold, why are so many investor guppies still hoping traditional assets will save them? And if the banking system, which has a long and objective history of failing to safely store and manage precious metals, let alone admit to their superiority—why would any gold investor store their metals there?
Currency risk, banking risk, inflation risk and geopolitical risk—their signs are literally all around us, and the solution, which we have argued for decades, is right in front of us. Store physical gold in segregated accounts within private vaults in protected/legal jurisdictions outside of the banking system. Save in gold. Spend in fiat. It’s what the whales are and have been doing, so why keep acting like a guppy? EG
For further information, please visit: www.VonGreyerz.Gold
Pento Portfolio Strategies
The stock market has already factored in the annulment of tariffs, the resumption of the Fed’s rate cutting cycle, and the extension of the Trump tax cuts expiring this year. The S&P 500 is back to trading at 22x projected earnings growth of 14% in 2025, which is extremely high given US GDP shrinkage in Q1, along with the margin pressure from tariff issues.
Article by Michael Pento CEO, PENTO PORTFOLIO STRATEGIES
The red-hot trade war cooled down temporarily when President Trump took the tariffs on China down to 30% from 145%. But much damage has already been done. Peter Friedmann, executive director of the Agriculture Transportation Coalition (ATC), told CNBC that US agriculture is facing a crisis due to canceled purchases. The US Department of Agriculture reported farms are suffering from massive losses, pricing pressures, declining demand, and layoffs due to the trade wars.
But whatever the level of tariffs end up to be, prices are going even higher from their alreadyunaffordable lever. Inflation has become the salient issue for the US consumer, especially those in the bottom four quintiles. For instance, 11.1% of all credit card holders now make only the minimum down payment on their outstanding balances. This is the largest percentage on record in the 12-year history of this data series. A Lending Tree survey found 25% of buy now, pay later users fund grocery purchases with this type of loan. This is an increase from the 14% figure in 2024. Also, 41% of survey respondents said they made a late payment on a Buy Now Pay Later loan in the past year, up from 34% last year. The Federal Reserve’s preferred inflation measure, the personal consumption expenditure price index, sharply increased by 3.6% in Q1, up from 2.4% in Q4 last year.
The economic data shows significant deterioration, even before disruptions caused by recent tariff changes. It is important to note that previous data includes preemptive actions taken by consumers and corporations regarding
tariffs. Upcoming reports are expected to indicate a decline in soft data translating into hard data soon. Additionally, GDP in the first quarter decreased quarter-over-quarter at a seasonally adjusted annual rate (SAAR), suggesting we are already halfway towards a technical recession.
Additionally, the trade deficit has widened considerably, increasing pressure on the administration to secure more favorable trade deals. This, in turn, is expected to exert further downward pressure on GDP growth.
Regarding the bond market, the US 10-year benchmark rate has experienced considerable volatility and several significant spikes in recent months. That is a very unusual and humongous move in such a short period of time. Why would that volatility occur in the context of a slowing economy, which has always brought out buyers in the past?
I wrote a book predicting the eventuality of this bond market debacle in 2013. The book’s prediction of a bond market crash was based on the pathway toward US insolvency and the destructive inflation
concomitant with intractable debt. Inflation has already exceeded the Fed’s 2% target for the past 4 years, and tariffs are exacerbating it. And our nation’s debt is now a staggering $37 trillion, equal to 123% of GDP and 720% of Federal revenue. On top of this, Washington is trying to extend Trump’s 2017 Tax Cut and Jobs Act, which is projected to add $4 trillion to the deficit over the next decade.
REGARDING THE BOND MARKET, THE US 10-YEAR BENCHMARK RATE HAS EXPERIENCED CONSIDERABLE VOLATILITY AND SEVERAL SIGNIFICANT SPIKES IN RECENT MONTHS.
The tariff situation will also mean there will be a smaller trade surplus on the part of our creditor nations to recycle into Treasuries. In addition, China is most likely selling US debt and then selling the US dollar. But instead of exchanging those dollars for Yuan, they are converting them for gold. The direct evidence of this trade can be found in interest rates rising, just as the dollar is plunging and sending gold to record highs. Without China, Japan, and other foreign investment in our bond market, the US will struggle mightily to find enough domestic buyers (excluding the Federal Reserve) to supplant those bids.
It isn’t much of a mystery why gold, which is real money, is replacing the USD as the world’s reserve currency. Also, Hedge funds have been heavily
engaged in reckless investment strategies that involved being long Treasuries with 100:1 leverage.
And we can’t leave out the largest foreign holder of US debt, Japan. Long duration Japanese Government Bonds are spiking at an even faster pace than that of the US. For example, the Japanese 10-year note surged from .22% in October 2022 to its current level of 1.5%. This means the domestic Japanese investor has, for the first time in nearly a decade and a half, a viable alternative to owning US bonds.
However, perhaps the most important reason for the chaotic trading of US treasuries is the lack of liquidity. The Reverse Repo facility, where banks’ $2.5 trillion of excess reserves once laid fallow and collected interest at the Fed, has been pouring into the bond market for the past two years. That enormous amount of credit was readily available to purchase Treasuries but has now dwindled to just $88 billion.
The credit market chaos is just one example of the dangerous leverage in the financial system. But what else would you expect when nominal interest rates were close to zero, and real interest rates were negative for most of the 15 years between 2008 and
2023? There is no timeframe in US history that comes close to this decade-and-a-half deformation in the cost of money. Of course, we do have the history of those six years between 1974 and 1980, where real rates were negative, and that led to that infamous economic period marred by stagflation.
Today’s credit crisis will not remain in the Treasury complex alone. Today’s banking system is also chock full of leveraged loans, CLOs, Private credit, Junk bonds, RMBS, CMBS, and FHA loans, which are the new subprime mortgage crisis in waiting, jumped by 1000% since the GFC.
Despite ups and downs, the stock market is still in big trouble unless the following three conditions are met:
1. There must be an imminent cessation of the tariff war. Meaning all countries must stay at the current 10% level or below after the 90-day reprieve ends in July.
2. The Tax Cut and Jobs Act (TCJA) gets extended, and the debt ceiling is raised by this summer.
3. The $4 trillion increase in deficits over the 10-year horizon, as a result of making the TCJA permanent, does not cause a revolt in the bond market. A retest of the April lows is likely if the above conditions are not.
As always, we will own whichever equity, bond, commodity, or currency best fits the second derivative of inflation and growth. Unbiased and active management truly has its advantages. EG
For further information, please visit: www.pentoport.com
Email - mpento@pentoport.com Office - 732-772-9500
Cell - 732- 213-1295
Switzerland retains the gold standard for trust setup in 2025, thanks to its reputation for financial confidentiality, a strong legal framework, and institutional stability. Swiss trusts are governed by the Hague Trust Convention, and while the country does not have a domestic trust legislation, it recognises foreign trusts and enables their administration within Swiss territory, reports Shannon Berkley.
Political stability, a thriving banking sector, and high-quality fiduciary services are among its strengths. However, Swiss transparency rules have strengthened following the Common Reporting Standard (CRS) and FATCA accords, which may prevent clients seeking complete discretion. Despite greater setup and maintenance costs, Switzerland is a preferred destination for HNWIs that value reputation, estate planning efficiency, and access to high-quality financial services. Real estate acquisition through trusts is permissible but severely controlled, and tax neutrality may be contingent on the origin of the assets and the settlor’s tax domicile.
Because of its flexible regulations and costeffective structure, the British Virgin Islands remains the market leader in offshore trust formation. The Virgin Islands Special Trusts Act (VISTA) is especially appealing to settlors who desire to maintain control over trust assets— particularly shares in family-owned businesses— without interference from trustees. Key benefits include no capital gains or income taxes, excellent asset protection (up to a two-year statute of limitations for fraudulent conveyance claims), and ease of administration.
VISTA trusts are commonly used for dynastic planning and offshore company holding arrangements. The BVI has responded to global transparency challenges by enacting economic substance legislation and beneficial ownership disclosure. Despite these modifications, it remains
a preferred choice for clients seeking anonymity, generational asset preservation, and company continuity.
The Nevis International Exempt Trust Ordinance includes some of the world’s most powerful asset protection features. Trusts in Nevis are immune to international judgements, and creditors must post a bond of at least $100,000 before taking legal action. This makes Nevis an ideal jurisdiction for persons who are at risk of litigation, such as business owners or professionals. The one-year statute of limitations for fraudulent transfer allegations, along with the steep legal hurdles for court acceptance of foreign verdicts, is a substantial deterrent to claimants. While Nevis has no income or capital gains tax on trusts, the island’s reputation has been questioned due to apparent secrecy. Nonetheless, with increased conformity with international standards, Nevis provides an attractive blend of privacy, legal robustness, and affordability.
Belize trusts are controlled by the Belize Trusts Act, which includes strict confidentiality rules and tax breaks for non-resident trusts. Belize also does not recognise foreign judgements, which provides further legal protection. Trust establishment is simple, with few reporting requirements and low ongoing costs. Asset protection is strong; creditors have one year to challenge transfers, and they bear the burden of proof. Belize also allows settlors to retain authority through reserved powers, making
it appealing to individuals seeking involvement without giving up legal protection. However, Belize is under international pressure to improve openness and may face reputational problems comparable to other minor offshore jurisdictions. Nonetheless, for quick setup and solid protection, Belize remains a viable candidate in 2025.
The Cayman Islands remains a top trust jurisdiction, especially for institutional clients and fund-related trusts. Cayman offers both flexibility and innovation, with no income, estate, or inheritance taxes and a well-developed legal structure that includes STAR trusts, which allow for non-charitable and nonhuman beneficiaries. STAR trusts are suited for complex family governance, philanthropy, and permanent asset holding. Cayman also maintains a firewall to safeguard trusts against foreign law claims involving inheritance or matrimonial disputes.
While more expensive to establish and manage than other offshore centres, Cayman has a strong reputation, top-tier fiduciary service providers, and a dynamic financial environment. Offshore property can be kept in trust, but local rules limit
non-residents’ property ownership, necessitating institutions such as exempted companies or local middlemen.
Panama trusts, or ”fideicomisos,” are governed by Law 1 of 1984 and serve both local and international clients. They provide tax breaks on foreign-sourced income, high degrees of confidentiality, and legal recognition for asset
protection agreements. Panama’s geographic location, dollarised economy, and developed banking industry make it especially appealing to Latin American clients and those doing business in the region. The trust regime permits discretionary trusts, fixed-interest structures, and charitable foundations. However, regulatory reforms, such as the UBO (Ultimate Beneficial Owner) record, have compromised the traditional anonymity of Panamanian organisations. Nonetheless, Panama remains a strong jurisdiction for regional estate planning, and its compatibility with civil law traditions makes it an obvious choice for continental European or Latin American settlors.
Liechtenstein has one of the most sophisticated legal infrastructures for wealth preservation and succession planning, integrating civil law foundations with trust concepts. The Liechtenstein Persons and Companies Act (PGR) governs trusts in the country, and settlors have the option of registering them publicly or privately. The country’s membership in the EEA provides it with unique financial access to the European market while allowing it to avoid the EU’s most stringent regulatory frameworks. Liechtenstein trusts can hold property, stocks,
and business shares, and they are frequently used in conjunction with Liechtenstein foundations to develop long-term governance plans. The costs are higher, and there is more bureaucratic friction than in standard offshore countries. Nonetheless, Liechtenstein attracts ultra-high-net-worth individuals seeking sophisticated cross-border planning tools with European credibility.
Switzerland offers strong reputation and EU banking access, with moderate asset protection and privacy; taxation depends on the structure. The BVI has no taxes, high privacy, and strong protection under VISTA trusts, making it ideal for flexible structures. Nevis stands out for very strong asset protection and litigation deterrents, while Belize offers a fast, low-cost setup with decent protection and privacy.
The Cayman Islands combine a top-tier reputation and strong protection with no taxes, known especially for STAR trusts and a robust fund ecosystem. Panama provides high privacy and no tax on foreign income, appealing to Latin American clients with its civil law trust model. Liechtenstein, though more formal, offers strong protection, low taxes, and EU-compatible structures blending trusts and foundations.
The global landscape for trust jurisdictions is always changing, impacted by transparency initiatives, geopolitical tensions, and compliance rules. While conventional offshore jurisdictions such as the BVI and Nevis continue to service privacy-conscious customers, increased scrutiny from the OECD, FATF, and G20 poses reputational and legal risks. Emerging trust jurisdictions, such as Singapore, the Cook Islands, and Luxembourg, are gaining appeal by providing modern legal frameworks and improved worldwide perception. Singapore, for example, has high regulatory standards, tax neutrality for foreign trusts, and stability that appeals to Asian HNWIs.
Furthermore, as governments tighten real estate ownership reporting and financial transparency rules, utilising trusts to buy and hold property offshore becomes increasingly difficult—though not impossible. Cayman and Panama still provide viable options for arranging real estate ownership through stacked vehicles, despite increased compliance expenses.
Each jurisdiction offers a distinct set of benefits geared to certain priorities—whether privacy, asset protection, tax neutrality, or estate planning sophistication. The ideal trust country in 2025 is ultimately determined by the settlor’s objectives, tax residency, risk appetite, and estate complexity. A multi-jurisdictional approach, which combines the strength of one trust regime with the advantages of offshore banking or corporate structures in another, is an increasingly popular and resilient technique. EG
The Isle of Man has become one of the most respected jurisdictions for gaming law and regulation. Years of strong governance, technological investment, and legal foresight have created a framework that attracts serious operators and global brands, says Cheryl Jones.
With zero corporate tax, a progressive approach to cryptocurrency, and a licensing regime built on trust not volume - it’s no surprise the island is home to many of the world’s top gaming businesses. However, running a gambling business from the Isle of Man is not a plug-and-play operation. Before you can apply for a license, you need to establish a local company, appoint two resident directors, and have your core servers hosted on-island or in an approved jurisdiction. That requirement alone sets the tone for the island’s philosophy: infrastructure must be real, oversight must be enforceable, and the business must be accountable
The Isle of Man Gambling Supervision Commission (GSC) is the regulator of all gamingrelated businesses and activities in the jurisdiction and is known for balancing operator success with consumer protection. That is a rare combination. Unlike other jurisdictions that favour volume or speed, the GSC imposes high standards around game fairness, anti-money laundering, responsible gambling, and cybersecurity. This makes the island ideal for operators who value compliance, player trust, and long-term market access, filtering out the unserious.
To get licensed, applicants must submit a comprehensive business plan, AML/CFT strategy, technical documentation, and undergo fit-andproper checks for directors and shareholders.
It’s a full exam. The application fee is £5,000, and annual license fees range between £35,000 and £50,000 depending on turnover and complexity.
But for those who pass, the benefits are immediate: better access to banking, trust from payment processors, and global recognition. It’s a high bar with high reward. Approval generally
takes between 10 and 12 weeks. There is a reason for that. The GSC evaluates financials, infrastructure, ownership structure, and the potential risks posed to both players and the jurisdiction. Once approved, licensees are closely supervised but granted the operational flexibility to scale quickly and globally. It’s governance, not restriction. Notably, the Isle of Man is one of the few jurisdictions that actively embraces crypto gaming—so long as compliance standards are met. If you’re a Web3 gaming startup or a crypto casino looking for legitimacy and structure, this is a jurisdiction that understands your needs without compromising on standards. It’s forward-thinking, not reckless. That’s rare in 2025.
Operators often compare licensing options in the Isle of Man with those in Malta, Curacao, Gibraltar, and Estonia. Not all are equal. Curacao is fast and cheap, but its reputation for weak oversight can cause banking headaches and reputational damage. Malta offers strong EU access but has
come under scrutiny in recent years for inconsistent enforcement. Others have limits. Gibraltar has prestige, but Brexit has created uncertainty around EU operations and licensing clarity. It’s complicated. Estonia is efficient and wellstructured, but its high corporate tax and narrow license types make it better suited for regional, not global, operators.
The Isle of Man, by contrast, provides institutional trust with financial flexibility, technological support, and real legal certainty. It’s not the cheapest, but it is the most dependable. There’s no capital gains tax, no withholding tax, and most gaming operations pay zero corporate tax. That’s meaningful . For businesses with international player bases, these fiscal policies allow greater reinvestment into growth, technology, and responsible gaming programs. That’s not just good for business but good for the ecosystem as it encourages quality.
The global online gambling market is projected to reach over $130 billion this year. That’s a massive year-on-year growth. Yet amid the growth, regulatory crackdowns, banking restrictions, and public pressure are making it harder for operators to find stable homes. This makes the Isle of Man’s open-yet-regulated environment a rare gem that provides balance. Blockchain-based gaming, token economies, and NFT-powered experiences are finding regulatory traction here. The government and the GSC have taken proactive steps to integrate these technologies into existing licensing frameworks, offering a safe regulatory runway for innovative ideas.Rather than suppress new models, the island works to regulate them effectively. There’s also an emerging ecosystem of technical partners, KYC providers, server hosts, and data centres
operating on the island. A complete stack. This infrastructure allows startups and scaleups to find everything they need in one place—from licensing to launch. It reduces friction and encourages longterm growth, building resilience.
Operating ethically is not just a compliance requirement - it’s a competitive advantage. The Isle of Man enforces this by mandating that operators implement deposit limits, self-exclusion tools, loss tracking, and behavioural analytics to detect problem gambling. These are non-negotiables for maintaining a license to protect businesses and consumers. Marketing and advertising must also follow strict codes to prevent targeting vulnerable people , including the financially unstable or underage. It’s not optional. This is a jurisdiction that recognises the potential harm gambling can cause and insists that operators do something about it before the damage is done. That makes businesses better and protects reputations.
Partnering with local organizations, and support services is encouraged and increasingly seen as standard practice. The long-term business case for responsible gambling is strong - less regulatory risk, more loyal customers, and fewer
complaints. Operators who ignore this trend do so at their own peril as they might find themselves in murky waters or operating outside the legal framework for the industry.
The Isle of Man has served as a launchpad for some of the most successful gaming platforms in the world. The results speak volumes. PokerStars, one of the first major players to embrace the island, has operated from here for years, citing strong regulatory backing and legal certainty. Others, like Microgaming, 188BET, and Annexio, have followed suit and flourished. It’s a magnet for ambition. These are well-known names in the gaming space. Their success has validated the island’s model and encouraged others - from software providers to white-label platforms - to set up shop. That self-reinforcing ecosystem of success is something no jurisdiction can copy overnight. It compounds over time.
What further sets the Isle of Man apart is the depth of local expertise. There’s ample help available for businesses and operators. Law firms like MannBenham Advocates, Keystone Law, and
Appleby Global offer gaming-specific legal support ranging from incorporation and compliance to IPO structuring and licensing strategy. They serve both startups and established players with equal competence.
Consultancies like SolutionsHub and Quadrant Global assist crypto-native projects and next-gen gaming ventures with regulatory strategy, onboarding, and product compliance.
For wealthy individuals or consortiums looking to build a compliant, scalable gaming business, these advisors are essential allies. And their presence on-island makes everything more efficient, speeding up execution.
The Isle of Man has positioned itself not as just another offshore licensing hub, but as the gold standard for regulated, responsible, and futureready gaming operations.
Its licensing regime may be demanding, but that’s precisely why it commands international respect and delivers real business value. For operators who want to scale with confidence, protect their customers, and innovate without fear, this is where you go if you want the assurance that your business will be protected and can grow efficiently. EG
The structure of the UK legal system provides a variety of benefits to overseas property investors such as a clear and established legal framework, certainty of law and title, and a competitive tax regime. The legal system in the UK has developed from a combination of statute and case law, writes Cheryl Jones.
Wealthy Americans are increasingly looking at the UK as a safe haven amid political uncertainty in the United States, with surging demand for prime countryside homes and UK citizenship applications up 26% year on year. There are fortunately no restrictions on foreign investors buying property in the UK and either a company or an individual may purchase, rent or lease for the purpose of residential use or investment. Since 1925, there have been two main distinctions in land that have existed, which are the freehold estate and the leasehold estate. It is critically important to distinguish between the two before investing. A freehold interest grants the holder of the estate with absolute ownership of both the property and the land underneath on which the property stands, for an unlimited duration of time.
A leasehold interest bestows the holder of the estate with rights of possession and use of the land, but not ownership. The lease is granted by a freeholder for a fixed term in exchange for the payment of rent, with the property reverting back to the freeholder at the end of the term. The UK’s leasehold system has faced significant controversy due to concerns about high service charges, escalating ground rents, and the difficulty associated with selling or extending leases, particularly for new-build properties. Leaseholders will normally buy the right to occupy the property for a period of 99-125 years, but the freeholder remains the owner of the land. A 999 year lease (also known as a ‘virtual freehold’) is a long-term lease arrangement that enables property ownership for a nearly-indefinite period and can increase its market value by at least 5%. The UK Government has more recently brought fourth measures to introduce a ban on the use of leasehold for new flats.
The rules governing British legislation are derived from three sources which are domestic
A FREEHOLD INTEREST GRANTS THE HOLDER OF THE ESTATE WITH ABSOLUTE OWNERSHIP OF BOTH THE PROPERTY AND THE LAND UNDERNEATH ON WHICH THE PROPERTY STANDS...
legislation, such as statutes and Acts of Parliament, common law made by the judiciary and European Community law, which takes precedence to UK law. The structures which may acquire and hold property in the UK include the Limited Company, the Partnership with unlimited liability, the Limited Liability Partnership, which is a separate legal entity providing limited liability, the Joint Venture, which is a commercial arrangement between two entities formed for the purpose of executing a particular commercial activity, the Real Estate Investment Trust (REIT), which enables investors to buy shares or units to invest in property, and the Property Unit Trust, which consists of a trust deed agreement agreed upon by the trustee (normally an insurance firm or a bank) and manager who is responsible for investing the assets of the trust in accordance with the terms of the trust deed. EG
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The Kingdom of Thailand is a nation on the Indochinese Peninsula which is bordered to the southeast by Cambodia, to the northwest by Myanmar, and to the northeast by Laos. With a population of nearly 66 million, Thailand is a newly industrialised country and was the 9th largest economy in Asia with a GDP of $548.9 million in 2024, writes Thomas Hughes.
Thailand is located in the middle of mainland Southeast Asia, with a total size of 513,120 km2 (198,12 sq mi) and controls the singular land route from Asia to Malaysia and Singapore. This country which was historically known as Siam, became a constitutional monarchy and changed its official name to Thailand following a revolution in 1932. Its currency the Thai Baht is ranked as the tenth most frequently used currency in the world, and foreign direct investment is a critical element of Thailand’s economic development. The country continues to remain one of the most successful nations in the region in attracting FDI, due to its welcoming environment to investors. From the establishment of the Office of the Board of Investment (BOI) in 1866, this institution has been tasked with promoting domestic and international investment in Thailand. The country can be divided into six geographical regions which are known as:
The North Region – Northern Thailand (also known as Lanna) is a mountainous region with high forested mountains, steep river valleys and upland areas bordering the central plain. The mountain ranges continue from the Shan Hills in bordering Myanmar to Laos and the region has a tropical savanna climate. There are 50 national parks, with Doi Phu Kha National Park being the largest. The rivers Wang, Ping, Nan and Yom, unite in the lowlands of the lower-north and uppercentral regions and the natural topography enables a variety of agriculture, with a diverse range of farming practices. These include field crops like rice and maize, as well as specialty crops like tea, coffee and tobacco in addition to fruits and vegetables.
Chiang Mai and Chiang Rai are renowned for their high quality coffee, oolong and green tea. There is a growing emphasis on organic farming and sustainable agricultural practices in Northern Thailand.
The Northeast Region – Northeast Thailand (also known as Isan) consists mainly of the dry Khorat Plateau and is home to one third of Thailand’s population, majority of which is ethnically Lao. While it has a long dry season with poor soils and land covered by sparse grasses, it is the perfect environment for the growth of the region’s staple food, which is sticky rice- and this agricultural crop accounts for 60% of cultivated land, requiring flooded, poorly drained paddy fields. There are 26 national parks in Isan, among which the most famous are Khao Yai National Parkin Nakhon Ratchasima Province and Phu Kradueng National Park in Loei Province. Rubber, silk, cassava and sugarcane are also cultivated in this region, as is the highly prized Siamese Rosewood.
The Central Region – Central Thailand (also known as Siam or Dvaravati) is one of the regions covering the broad plain of the Chao Phraya River and is the nation’s main driver. It is a vibrant hub for manufacturing and agriculture and is the economic powerhouse of the country, contributing significantly to Thailand’s exports. This is also primarily due to its high population density and the location of the capital, Bangkok. Known colloquially as Krung Thep, the city is a major tourist destination that generates substantial income for the region and is also a financial hub attracting business and investment.
The East Region – Eastern Thailand is home to The Eastern Economic Corridor (EEC) - a
special economic zone of three provinces in the region, providing tax breaks and incentives. Eastern Thailand has a large concentration of electronics, heavy manufacturing, automotive and petrochemical industries which attract foreign investment. In addition, government facilitated infrastructure development and incentives remain
attractive prospects for both domestic and foreign investors and it is a strategic location along the Gulf of Thailand that enables direct access to major shipping routes.
The West Region – This area bordering Myanmar to the west, is a region consisting of five provinces. Steep river valleys and high mountains dominate Western Thailand’s topography, with water and minerals such as iron, limestone, gold and gypsum being important resources in the region. This part of Thailand is home to many of the nation’s significant dams including Vajiralongkorn Dam (also known as Khao Laem Dam), Huai Kui Mang Dam, Mae Klong Dam and Huai Kum Dam. Mining plays an important role in this region, including the mining of zinc, lead, basalt, tin, rubies and sapphire.
The South Region – Southern Thailand (also known as Southern Siam or Tambralinga) is located on the Malay peninsula, with steep coasts on the West and river plains on the east side. Southern Thailand is connected to Bangkok by highway, railway and the major transportation hub of the
area is Hat Yai. The region is a major producer of rubber, palm oil, coconut oil and manufacturing is concentrated around processing of food and agricultural products. Fishing, frozen and canned seafood are highly important here. Home to the famous Phang Nga Bay, where the James Bond movie The Man with the Golden Gun (1974) was filmed, Southern Thailand is also known for its beautiful islands and beaches.
Thailand has benefitted from being a consistent recipient of foreign investment as well as from its geostrategic position as the nucleus of the ASEAN free trade bloc, with free trade access to China and India. Agriculture is highly competitive in Thailand, with rice being the most important crop accounting for 17.5% of all food exports, followed by chicken, sugar, processed tuna, tapioca flour and shrimp. Thailand is the third largest producer of crude palm oil in the world, the second-largest exporter of sugar and the world’s number one exporter of rubber. Practically all of Thailand’s companies, some 99.7% are categorised as small to medium enterprises (SMEs).
Thailand is a business friendly country and foreigners can consider setting up a Thai limited company to initiate business operations and access to one of Asia’s most dynamic growth markets. There are however, several criteria you must meet and it is important to check that it is an industry that foreigners can work in. Sole proprietorship is a legal structure that is only available to Thai citizens, The most common type of company structures are the partnership, the private limited company (limited by shares) and the public company.
Partnership – This entity must have a minimum of two business owners, but there are no company shares or shareholders. The types of partnership which exist in Thailand consist of the Non-Registered Partnership, which is an unlimited partnership where the owners assume full liability and pay personal income tax on their share of profits. The Registered Partnership is a structure where the business is registered a separate legal entity that pays corporation tax, with owners not being liable for debts of the business. The Limited Partnership is a hybrid structure where at least one partner in charge of managing the business is fully liable and the other partner has limited liability. Unless the business has a BOI or Department of Business Development license, foreign ownership of these structures may not exceed 49%.
Private limited Company – The structure must have a minimum of three owners or directors who are employees of the company, which is a separate legal entity liable for the payment of corporation tax. For this structure, capital is divided into shares and the owners are the shareholders, although foreign ownership again must not exceed 49%, with 51% owned by Thai nationals, except where the business has a BOI or DBD license. With limited liability, debts are the responsibility of the company rather than its owners.
Public Company – This structure requires a minimum of 15 owners and because the shares of the company may be sold to the public, this company may be listed on the Thailand Stock Exchange. Foreign ownership of public companies in Thailand is also restricted to no greater than 49%, unless the relevant BOI or Department of Business Development license is obtained.
The process of establishing a business begins with setting up an account and registering with the Department of Business Development, registering your business name, preparing the Articles of Association, list of shareholders setting up a shareholder meeting to prepare documents and pay initial capital into the company bank account, registering the business at a local DBD office, as well as registering with the Inland Revenue to obtain a business tax ID. Either a Foreign Business Certificate or Foreign Business License must also be acquired to start a business with more than 49% foreign ownership. Moreover, foreigners must have a work visa to setup a company in Thailand and can choose from the Non-immigrant B visa to startup or invest in a registered company in Thailand, or the SMART Visa, which was designed to attract highly skilled workers and entrepreneurs. EG
New Zealand is an island nation in the southwestern Pacific Ocean, with a highly developed free-market economy. With a cultural values rooted in ‘Manaakitanga’, the core principle of Māori culture, the nation has a sense of community ranked 8th in the OECD Better Life Index measuring 41 different countries, reports Rachel Smith.
As the sixth-largest island country by area with a land size of 268,680 km2 (103,740 sq mi), New Zealand is located south of the islands of Fiji, Tonga and New Caledonia. Consisting of three main islands known as the North, South and Stewart Islands, in addition to a large number of smaller islands, some of which are hundreds of miles from the main group. New Zealand is located approximately 1,000 miles (1,600 km) southeast of Australia and is a Commonwealth country that gained independence from Britain in 1947. Niue and the Cook Islands are self-governing states in free association with New Zealand.
The South Island (called ‘Te Waipounamu’ in Māori) is the largest by surface area, bordered to the north by Cook Strait, to the west by the Tasman Sea and is the world’s 12th largest island which constitutes 56% of New Zealand’s land area. The most densely populated cities on the South Island are Dunedin, Nelson, Invercargill and Christchurch. The North Island (called ‘Te Ika-aMāui’ in Māori) has twelve major urban areas which are Tauranga, Rotorua, Gisborne, New Plymouth, Napier, Hastings, Whanganui, Palmerston North, Whangarei, Hamilton, Auckland, and Wellington, which is the capital of New Zealand, situated on the island’s southwest.
The North Island is home to more than 75% of New Zealand’s residents and is the 14th largest island in the world. Auckland is the fastest growing region and is projected to account for 50% of the country’s population growth by 2050. Stewart Island (called ‘Rakiura’ in Māori) is located 30 kilometres south of the South Island, across Foveaux Strait and has an economy that relies mainly on fishing, farming, forestry and summer tourism.
Known for its diverse landscapes, New Zealand
possesses active volcanoes, deep glacier lakes, long sandy beaches, fjords and sharp mountain peaks, most notably of which includes the snowcapped peaks of the Southern Alps, which contributes to the nation’s scenic appeal. Hollywood certainly approves of such landscapes. With 150 locations spanning across both the North and South Islands chosen specifically to film all three of The Lord of the Rings film series, New Zealand’s wild rivers, mountain ranges, grassy fields and forests full of lush vegetiation, were an easy choice to depict Middle-earth’s mythical backdrop of hobbits, elves, and Dwarves. The country is also home to three World Heritage Sites, hosts 34 marine reserves and 13 national parks.
New Zealand’s advanced free-market economy ranks highly in indexes of human development and economic freedom. The New Zealand dollar is the main currency, informally referred to as the ‘Kiwi dollar’, which also circulates in Niue, the Cook Islands, Tokelau, and the Pitcairn Islands. National statistics data reveals that in September 2024, from a total of $572.3 Billion NZD in foreign investent in New Zealand, 57.5% originated from Australia, the UK, Singapore and the USA, with 27.7% being direct investment, 51.6% portfolio investment, 3.8% financial derivatives, and 17% classified as other investment. Approximately half of the total FDI is concentrated in financial and insurance services, with inflows being attracted by the favourable tax policy, political stability, low levels of corruption, good protection of property rights, high living standards, as well as the open and business-friendly economy.
New Zealand’s main strengths include a stable and secure environemnt with modern infrastructure in telecommunication networks and sophisticated energy networks, a highly trained
and versatile workforce, free movement of capital, proximity to Asian markets, as well as a simple and appealing tax system for FDI. The service sector remains the largestpart of the economy, followed by manufacturing and construction, tourism, as well as farming and the extraction of raw materials. Energy sources come from both renewable resources such as hydroelectric, wind and geothermal power, as well as fossil fuels. Hydroelectricity has reliably supplied the majority of the country’s power and manufacturing plays a significant role in employment and in contributing to GDP.
New Zealand is one of the easiest countries in the world to do business in, because there are very few restrictions on establishing, owning and operating a business. Labour costs are low and the workforce is highly qualified. New Zealand is not a traditional offshore center, but provides many of the advantages of an offshore jurisdiction. This is while the country benefits from not being percieved as a ‘harmful tax jurisdiction’ by the OECD, and New Zealand does not have a negative repuation in terms of offshore banking. There are no payroll, capital gains or social security taxes and property registration can be as swift as two days.
Private entities, both foreign and domestic,
limited. Shareholders are liable only for money owing on their shares and personal guarantees they have given to lenders or creditors.
NEW ZEALAND IS A PROGRESSIVE AND GLOBALLY CONNECTED COUNTRY THAT IS RANKED AS ONE OF THE BEST BUSINESS ENVIRONMENTS IN THE WORLD.
have the freedom to own business ventures and the government does not discriminate against foreign investors where the establishment and ownership of businesses are concerned. There are three types of company in New Zealand. These consist of the Limited Liability Company, the Co-Opeative Company, and the Unlimited Company. Reserving a name and incorporation can be swiftly completed in a mere hours.
Limited Liability Company - This is a company that has full responsibility for its legal and financial obligations and the liability of shareholders is
Co-Operative Company – This is a type of limited liability company whose purpose is to servce the common needs of its shareholders by offering them commercial services. This form of company must be under the majority control of members who are actively trading with the coop. Members may be suppliers, customers or employees, andn these companies operate across a variety of sectors.
Unlimited Company – The shareholders of this kind of company structure have liability for paying any debts the company cannot pay. This structure is typically used to suit very particular and usually foreign legal requirements.
Where taxes are concerned, 28% is the standard corporate income tax for companies, and branch offices. The inidividual income tax rate ranges from 10.5%, 17.5%, 30% and 33%, and the standard goods and services tax rate (similar to VAT) is 15%. As of January 2025, new visa conditions enable visitors to New Zealand to work remotely for an overseas employer or cient. Visitor visa holders must not work for a New Zealand employer, provide goods or services to people or businesses in New Zealand, or do work that requires them
to be physically present at a workplace in New Zealand. Generally if a digital nomad’s income is taxed outside of New Zealand, it will be exempt from domestic tax if the person does not spend more than 92 days in the country over a 12 month period. These days do not need to be consecutive. If the person is tax resident in one of the countries in which New Zealand has a tax treaty (including Australia, Europe, UK, USA and much of Asia), this period may be extended to 183 days. If the person is present in New Zealand for longer than the limit exemption, their income will be taxed.
New Zealand is a progressive and globally connected country that is ranked as one of the best business environments in the world. Renowned for its natural beauty, stable infrastructure and forward looking economy, New Zealand is rich with investment potential with endless possibilities for growth and starting a business as a foreigner can be a rewarding experience. Earlier this year, the country launched Invest New Zealand, which is a new agency that was designed to reduce red tape, offer support and increase FDI in critical sectors, thereby creating more opportunities for businesses and fostering economic growth. The future is bright indeed for Aotearoa. EG
France remains the most attractive country for industrial investment in Europe and has retained its centuries long status as a world leader of art, science and philosophy. With some of the finest beaches in Europe, cities of great cultural interest such as Toulouse, Strasbourg, Bordeaux, Lyon and Paris, the country also consistently ranks as the top destination for tourism in the world, with millions of international visitors, writes Rachel Smith.
For over three decades, France has been the most popular tourism destination on earth and the industry employs approximately 10.9% of the nation’s entire workforce. 89.4 million tourists visited France in 2024, according to the World Travel & Tourism Council, with tourism contributing approximately €254.7 billion to the economy and accounting for 9% of GDP. Paris as a city, hosts more visitors alone than entire countries, and is the third most visited city in the world. It has some of the world’s largest and renowned museums such as the Louvre, the Musée d’Orsay, the Musée de l’Orangerie. The Eiffel Tower is the most visited paid monument in the world and Disneyland Paris is Europe’s largest theme park.
France’s world renowned wineries, classical European architecture, and pristine Mediterranean beaches offer something unique for everyone, and France is home to an impressive 53 UNESCO World Heritage sites. The country is large, with much to explore. Northwest France is easily accessible for visitors from the UK and Europe, offering numerous coastal and inland tourist destinations with many attractions. This area of France includes Brittany, Normandy, and is essentially like a sunnier version of West England! The northeast of France includes Calais, Lille, Dunkirk, Valenciennes, Amiens and Strasbourg. You can access this region easiest from the southeast of England or Belgium. The heart of France is commonly referred to as the Île-de-France area, the most populous of the eighteen regions of France, which surrounds the nation’s famed capital city of Paris. Auvergne is a historical region in central France possessing scenic landscapes and distinct cultural heritage. It is primarily a rural, mountainous area that is very well-known for hiking and skiing. The most popular cities in
France are Paris, Nice, Cannes, Corsica, Pyrenees, Champagne and the French Alps.
THE SOUTH OF CALAIS HAS SMALL TOWNS AND A BEAUTIFUL COUNTRYSIDE TO VIEW, WHILE THE CHAMPAGNE-ARDENNE REGION IS FAMOUS FOR ITS SPARKLING WINES.
The south of Calais has small towns and a beautiful countryside to view, while the Champagne-Ardenne region is famous for its sparkling wines . Reims is the capital of the Champagne wine industry and the smaller town of Epernay, just fifteen miles south- is home to a lot of the most famous Champagne producers such as Moët & Chandon, (also known simply as Moët) and Perrier-Jouët, which produces approximately 3,000,000 bottles of vintage and non-vintage cuvée per year. France saw a record-breaking 100 million international visitors in 2024, originating mainly from Northern Europe and the United States. EG
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A strategic reserve is a stockpile of resources that are kept by governments in order to provide a safety net during hard times. Some notable examples of this include the US Strategic Petroleum Reserve and the United States Bullion Depository for gold, writes Oliver Taylor.
On March 6th, President Trump signed an executive order to establish a Strategic Bitcoin Reserve, which would be capitalised with Bitcoin owned by the federal government. At one point in time, the United States held 400,000 Bitcoin on the Federal balance sheet, but sold approximately half of the supply for $360 million dollars. If this portion had been held, the value would be worth $17 billion today. Bitcoin’s value may be volatile in the short-term, but over the long-term, its price has always moved upwards. There is a limited supply of Bitcoin which will eventually all be mined, and so if the United States holds an appreciating asset on its balance sheet, the presumed appreciation of value would help reduce the national debt.
As outlined in the BITCOIN Act, the United States is now planning to acquire one million Bitcoins, which is 5% of the total remaining Bitcoin supply. This would be done over a five year period, after which they are to be held by the treasury for at least 20 years with a restriction on sales. This could be used as leverage over China and Russia, who are divesting their U.S. Treasury bonds, and the bill mandates that the first $6 billion of earnings of the Federal Reserve banks each year, be used to purchase Bitcoin for the Strategic Reserve. In addition to this, the U.S. Digital Asset Stockpile for non-Bitcoin digital assets such as Ethereum, XRP, Cardano and Solana was established to provide decentralisation, diversification and financial sovereignty, while also attracting technological innovation in digital finance.
One of the problems with public blockchain cryptocurrencies like Bitcoin, is the lack of fungibility. With limited basic privacy features, coins can become ‘tainted’ and the single mining algorithm promotes centralisation. However, there are at least four digital assets which have far greater utility than Bitcoin, namely Monero, Epic Cash, Pirate Chain, and Zano. If a nation’s primary objective were to be the acquisition of a digital asset stockpile with the tools needed to hedge against inflation, reduce exposure to the traditional financial system, offer a decentralised store of value, and a globally accessible medium of exchange, these assets succeed spectacularly in doing everything that Bitcoin does- and much more Monero – The grandfather of privacy coins, Monero (XMR) is a private, secure, untraceable, decentralised cryptocurrency enabling users to become their own bank, and control their own funds. Monero uses technologies including stealth addresses, ring signatures and RingCT to obscure transaction details. Monero offers far better fungibility than Bitcoin and has emerged as the official standard bearer for the original cypherpunk vision of private, censorship-resistant digital money. Monero is supported by Atomic Wallet, Edge Wallet, Ledger and Cake Wallet, with the latter enabling users to spend their hard earned cash by purchasing gift cards through Cake Pay. Prepaid cards are accessible in GBP, EUR, USD and CAD. The real world application of this is revolutionary and with Cake Pay being available in more than 140 countries, living off of Monero has never been easier. With this much utility already locked in, the emergence of the CBDC agenda could chart the dramatic ascendancy of Monero, which surged 150% in Q2 of 2025.
Epic Cash – Epic Cash is the peer2peer currency that Bitcoin was supposed to be, but better in every respect. Fully functional, adopted and utilised in more than 100 countries, this digital asset is battle-tested with 100% uptime and zero security incidents for over three years. Epic Cash has successfully processed hundreds of thousands of transactions, and has satisfied three principal functions of money as a store of value, a medium of exchange, and a unit of account. Putting the monetary communistic Orwellian notion of
Central Bank Digital Currencies to shame, Epic Cash is completely decentralised, fast and open to all, standing as a beacon of worldwide currency perfection. This phenomenal digital asset unlocks financial security and a worldwide transaction system for 1.8 billion people, enabling the possibility of paying anyone, anywhere, anytime, in any amount, for under a penny, directly from their phone, laptop or desktop. With a fixed supply of only 21 million coins, Epic Cash is digitally scarce, centralisation and censorship resistant, and also worth serious consideration by institutional players looking to diversify their holdings of digital assets. Since being adopted as a private, borderless currency, the value of Epic Cash has steadily increased, outpacing Bitcoin more than 200% since the market low of March 2020. Scaling to billions of transfers daily with near zero transaction costs, Epic Cash offers a robust and decentralised financial system that will continue to thrive for future generations, completely immune from banking crises and geopolitical turmoil. A multi-algorithm mining system enables any ordinary computer or mobile to mine Epic Cash using CPU and GPU, whereas Bitcoin can only be mined on ASICs. 3rd party wallet support includes EdgeWallet, TrustWallet, Atomic Wallet, Stack Wallet, in addition to proprietary Epic Pay wallet for Android and iOS devices. With the soft-pegged EUSD stable coin, you’ll no longer need Tether, either. No CBDC? No problem! We can also look forward to a groundbreaking book outlining Bitcoin’s purpose, restored- in the not too distant future.
Pirate Chain – In a time when privacy is a fundamental human right, Pirate Chain provides a sanctuary for those who respect this principle. This digital asset claims to be the ultimate, private, secure, fungible digital gold cryptocurrency, utilising classleading, cutting-edge privacy protocols. At the core of Pirate Chain is a team of developers originating from projects including Bitcoin, Zcash and Monero. Pirate Chain is a digital asset operating within a deflationary model. Halving occurs roughly every 270 days in order to stimulate token scarcity and amplify the ARRR token’s value. 3rd party wallets for personal custody of your assets are available such as Edge Wallet, Qortal and Verus Wallet, while proprietary software and hardware wallets from Pirate Chain increase your custody options. This digital asset protects the freedom, privacy and
financial sovereignty of its users far better than any CBDC ever could.
Zano – Zano is an open-source cryptocurrency and powerful ecosystem offering enterprise-grade privacy by default, security and scalability. This is a next generation blockchain designed to protect your privacy, with transaction address details completely hidden. Zano is a hybrid proof of work (POW) and proof of stake (PoS) blockchain, with Zano coin being the native token. Transaction fees are a mere 0.01 Zano, and the inflation rate decreases with growth; the token is a deflationary asset with less and less becoming available as usage increases. 3rd party wallets supporting this fantastic asset include Edge Wallet, Bitcoin.com and CakeWallet, enabling holders to spend their assets in the real world like Monero, while Zano’s proprietary software wallet is accessible on Windows, Mac and Linux. Zano’s Confidential Assets feature allows businesses and individuals to easily deploy their own privacyprotected tokens, developers can create exchanges, secure on-chain marketplaces, and even private stable coins.The Freedom Dollar (fUSD) is a decentralised, private, censorship-resistant stable coin protocol built on Zano, operating semi-autonomously through code and ensuring independence for anyone, anywhere. This is a far better solution than any centralised stable coin could offer!
Another extremely important mention is the Veritaseum project created by renowned financial analyst Reggie Middleton, who is the original patent holder for Decentralised Finance (DeFi) and peer-to-peer value transfer, owning patents in both the United States and Japan. His innovative Veritaseum token now enables users to buy SmartMetals, which are 1 OZ silver bullion rounds embedded with Veritaseum’s patented ‘566 and ‘246 DeFi technology, in what is certainly a world first of linking blockchain technology to redeemable precious metals.
HOWEVER, THERE ARE AT LEAST FOUR DIGITAL ASSETS WHICH HAVE FAR GREATER UTILITY THAN BITCOIN, NAMELY MONERO, EPIC CASH, PIRATE CHAIN, AND ZANO.
The fact of the matter is nobody wants CBDCs; whether they be ‘digital euro’s, ‘digital pounds’, ‘digital yen’ or ‘digital dollars’ that are issued top-down by a central bank, can be ‘switched off at the touch of a button,’ seized, or frozen. This is plain common sense, because while being cloaked in deliberately nebulous language like ‘stability’, ‘financial inclusion’ and ‘efficiency’, this would completely undermine financial sovereignty and hand the aforementioned issuing authorities full control over the source of our livelihood on a silver platter. This makes CBDCs far worse than cash, and even the current system we have now. The megalomaniacal push to completely digitise our financial system, doing away with our fundamental right to have physical banknotes is a scale of power grab that no level of ‘money laundering’, ‘cyber risk’, or ‘terrorism financing’ accusations could ever sensibly justify. This is why the decentralised, digital assets of greater utility mentioned in this article, present a better, logical alternative. True technological innovation and financial freedom for the masses, keeping the cypherpunk dream of cryptography alive. EG
he name Evija means ‘the first in existence’ or ‘the living one’. It was derived from Eve, the first woman on Earth from Biblical scripture, and the vehicle is a one piece carbon structure which is remarkably strong. The passenger cell is larger than typically expected for a hypercar; most similar vehicles require you to stand on the seats and slide in, whereas the Evija is easier to get in and out of, with everyday practicality considered in the design. A high performance four-motor electric powertrain with impressive handling and a whopping 2,011 horsepower (1.5 megawatts) and 1,700 Nm of torque, the Lotus Evija does 0-300 km in 9.2 seconds, and possesses more power at each wheel than the total power of any Lotus automobile ever produced. Production is limited to 130 cars and this vehicle does not just raise the bar for Lotus driving performance, but challenges the very essence of what makes a supercar. The Lotus Evija is among the most exclusive cars ever launched and urges us to envisage a future where the beautiful roar of engines is replaced by the humming pulse of electric propulsion.
TA SLEEK CARBON DESIGN
The Lotus Evija has a 93Kwh lithium-ion battery pack that sits in the centre of the vehicle behind the two seats, with cells that are liquid cooled and housed within a carbon fibre case. The chassis, body, panels and front sub-frames are uniquely engineered and entirely made of carbon fibre, in order to best aid structural rigidity. The car’s striking exterior is a perfectly proportioned blend of fluid forms and crisp lines. It is built using the same technology used on Formula 1 cars to make it light, strong, stiff and safe. The design appears shrink-wrapped over the mechanical components and the carbon fibre tub is the longest single piece of carbon fibre fitted to any road car, ever. There are no door mirrors, but instead- pop out rear view cameras, while the reversing camera on the interior roof can be viewed on the screen in place of the rear view mirror. Able to withstand extremely robust duty cycles, the battery pack was crushed, dropped, set alight and even frozen during testing, and was designed to withstand high-intensity use for up to eight minutes without significant de-rating. At a whopping 753 KG, the battery pack of the car alone weighs more than the Lotus Elise and is the heaviest component in the vehicle, although the
AND THE CARBON FIBRE
TUB IS THE LONGEST SINGLE PIECE OF CARBON FIBRE FITTED TO ANY ROAD CAR...
Ladies and gentlemen, the next generation of automotive performance has arrived! Designed by Anthony Bushell and Barney Hatt under British automobile designer Russell Carr, the Lotus Evija is a limited production electric sports car manufactured by Lotus Cars and is one of the most powerful automobiles on the road, writes Oliver Taylor.
Lotus Evija is still considered to be lightweight for an electric hyper car at approximately 1,887 KG (4,160 Ibs).
The batteries are housed in a way that almost replicates the physics similar to having an engine and because of where the battery is located, the vehicle feels like a mid-engine internal combustion car to drive. The software engineering of the Lotus Evija is just as impressive as the physical engineering. Expect a different world of torque and power; with no conventional rpm to have an audible reference point, this car will deceptively gather pace as you drive. With its unbelievable quickness, the Lotus Evija might have you feeling like you’re driving a spaceship! Despite this, the handling, braking and steering feel wonderful, and you really won’t miss having a screaming V12 engine. The F-1 style steering wheel with hydraulic power feels natural, with great tactility and buttons are grouped for intuitive control of functions like cruise control, phone use and Drag Reduction System (DRS) deployment.
Motorists can also look forward to next-gen controls with a state-of-theart digital display
providing motorists with important details like driver mode, remaining range and battery charge information which appears on screen and fades when no longer needed. The Lotus Engineering team are on a quest for innovation through creating new and more efficient technologies. The three core competencies they emphasize are their commitment to exceptional chassis and vehicle dynamics, a lightweight design, and overall aerodynamic efficiency. With the Lotus Evija, this is all clearly evident. Lotus Engineering is today renowned as an internationally recognised consultancy, providing a comprehensive range of technical services to many of the world’s wellknown car manufacturers and suppliers.
There are five modes which have been developed for precise performance which are; Range, City, Tour, Sport and Track mode. Range and City modes have 800 Nm of torque. Levelling up from here to Tour mode brings you up to 1,000 Nm. When you go into Sport and Track modes, the vehicle’s true potential is unleashed; the suspension stiffens up, and
you crank up to 1,700 Nm of torque. Track mode is highly alert and responsive, The car has a range of 195 miles, but this may be significantly less if you are in Sport mode on an empty road. When you select Track mode, the lower part of the diffuser recess to make the diffuser deeper, making the angle steeper, although Track mode is not possible on ordinary roads, because this requires the removal of the number plate. Your perspective of a vehicle can change from the road to the track, which is why it is important to drive in both environments.
The Lotus Evija also uses a unique concept of ‘porosity’ in its design, featuring Venturi tunnels through the rear quarter panels that channel air through the car. This creates downforce to aid cooling and the tunnels help manage air flow and counter low pressure behind the vehicle, reducing drag. The Lotus Evija’s aerodynamic properties are determined by the air flowing not just over and under the car, but also through it. Aerodynamics and thermal management engineer Richard Hill, has been an asset to Lotus since 1986, providing his expertise to ensure vehicle cooling, cabin ventilation, and thermal management systems work optimally. Hill stated that comparing the Lotus Evija’s aerodynamic performance to a regular sports car is ‘’like comparing a fighter jet to a child’s kite.’’
The front and rear electronic drive units contain two 500bhp motors together which are separately cooled, while each wheel is independently controllable. The Evija has a computer system that runs torque vectoring and runs all of the other systems on the car. The four e-motors provide a fantastic dynamic response and agility on the road and the fully automatic, self-adjusting system can instantaneously distribute power to any combination of two, three, or four wheels within a fraction of a second. The fully powered push button doors give way to an elegant carbon tub interior which is a combination of motorsport-inspired functionality and luxury. Supplied by an Italian company named CPC, the cabin incorporates lightweight carbon fibre shell seats with Alcantarafinished pads, incorporating black leather with gold contrast stitching, and gold finishes on the controls.
The interior style can generally be defined as minimalist in approach, with the focus being on essential elements and a clean aesthetic. The rear end of the vehicle is a stunning sight, with inboard suspension and heave damper visible through the glass. The tail lamps on the rear are designed to mimic the afterburners of a fighter jet, especially when seen at night. The car was designed, engineered and hand-built at Lotus Hethel headquarters in the UK, with about 85% of the vehicle’s components coming from UK suppliers. There can be no doubt that the Lotus Evija solidifies the UK’s status as the world leader in high-performance, advanced technology automotive manufacturing. Delivering luxury without compromise, the Lotus Evija offers an unprecedented performance enabled by electricity, and is a highly thrilling drive that lives up to its £2,300,000+ price tag. EG
Imagine being able to engage in cross-language communication, having detailed, lengthy discussions with real-time interpretation at your fingertips while you engage in international business? Thanks to the Timekettle WT2 Edge Translator Earbuds, this is now a reality, writes Thomas Hughes.
The Timekettle WT2 Edge is the world’s first pair of bi-directional simultaneous translation earbuds, and Timekettle confidently assert that with this nifty device you will be able to break down language barriers and connect with others in a whole new way. Enabling communication in 40 languages and 93 accents, covering 85% of the world’s population, the company has elevated the realm of translation by implementing a cutting-edge technical framework that propels their product in the areas of simultaneous interpretation, speech processing and AI translation. All you have to do is put one of these earbuds in your ear, handing the other earbud to a partner in order to have a conversation in two separate languages with an automatic realtime translation of speech . The earbuds are ergonomically designed for a comfortable and secure fit, inserting snugly into the ear, while the active voice cancellation in the device is better than competitor models on the market.
The build quality of the product is excellent, with powerful magnets that hold the earbuds within their white case, which also happens to function as a charger. The Timekettle WT2 Edge is perfect for those who work in a modern home office setting. The device relies upon a worldwide network of 15 servers which deliver rapid professional-level translations that ensure seamless communication during critical board meetings. Upon opening the Timekettle app on your phone you may choose from five of the individual settings, depending on your requirements; the ‘Simul Mode’ allows for natural, bi-directional communication and eliminates awkward pauses while waiting for the other person to finish talking. This is suited to fluid conversations in a quiet environment. The ‘Touch Mode’ enables instant translation and relay to your partner’s earbuds, being particularly suited to noisy environments. ‘Speaker Mode’ allows
THE BUILD QUALITY OF THE PRODUCT IS EXCELLENT, WITH POWERFUL MAGNETS THAT HOLD THE EARBUDS WITHIN THEIR WHTE CASE, WHICH ALSO HAPPENS TO FUNCTION AS A CHARGER.
you to connect to Bluetooth, is ideal for lectures, speeches, and is designed for one person. ‘Listening Mode’ enables up to six people to connect to a single phone, being perfect for hearing conversations in one-way scenarios such as meetings.
This innovative company has revolutionised modern day communication by providing instantaneous translation technology that eliminates long-standing barriers across a multitude of industries. The Timekettle WT2 Edge has a long battery life, proving 3 hours of interpretation without charging an 12 hours with its portable charging case. Retailing at £299.99, this trusty piece of equipment will encourage you to travel beyond your borders to places that you may not otherwise go with smooth, uninterrupted dialogue that outshines any other translation technology today. EG
AVIATION
British Airways
British Airways plc (BA) is one of the world’s best known airlines which has brought people, places and diverse cultures together for over a century. Headquartered in London with its main hub at Heathrow Airport, the airline is the flag carrier of the United Kingdom. Behind easyJet, British Airways is the second largest UK-based carrier based on international flights, passengers carried and fleet size, according to Rachel Smith.
Over the last 100 years, British Airways has become one of Britain’s most iconic and visible brands. It launched the world’s first international flight service, the first jetliner, and the first ever supersonic passenger plane. Created in 1974, British Airways was established by the UK Government to merge the nationalised British Overseas Airways Corporation (BOAC) and British European Airways (BEA), with two regional airlines known as Cambrian Airways and Northeast Airlines. This merger was the culmination of a process beginning in 1971 with the introduction of the British Airways Board, which was a body created to control the operations and finances of the BOAC and BEA. Soon afterwards in 1976, British Airways acquired Concorde, operating the aircraft on transatlantic services. It was joint venture between two European nations to develop an aircraft unlike any other, transporting passengers at unbelievable speeds and marked a time in history where humanity could cross the Atlantic Ocean from New York to London in a mere three and a half hours. Travelling at twice the speed of sound and significantly reducing travel time across destinations, the British Airways Concorde was an emblem of British engineering, aviation prowess, and was subjected to 5,000 hours of testing before it was first certified for passenger flight. The travel experience was more like a cocktail party with free flowing champagne and caviar. This supersonic aircraft renowned for its speed, luxury and prestige, flew more than 2.5 million travellers, including Princess Diana and Queen Elizabeth II.
British Airways’ headquarters are at Waterside, just outside of Heathrow and were built at a cost of £200 million. The site was designed by Norwegian architect Niels Torp, who were also responsible for
designing offices for SAS Scandinavian Airlines. Carrying more than 40 million passengers per year, British Airways is today a founding member of the Oneworld airline alliance, alongside other established brands like Cathay Pacific, Qantas and American Airlines. The aim of this alliance was to become the best choice for the world’s frequent fliers and business customers. Oneworld began operations in February 1999, and has since become the third largest alliance in the world. British Airways is the largest airline at London City and London Heathrow, with a strong presence at London Gatwick. The airline enables travel to 200 destinations in 80 countries, with a fleet of more than 280 aircraft including Boeing 787s and Airbus A380s. It is the first passenger airline to generate in excess of $1 billion USD on a single air route in a year, via the New York-JFK to London-Heathrow route.
Building the future of air travel, British Airways are always looking for new ways to improve their customer experience, operational efficiency and environmental sustainability, and are committed to a carbon net zero future by 2050. Their goal is underpinned by a number of phased initiatives, which includes increasing the use of sustainable aviation fuels (SAF) derived from waste in the near term and investing in breakthrough technologies like hydrogen-powered aircraft and carbon capture. The Airbus A380 is the world’s largest commercial passenger aircraft, but simultaneously one of the greenest, with lower community noise and emissions per passenger than the Boeing 747-400. It is also one of British Airways’ most popular longhaul aircraft for passengers.
British Airways’ brand new loyalty program is called the British Airways Club (previously known as the Executive Club). Initially revealed at the end of last year, the new scheme came into effect
April 1st 2025, and is a relaunch of the loyalty scheme with a brand new look and feel, promising to offer members more ways to earn points as they progress through the tier system. Members will earn tier points, not just for flights but also for things like choosing seating, adding extra baggage or booking British Airways holidays. The more
you fly, the more benefits are unlocked including priority check-in and boarding, lounge access and fast track to security.
Tier points will be earned based on the cost of your flight rather than the traditional distance based model, with members earning one tier point for every one pound spent on eligible purchases. Specific tier point thresholds will have to be achieved to ascend through the different membership levels; bronze status requires 3,500 tier points, silver status requires 7,500 tier points, gold status requires 20,000 tier points, and the exclusive gold guest list status requires 65,000 tier points to achieve this rank for the first time, or 40,000 points to retain it. BA holidays remain one of the most efficient ways to earn status, while purchasing sustainable air fuel credits is another.
Club World is the long-haul business class cabin, offering travellers their favourite armchair, bed, dining table and office, all in one. Business class provides spacious seats that convert into 183 cm (6ft) fully flat beds with adjustable headrest and lumbar support, and 12” flatscreen noise-cancelling headphones for
you to immerse yourself in the plentiful options for inflight entertainment. For certain flights, the newly revamped Club World cabins offer even bigger 198 cm (6ft 6in) fully flat beds with plenty of additional storage space, 17” high resolution screens, high speed WiFi and Paramount+ with access to many of the latest films, programmes and games. When dining, you are able to choose your main course, served with a starter, dessert and cheese. Quality bedding and amenity kits are specially designed by The White Company, with the soft mattress topper and luxury duvet providing a cosy layer of comfort for you to sink into a relaxing sleep.
British Airways encourage travellers to make their travel experience even more enjoyable by starting or ending their journey surrounded by the luxurious furnishings of their lounges. From your own stylish suite to privileged access to lounges, fast-track security and exemplary service, First class is one of the finest ways to travel. The First Wing at London Heathrow offers an exclusive check-in space for First, Gold British Airways Club and oneworld Emerald members, enabling you to get through the airport quickly and smoothly. Following on from here to the First Lounge and
Concorde Room, you will enter a welcoming atmosphere featuring eye-catching artwork, beautiful chandeliers and plush furniture. The champagne bar has a good selection of reds and whites, with several open bottles accessible.
There is a separate sandwich station with cakes, soups, cold drinks, salads, fruit, cheese and biscuits. First and business lounges have an equally large selection of salads and generally speaking, the food in both is quite similar. There are a number options for self-pour champagne in the First Lounge, and here you can enjoy a glass of the exclusive Whispering Angel Chateau d’Esclans. This wine is 100% estate grown, with only 25,000 bottles in production. The Concorde room at Terminal 5 London Heathrow draws inspiration from the very best of British design, craftsmanship and heritage. It offers a full waiter service, private cabanas and a state-of-the-art business suite, while The Chelsea Lounge at New York JFK airport Terminal 8, provides First Class customers of both British Airways and American Airlines a circular champagne bar with fireside cocktails and à la carte dining. If you’re going to fly like the British, it means flying in style! EG
Financing your private aircraft can depend your financial circumstances and the type of airplane you are buying. Financing can be anywhere from 50-90% and if a bank is to loan you money, a key priority is that the term of the loan + the age of the aircraft should not exceed 20 years, reports Thomas Hughes.
Private jets are not just luxury, they are leverage. Owning your own aircraft means being able to avoid waiting in line, standing at gates, sharing space, control or time. Flying on your own terms means the flexibility and versatility that come with owning an aircraft and enables you to reimagine the value of your time. An aircraft loan is like a mortgage on your house, where you borrow a certain amount of money which is secured by the aircraft. In some instances, additional investments may be required to secure the loan. One of the most important steps is to employ the services of an aviation consultant or jet financing broker, who can direct you to the best lenders and financing structures, as well as navigate you through all the complexities of the process.
Because larger banks are unlikely to offer loans that are tailored towards aviation, it is important to work with an experienced partner who will provide access to the best financing options in the industry. Aircraft leasing companies will have a great stake in your jet, preferring to lease the aircraft to you and own the vehicle at the end of the term. With leasing companies, the payments on your aircraft finance will usually be similar or lower than with commercial banks, and there is no residual risk to you. Export Credit Agencies such as the United States Export Import Bank, may provide lower interest rates, longer payment periods and risk mitigation for exporters and importers. The percentage of cash buyers for aircraft has increased in recent years, although there are many aircraft owners who finance their purchase.
To finance a private jet, lenders will normally need to submit a comprehensive application outlining a number of details such as proof of income or affordability, proof of adherence to aviation regulations and guidelines, in addition
AIRCRAFT LEASING COMPANIES WILL HAVE A GREAT STAKE IN YOUR JET, PREFERRING TO LEASE THE AIRCRAFT TO YOU AND OWN THE VEHICLE AT THE END OF THE TERM.
to financial statements and tax returns for at least the last three years. Expect to submit personal guarantees from shareholders or business owners, as well as a detailed plan indicating how the aircraft will be used. This should include frequency, destinations and charter activities where applicable. The amount of money a lender is willing to advance on the plane before determining your credit worthiness is dependent on numerous factors, and lenders will structure a financing package tailored to your specific needs and circumstances as a borrower. The interest rates and loan terms of any jet finance deal will be defined by the model of jet being purchased, the condition of the aircraft, as well as your plans for the usage of the vehicle. EG
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$4,250,000 | 4 Bedrooms | 4.5 Bathrooms
Located in Mayview, 362 Wonderland Trail is a rare find: a craftsman home on a double lot with long-range views. This 4-bed, 4.5-bath beauty boasts 5 fireplaces, a sunroom, wine cellar, 6-zone HVAC, and a 3+ car garage. There are two fenced areas for kids or pets, and entertaining options abound with English gardens and a carriage house. Bonus: a dining-to-primary bedroom conversion is ready to finish. Schedule your showing today!
AVIATION
Announced in August 2020, the Beechcraft King Air 360 is a twin-engine turboprop aircraft that was introduced as the newest incarnation of its predecessor, the King Air 350. This newer plane offers improvements in interior design and an updated cockpit to reduce pilot workload, writes Thomas Hughes.
King Air is a line of utility aircraft produced by Beechcraft, a brand of Textron Aviation since 2014. The King Air was produced continuously from 1964-2021 and was the first aircraft of its type to outsell all of its turboprop competitors combined. Known for being dependable and efficient, these aircraft have been favoured by both the military and the government, in addition to corporate and private users. According to Beechcraft, this is because they provide high performance and flight characteristics required to address the unique challenges of special missions operations.
With new enhancements including an avionics upgrade, digital pressurisation system, onboard maintenance system updates, a full regime autothrottle system and six new interior schemes, this new model is designed for comfort and built for adventure. With a modernised cabin featuring a 10% lower altitude pressure, the Beechcraft King Air 360 is claimed to be far more capable than its single-engine rivals. IS&S Thrustsense ThrustSense® Autothrottle allows pilots to automatically control the power setting of the engine. As a result of the included overtorque and overtemp protection, precision control for optimised power output from takeoff to touchdown is now a possibility. The purchase price can range from $8,000,000$9,260,000 and this may vary, depending on the age, condition and optional features required of the aircraft. Charter prices will typically range from $2,800-$3,200 per hour, depending on availability, routing, amenities and scheduling.
With a maximum capacity of 11 people, a maximum range of 1,806 nautical miles (3,345 km), and cruise speed of 312 knots, the King Air 360 is a versatile and truly remarkable aircraft, capable of completing flight from London to Athens or Frankfurt to Moscow without stopping to refuel. The 360 comes included with 85 tuned absorbers which
dampen noise and allow conversations to be heard clearly while in the cabin, courtesy of smart noisecancelling technology and physical soundproofing.
THE KING AIR WAS PRODUCED CONTINUOUSLY FROM 1964-2021 AND WAS THE FIRST AIRCRAFT OF ITS TYPE TO OUTSELL ALL OF ITS TURBOPROP COMPETITORS COMBINED.
Newly designed, locally produced cabin seats are available in a variety of options, along with reshaped cabinetry, resculpted sidewalls with pinhole lighting, illuminated cupholders and low profile air/light adjusters to personalise comfort. Moreover, CoolView® windows are includedan advanced thin metallic barrier system that was designed for aircraft transparencies. These were engineered to elevate your journey by providing cooler cabin temperatures, reducing the passthrough of infrared rays and preserving the aircraft interior. The King Air 360 is most certainly an opportunity to experience an exciting new chapter in this storied aircraft history. EG
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Innovation, Ambition, and the Art of Starting Up. Some cities don’t sleep. They hustle. Not because they’re caffeine-fuelled or adrenaline-soaked (though that helps), but because they’re wired for ambition - from the co-working cafés to the graduate classrooms, thinks Cheryl Jones.
Entrepreneurial cities don’t just attract talent; they cultivate it, nourish it, and spin it into scalable ideas. They are magnets for founders, startups, digital nomads, and executives who want more than just a title - they want growth, community, and a business card with a zip code that means something. We’re talking opportunity, energy, and maybe even a rooftop bar with decent Wi-Fi. Because every needs a little balance, right?
Over the past decade, Austin has evolved from a laid-back college town into one of the most dynamic startup ecosystems in the United States. It now ranks among the top global VC destinations, with unicorns like Bumble and iconoclastic brands like Yeti calling it home. It’s magnetic. Executives moving here get a unique combo: zero state income tax, a buzzing creative scene, and real estate that won’t make your wallet weep. At least, not yet. The University of Texas provides a steady stream of bright grads, while UT’s McCombs School of Business punches well above its weight in MBA rankings. Throw in Slack channels for every niche imaginable and you’ve got a city where business meets culture with a taco in hand. It’s irresistible. Just be prepared for the heat and we don’t just mean in the tech sector.
Singapore is a startup with a flag. It’s clean, efficient, safe, and offers a regulatory environment that feels more Silicon Valley than Southeast Asia. Combine that with a strategic location, Englishspeaking workforce, and government-backed accelerator programs, and you’ve got startup heaven with Michelin-starred hawker stalls. Yes, that’s a thing. The city ranks consistently in the top three on the Global Startup Ecosystem Index. And for good reason. Its tax regime is friendly to corporations, its IP protection is world-class, and its talent pool thanks to schools like INSEAD’s Asia Campus and NUS Business School—is deep. Executives often come for the low tax rates and stay for the Changi Airport efficiency. Even their immigration queues are fast. If you can’t build something here, you might just be allergic to success.
London’s startup scene has roared back with force, fuelled by fintech, AI, deep tech, and a cosmopolitan workforce that reads like a United Nations of ambition. With over 40 unicorns and access to both European and global capital, the UK capital is thriving post-pivot. Call it Brexit’s unexpected silver lining. The city boasts toptier business schools: London Business School routinely ranks among the world’s best for MBAs
and Executive MBAs, and Bayes Business School isn’t far behind. Add a half-dozen accelerators, seed funds on every corner, and the kind of cultural capital that makes talent stick around and you’ve got an entrepreneur’s playground. Or battleground.
AUSTIN HAS EVOLVED FROM A LAID-BACK COLLEGE TOWN INTO ONE OF THE MOST DYNAMIC STARTUP ECOSYSTEMS IN THE UNITED STATES.
Either way, it’s exciting. Just don’t try to raise your seed round on a Friday afternoon. The pubs will always win.
Berlin doesn’t care about your suit. It’s here for your pitch deck. Germany’s capital has traded bureaucracy for boldness, with a startup ecosystem that’s gritty, diverse, and heavily backed by both public funds and private VC. Over 500 new tech companies launch here every year, and the city thrives on that friction between art and algorithm. It’s electric. Berlin’s low cost of living (compared to other capitals), strong design culture, and global connectivity make it ideal for early-stage founders and digital nomads. Especially those who like their meetings with a side of techno. ESMT Berlin offers a highly ranked MBA for those looking to sharpen their skills, while the city itself doubles as an education in hustle. You’ll work hard but you’ll dance harder. It’s not optional.
If you dropped Silicon Valley into the Mediterranean and handed it an espresso, you’d get Tel Aviv. This small coastal city is an R&D powerhouse, punching way above its weight in AI, cybersecurity, biotech, and mobility. Israel’s mandatory military service has turned much of its population into disciplined, team-oriented problem-solvers with a hacker’s edge. It’s a startup bootcamp. With one of the highest VC-topopulation ratios in the world, Tel Aviv sees more deal flow per square kilometre than most countries. The government supports startups with incentives, while universities like Tel Aviv University and the Coller School of Management feed in sharp minds by the thousand. Cost of living is high, but so is access to top-tier capital and talent.
If ambition were a skyline, it would be Dubai’s This city-state has transformed from desert
outpost to entrepreneurial epicentre, with free zones, tax-free income, and a government that thinks like a tech founder. Everything is built to scale, and everything happens fast. The Dubai International Financial Centre (DIFC) has become a hub for fintech and legal tech, while blockchain initiatives happen. Schools like London Business School and Hult have regional campuses offering Executive MBAs tailored for regional execs. Digital nomads now benefit from a one-year remote work visa, and infrastructure makes it easy to live, work, and grow a business seamlessly.
This Canadian powerhouse has become a global leader in AI, biotech, and clean energy, thanks to a mix of brainpower, immigration-friendly policies, and deep university-industry collaboration. The University of Toronto is an AI research titan, while the Rotman School of Management draws MBA students from around the globe.Executives love Toronto for its safety, education, diversity, and relative affordability (compared to New York). It’s also incredibly livable, with walkable neighbourhoods, public transit, and coffee shops that take latte art very seriously.
Each of these cities offers a different recipe for success. Austin gives you lifestyle and scalability, Berlin gives you raw creativity, and Singapore gives you structure with a side of capital efficiency. When considering relocation, MBAs and execs should weigh not just taxes and funding—but networks, mentorship, and personal fit. Culture counts. Top business schools in London, Singapore, and Toronto all offer strong Executive MBA pathways for professionals looking to upscale while staying plugged into entrepreneurial ecosystems. In some cases, those alumni networks are more valuable than the curriculum.
Work-life balance varies wildly between these cities. While Berlin and Toronto promote downtime, Dubai and Tel Aviv lean toward fullthrottle ambition. Singapore finds equilibrium in efficiency, while Austin lets you recharge with live music and lakeside beers. It’s not all about spreadsheets. Cost of living is another real consideration. Especially with teams. Berlin remains friendly to early-stage budgets, while London and Tel Aviv will require more careful planning. But high cost can mean high return if you’re in the right vertical. That’s the gamble.
We have only scratched the surface here. Intentionally. Cities like Seoul, São Paulo, Stockholm, Lisbon, Cape Town, Bangalore, and Los Angeles are waiting in the wings - each with their own flavours of hustle, heart, and high-speed Wi-Fi. But of course that will be for another time, so stay tuned. EG
There is a broad consensus on the definition of the areas in which the role of the third sector should be exercised (social justice, empowerment and citizenship, access to care, social innovation, convergence of social goals).
Article By Eric Cornuel PRESIDENT, EFMD GLOBAL
However, the third sector also has an important role to play in catalysing, maximising and coordinating the contributions made to society by the state and by business. The mechanisms established to leverage this dynamic effectively are examined here through the case of an accreditation system developed by an international non-profit organisation for academic management education institutions, set against the backdrop of reduced government involvement and a redefinition of corporate social responsibility.
The not-for-profit sector is often referred to in continental Europe, and in France in particular, as the social and voluntary economy. This name has the particular merit of referring explicitly to the types of activities undertaken and, above all, to their aims.
The approach is different in the Englishspeaking world, and is based on two approaches. First of all, this sector is usually viewed in terms of its role in society, which comprises five types of activity:
> Defending social justice and equality
> Promoting the empowerment and development of citizens
> Encouraging access to healthcare and the
well-being of citizens and communities
> Fostering research, innovation and the capitalisation of knowledge
> Mobilising resources and involving the community
More significantly, a much more functional approach is commonly adopted. This is reflected in the widespread use of the expression ‘third sector’, which in French refers to something that is neither the state nor the business world. This justifies the use of the adjective third (tiers or tierce), which implies otherness, a sense of being alien, and even that a person or institution is unknown or perhaps an outsider; the most common synonyms for the noun ‘tiers’ are mediator, intermediary, negotiator.
The term ‘third sector’ therefore has the great merit of pointing out the inconsistency of a static concept of not-for-profit organisations as simply what is not public and not for profit, making up a sector just as public organisations make up one, or not-for-profit organisations another. Instead, it highlights the fact that the third sector is what makes it possible in society to combine the activities of the public with the achievements of the private sector: it is insufficient to maintain that the ultimate purpose of the public sector is to enable the state to achieve its objectives, that the private sector is focused on the production of wealth, while not-for-profit organisations are focused on the general good of society, and that this is the result of a static vision. We need to approach these phenomena in a dynamic way, by understanding how the third sector interacts with the other two
sectors to perform the five types of activity set out above and improve social functioning, which necessarily means contributing to the advancement of the other two sectors.
The discussion below sheds some light on this dynamic in the specific case of the institution of an accreditation system operated by an international non-profit organisation for academic management education institutions, set against a backdrop of state retreat and a redefinition of corporate social responsibility.
International accreditation in management education has become increasingly important, both in terms of quality and quantity. This now plays an essential role in the way business schools and management faculties develop their strategies and policies, and it is easy for any impartial observer to see that they are a central element of their communication policies.
This trend can be illustrated by a few figures relating to management education, which is the field in which accreditation has advanced the most. EQUIS accreditation, the benchmark accreditation in Europe and one of the two most
important globally was created in 1997, some 25 years ago.By September 2010, 126 business schools across 35 countries had achieved accreditation. By December 2023, this number had grown to include 218 business schools and management faculties from 51 countries, spanning all continents.
This radical change, which affects the entire world of higher education to varying degrees, is evidence of a profound societal shift. Accreditations are issued by academic agencies, most of which have the status of international notfor-profit organisations or, in the United States, professional organisations (which also correspond to the definition of not-for-profit organisations across the Atlantic).
In the not-so-distant past, however, academic institutions, including the most illustrious were primarily concerned with acquiring or maintaining recognition by the state. The phrase ‘recognised by the state’ or ‘accredited by the state’ was seen as a necessary condition for existence in the academic
world. At the same time, students invariably raised the question of accreditation or recognition by the state, and this was seen as a decisive factor for attending one institution or another, given that the most prestigious always met these criteria. However, the recognition of a course or degree, the restructuring of a department or the expansion of a faculty all involved substantial, demanding and challenging processes; where such processes are still in place, they have largely lost their central importance. The internationalisation of academic management courses is in itself a sign of the declining importance of criteria for state recognition, particularly for students.
Institutions now emphasise ‘accreditation’ in their communications and make it a top priority in their strategies. The number of national and international accreditation agencies has proliferated and are hierarchical in terms of both their prestige and the difficulty of obtaining accreditation. This trend should obviously be seen in the context of the development of certifications (ISO standards being the most prominent) in practically every field – hospitals, companies, libraries, etc., all consider it a priority to be certified to the most demanding standards possible.
This phenomenon has often been analysed [1], but it is worth highlighting one particular aspect: it is a sign of state power when acknowledgement by the state is the central issue for institutions seeking recognition. In contrast, the emergence of accreditation awarded by non-state institutions as a pivotal element in institutional strategies represents a move in which the authority of the state is to some extent shifting towards the not-for-profit sector.
The signs of this change are very much in evidence in France, as in all European countries. Until relatively recently, major public institutions referred solely to their public trusteeship. Moreover, the state oversaw or had the power to recognise organisations in all areas of social life, from hospitals to academic institutions, prisons, libraries, etc.
We are now seeing this trend reversed. Public institutions now seek recognition, in the form of certification or accreditation, from not-for-profit organisations. Accreditation processes no longer make any difference in terms of the behaviour or expectations of public institutions compared with private institutions (whereas differences were still perceptible some fifteen years ago, if only because public institutions, which benefited from the legitimacy conferred by being part of the state, submitted far fewer applications for international accreditation).
This trend, in which public institutions seek legitimacy from assessment institutions outside the public sector, is a new phenomenon in Western societies, even if the seeds of it have been present for a long time. EG
For further information, please visit: www.globalfocusmagazine.com
Marketing is primarily about satisfying customer needs in a competitive environment. According to the definition from the American Marketing Association, marketing is an organisational function and a set of processes for creating, communicating and delivering value to the customer and managing customer relationships in ways that benefit the organisation and its stakeholders, reports Oliver Taylor.
Marketing management is the customer orientated philosophy of the entire organisation. If markets become increasingly competitive, customer orientation is critical for success. Marketing strategies are longterm plans that must be developed for the achievement of an organisation’s marketing goals and can increase the probability of a successful marketing concept. The marketing mix, is a set of controllable elements or variables that an organisation uses to meet the needs of target customers in the most effective and efficient ways possible. The 4Ps of marketing are a mix comprised of key elements and measures that can be implemented to make an organisation customerorientated. The traditional framework is defined by four main attributes which are:
Product – This refers to the goods and services offered by an organisation to its customers. This includes the design, features, quality, packaging, branding and any additional services that are associated with the product.
Price – This encompasses the pricing strategies that are used to establish how much a product or service will be sold for to customers, and how much they are willing to pay. Setting the correct price is critical because this will affect an organisation’s profitability, can support lead generation, brand positioning and significantly influence customer perception.
Place – This outlines how a product or service is distributed and made available to customers, highlighting the strategies and channels utilised to access the target market, as well as how marketing messages reach them.
Promotion – This encapsulates the activities an organisation will have to engage in to communicate the value of the product or service to the target audience. This includes sales, advertising, PR, social media marketing, in addition to any strategies used to increase awareness and generate interest. Some of the
THE 4PS OF MARKETING HAVE BEEN A CORNERSTONE OF MARKETING STRATEGY FOR DECADES NOW, AND STRIKING THE PERFECT BALANCE REQUIRES THOUGHTFUL ANALYSIS...
most effective methods include print advertising and television commercials . By strategically manipulating the elements of the marketing mix, you are able to successfully shape the preferences, perceptions, and purchasing decisions of your organisation. The 4Ps of marketing have been a cornerstone of marketing strategy for decades now, and striking the perfect balance requires thoughtful analysis, strategic decision making, the right marketing software, and constant adaptation to the changing demands of customers. The 4Ps were popularised by Neil Borden, an advertising professor at Harvard University in the 1950s. Since the concept was first introduced, more Ps have been added to the mix, including people, process and physical evidence. Where mid-market to larger organisations are concerned, the mastery of this concept can create a significant competitive edge. EG
Confinity Low Latency Messaging (CLLM) provides a distinctive solution for reliably transmitting high message volumes with sub-millisecond laatency. It is specifically designed to meet the demands of industries like financial services, where rapid, high-volume data delivery is essential for success.
LUXURY LIFESTYLE
Coldwell Banker St Barths
Coldwell Banker in ST BARTH, ST MARTIN and on the Var coast.
Article by Gabriel Montigny COLDWELL BANKER ST BARTHAZUR - ST MARTIN
There are places where compromise has no place. Where excellence is measured not just in square meters, but in horizons, shades of light, and rare sensations. Places where luxury and freedom intertwine with discreet, natural, almost instinctive elegance.
Saint-Barthélemy. Saint-Martin. The Var Coast. Three iconic territories. Three lifestyles. Three exceptional gems united by a single ambition: to deliver the finest luxury real estate to a discerning, international clientele. It is in these extraordinary destinations that we chose to write a new chapter, with Coldwell Banker Global Luxury—an entrepreneurial journey driven by passion, precision, and emotion.
SAINT-BARTHÉLEMY: THE ULTIMATE REFUGE
Saint-Barth is much more than an island. It’s a promise kept. A world apart—an enclave of raw, preserved, exclusive beauty. As other destinations grow overcrowded, Saint-Barth continues to enchant. It draws top decision-makers, industry leaders, and iconic figures in finance, fashion, art, and tech. Since 2020, the market has seen explosive growth, driven by new global dynamics: ultra-
wealthy digital nomads, worldwide mobility, and an urgent desire for privacy…not to mention the recent surge in interest following Donald Trump’s return to the political scene. It may be surprising, but geopolitics do influence where great fortunes choose to seek refuge.
Saint-Barth has become the Monaco of the Caribbean
Here, every property is marketed with a strategy tailored to each owner’s wishes. Some choose to promote their property discreetly to a select and qualified clientele, while others prefer carefully managed international visibility. In every case, our expertise guarantees a bespoke, confidential, and expertly handled approach. A sleek contemporary villa on the water’s edge, a colonial-style home perched on the hillside, or the acquisition of a discreet boutique hotel: in Saint-Barth, every purchase is a masterpiece.
Beyond emotion, investing in Saint-Barth is a remarkably sound long-term decision. For decades, the real estate market has shown sustained growth, driven by limited land availability, international demand, and exceptional stability. Saint-Barth is seen as a safe haven—secure, prestigious, and enduring. An island where one invests not just for today, but for generations to come.
Just 10 minutes by air from Saint-Barth, SaintMartin emerges as a natural opportunity. A unique island—both French and Dutch—with exceptional potential. Here, everything remains to be written, for those with vision.
We chose to launch Coldwell
Martin to meet a dual demand: from clients seeking a genuine Caribbean lifestyle, and from buyers looking to access quality properties in a region that is still accessible and full of future potential.
WITH
A PRESENCE IN OVER 40 COUNTRIES AND MORE THAN 100,000
CONSULTANTS, COLDWELL BANKER IS A GLOBAL BENCHMARK IN HIGH END REAL ESTATE.
The villas are spacious, the views are stunning, and the opportunities are still plentiful. Above all, Saint-Martin offers a unique rhythm of life, a vibrant cultural mix, and the energetic spirit of an island that’s reinventing itself. Our role is to bring a professional, secure, and structured approach—serving ambitious, meaningful, and inspired projects. For clients who anticipate the future and invest with vision.
THE GULF OF SAINT-TROPEZ & VAR COAST: A MEDITERRANEAN GEM
And then there is the Gulf of Saint-Tropez and the Var Coast—arguably one of the most beautiful regions in the world. A legendary destination, yet one that never stands still. In Rayol-Canadel, La Croix-Valmer, Ramatuelle, Bormes-les-Mimosas, or Saint-Tropez itself, we assist a European, American, and Middle Eastern clientele in search of homes that resonate deeply.
The Var Coast is where people return. Where
family memories are made. Where legacies are passed on. And contrary to cliché, it’s not only about flashy luxury. It’s also about a chic, understated simplicity. A stone house by the sea, an Art Deco villa nestled in pine trees, a bastide with panoramic sea views... Every property here tells a story. The market is active, healthy, and consistently in demand. Thanks to our local presence under Coldwell Banker Saint-Barth Azur, we guide our clients with the same passion and precision as we do in the Caribbean.
A GLOBAL NETWORK, A LOCAL
What sets us apart—beyond the extraordinary places we serve—is our affiliation with Coldwell Banker Global Luxury, a unique international network. With a presence in over 40 countries and more than 100,000 consultants, Coldwell Banker is a global benchmark in high-end real estate. Our methods, tools, and synergies are state-of-the-art. This means a client purchasing in Saint-Barthélemy
LUXURY LIFESTYLE
Coldwell Banker St Barths
can sell in Los Angeles, Dubai, or Paris with full confidence—and vice versa.
We share exclusive listings across the world’s top professionals, organize immersive virtual tours, and design tailored campaigns in prestigious publications like Homes & Estates, Unique Homes, Executive Global, and Mansion Global. We also maintain direct relationships with family offices, private bankers, wealth advisors, and business attorneys.
Our vision is global. Our service is deeply personal.
Today’s luxury is no longer about extravagance. It’s about meaning, the right place, the perfect moment. Our clients seek emotion and alignment. A rare asset—but also a sincere, human connection built on trust. Like master tailors, we craft madeto-measure solutions with lasting impact and impeccable attention to detail — always delivered with care.
Our team is multicultural, multilingual, and mobile. United by one shared trait: a relentless eye for detail and unwavering loyalty to our clients. We understand the personal, emotional, and strategic dimensions of every project. We know when to listen—and when to act.
At Coldwell Banker ST BARTH – AZUR –ST MARTIN, we don’t just sell properties — we open new chapters in life.
A terrace overlooking the Caribbean or the Mediterranean. An infinity pool on the heights of Saint-Jean or La Croix-Valmer. A driveway lined with olive trees or palm trees. A turquoise bay just below. These are the details—these suspended moments—that define true luxury. We craft the Coldwell Banker ST BARTH – AZUR – ST MARTIN experience. A discreet, structured, seamless, and secure service. Yet always warm, human, and elegant. Our clients, often extremely busy, trust us to manage every aspect of the transaction, offer a global perspective, and, above all, approach our work with heart.
Bringing together Saint-Barthélemy, SaintMartin, and the Var Coast under one banner is about offering a unique experience to a global clientele. It’s about opening three doors to an extraordinary way of life. It’s about embodying, every single day, a distinctive vision of real estate excellence.
Coldwell Banker Global Luxury is a century of expertise, reimagined for the modern age—a powerful brand serving deeply personal stories. Above all, it is an exceptional team, driven by a genuine passion for real estate and a deep respect for those who place their trust in us. Welcome to our world. EG
For further information, please visit: www.coldwellbankerstbarth.com
LUXURY
You’ve seen it in the movies and watched the famous television series! Situated within 5.7 square miles in the centre of Southern California, Beverly Hills is home to more than 32,000 residents, hosting millions of visitors from around the world. The city has a warm, near-perfect Mediterranean climate, receiving an average of 15 inches of rain each year, writes Shannon Berkley.
Beverly Hills is a city in Los Angeles County, California, that was incorporated in 1914 and was originally an agricultural community, with humble beginnings as a lima bean ranch. Today, it is one of the most luxurious neighbourhoods in the world, frequently appearing in popular culture as a place of significant wealth, renowned for its beautiful homes, architecture, high property values and glamorous lifestyle. Home to many of Hollywood’s rich and famous A-list celebrities, it is the location of one of America’s most famous ZIP codes, 90210. Beverly Hills is a city with its own police department, legal code and exclusive gated communities such as Beverly Park, which is notable for its large houses and famous residents. The real estate market is highly exclusive, with a limited housing supply that contributes to high property values.
From steakhouses to high end sushi spots, Beverly Hills offers a diverse culinary scene and is home to plenty of restaurants that are perfect for power lunches, birthdays and celebrations. The city of Beverly Hills is also renowned for Rodeo Drive, which is the world’s most famous upscale shopping district, full of designer boutiques, department stores and high-end retailers. It is one of the world’s most expensive streets and a fashionistas dream. In 1976, visionary designer Bijan Pakzad helped to strengthen Rodeo Drive’s reputation as a luxury shopping centre by establishing his boutique store, catering to elite clients including Arnold Schwarzenegger, Ronald Reagan, Michael Jordan, Frank Sinatra, Tom Cruise and the Shah of Iran.
With its stunning storefronts, exquisite window displays and premium customer service, Rodeo Drive remains an iconic, palm tree-lined street that continues to thrive, thanks to exemplary craftsmanship from the world’s greatest fashion brands and custom-designed boutique spaces. Some of Beverly Hills other iconic sights to visit
TODAY, IT IS ONE OF THE MOST LUXURIOUS NEIGHBOURHOODS IN THE WORLD, FREQUENTLY APPEARING IN POPULAR CULTURE AS A PLACE OF SIGNIFICANT WEALTH...
include the Greystone Mansion and Park which is a popular filming location with guided tours of the grounds, the Beverly Hills Famers Market, where a variety of fresh fruits and vegetables can be found, the Beverly Gardens Park, with its stunning gardens, fountains and sculptures, as well as the Wallis Annenberg Centre for Performing Arts, which offers a variety of captivating performances including plays, musicals and concerts.
For those seeking privacy, Beverly Hills offers a discreet escape, nestled away from relentless paparazzi. Sustainability has also been a consideration amidst luxury, with the city of Beverly Hills possessing its own water supply independent of Los Angeles. Whether you are a movie lover, history buff or someone who simply appreciates the finer things in life, there can be no doubt that Beverly Hills has something beautiful to offer you! EG
Oulu Business School at University of Oulu is an international research and educational institute for economic sciences. Oulu, Finland, a modern growth centre, creates an inspiring and stimulating environment for business studies, work and leisure. www.oulu.fi/oulubusinessschool
LUXURY LIFESTYLE
Margaret Muir Team at William Pitt Sotheby’s International Realty
TOP OF THE WORLD. A beautiful 4000+ sf space interior designed by award-winning David Scott Parker Architects, FAIA.
DArticle By Margaret Muir
LUXURY REALTOR, WILLIAM PITT
SOTHEBY’S
INTERNATIONAL REALTY
avid has designed high end residences and cultural institutions in Southampton, Rancho Sante Fe, Florida, Massachusetts & CA. The finishing touches have just been completed on what is arguably the most luxurious penthouse in the state of Connecticut
The apartment’s views of the salt marsh & Long Island Sound from its high vantage point are mesmerizing. The attention to detail and the custom construction of this unique three-bedroom unit is extraordinary. The only apartment on the top floor of the Chittenden building, it is the last to be constructed at the prestigious Residences at 66 High Street. From the elevator a private foyer leads through a gallery into a great room large enough to make a grand piano feel comfortably at home.
A SPACIOUS DWELLING
An office is separated from the great room with pocket doors. Adjacent is the dining room that easily seats ten with double doors leading to an enormous, high ceilinged screened porch with panoramic views. The family room with a gas lit fireplace has double doors leading to the porch and is adjacent to a truly incredible kitchen. In another wing is the gracious primary suite which also has a gas lit fireplace, a large double bathroom and unbelievable closet space.
There are two guest rooms each with their own bath and an 18’ x 18’ room adjacent to the primary suite currently envisioned as an exercise room but could also be used for many other purposes. The Residences at 66 High Street is the recipient of numerous awards for the quality and detail used. Building amenities include a swimming pool and a gym. Guilford is a beautiful, classic New England town located along the Connecticut Shoreline and boasts one of the largest and prettiest greens
IN ANOTHER WING IS THE GRACIOUS PRIMARY SUITE WHICH ALSO HAS A GAS LIT FIREPLACE, A LARGE DOUBLE BATHROOM AND UNBELIEVABLE CLOSET SPACE.
in the state. The Guilford green is truly the center of activity for community events such as concerts, art and antique shows, and plays, to name a few. Along its perimeter are some of the town’s most beautiful historic homes, churches, art galleries, fine restaurants, bakeries, a marketplace, bookstore, an old-fashioned hardware store and shops, all a short walk from 66 High Street. For recreation, the town offers the beach, public marinas, a yacht club, private and public tennis courts, the Guilford Lakes Golf Course and many trails for hiking or riding. Margaret Muir states: ”Guilford is equidistant between New York City and Boston (about 2 hour drive to each) and very near Tweed New Haven Airport. The Shoreline East railroad serves the entire shoreline from New Haven to New London, providing connections with Acela and Metro North.” EG
For further information, please visit: www.wpsir.com
At IESE Business School we believe you can make a difference in the world if you focus on people and see business as an opportunity for personal growth. IESE gives you a view into the world of global business. With campuses across the globe, and a world-class international faculty, IESE has unparalleled reach and scope.
The Advanced Management Program (AMP), for CEOs, VPs and Owners, delivers the knowledge, the global insight and the values to ensure that your leadership has immediate, positive and personal impact.
Learn more about the IESE AMP and choose from five different starting locations around the world: www.iese.edu/amp-programs
Barcelona
Munich
New York
Sao Paulo
Warsaw
LUXURY LIFESTYLE
Luxury Jewellery
ashmir sapphires can vary in price due to numerous factors including size, colour and quality. They will typically range from thousands to tens of thousands per carat, with exceedingly rare items fetching even more. Claire-
KLaurence Mestrallet, head of the jewellery and watch department at Adam’s Auctioneers, had the sapphire and diamond ring tested in a lab specialised in gem identification. She mentioned: “I think this is the first time a Kashmire sapphire has been auctioned in Ireland.” Kashmir Sapphires are among the rarest and most beautiful gemstones in the world, and to own a Kashmir sapphire is to own a piece of history. This is clearly evident among enthusiasts, as the sapphire ring generated wide international interest because of its rarity, with a large number of prospective buyers flying in internationally to view it. Bidding was described as ‘frenetic’ with many bidders online and on phones at auction. These gems were first discovered after a landslide in the Zanskar mountains in northern India, exposed a 100ft area of pegmatitic rock with blue crystals.
A sapphire and diamond ring that was estimated to have been valued between €8,000-€12,000 sold for a record-breaking €550,000, which is seventy times its original estimated value and the highest price paid in Ireland for any gem of its kind, reports Shannon Berkley.
Mined in a remote and virtually inaccessible part of the Himalayas primarily from the 1880s to the early 1900s, these gems are exceptionally rare, commanding high prices at auctions and their unique attributes distinguish them from sapphires of other origins. The Kashmir mines have long been exhausted and have not been mined in over a century. The stone was removed from its setting and examined by Gemmological Certifications Services (GCS) in London, confirmed to be “of Kashmir origin, with no indications of heating.”
After further testing and verification at the worldrenowned Swiss Gemological Institute (SSEF), the auction estimate increased from €150,000€250,000 when it was discovered that the 6.22 carat gemstone dating back to the 1940s, originated from Kashmir as one of the original gems mined from the 19th century.
KASHMIR SAPPHIRES ARE AMONG THE RAREST AND MOST BEAUTIFUL GEMSTONES IN THE WORLD, AND TO OWN A KASHMIR SAPPHIRE IS TO OWN A PIECE OF HISTORY.
Unlike most modern sapphire gemstones, these highly prised Kashmir gems which are known for their rich, velvety hue, sleepy lustre and exceptional transparency- are not treated with heat to intensify their colour. The absence of heat treatment is notable; whereas many sapphires are routinely heated to improve colour and clarity, this Kashmir sapphire is natural and untreated. The finest stones exhibit a deep cornflower blue colour, possessing unique, needle-like inclusions known as silk. Kashmir Sapphires are a testament to nature’s artistry and geological wonder, radiating their distinctly blue colour with subtle violet undertones due to trace elements within the crystal structure of corundum- the mineral from which sapphires are constructed. EG
$5,200,000 | 4 Bedrooms | 5 Bathrooms | 8,372 SQFT
MLS#: MDWO2026762
Welcome to 11209 Woodside Drive, an unparalleled waterfront masterpiece nestled on 8.7 private acres in South Point Farms, just minutes from Ocean City, MD and downtown Berlin, MD. Offering stunning views of Newport Bay, this custom-built luxury home boasts 8,372 square feet of meticulously crafted living space. Designed for both comfort and elegance, this 4-bedroom, 4-full and 2-half-bathroom estate features dramatic second-floor living and entertaining spaces, making it perfect for hosting guests—whether an intimate gathering or a grand celebration.
$3,965,000 | 4 Bedrooms | 7 Bathrooms | 5,000 SQFT
MLS#: MDWO2022536
Immerse yourself in beautiful nature and privacy yet be only 15 minutes away from charming Berlin and vibrant Ocean City in this South Point world class home. Just minutes from Assateague Island and three championship golf courses, this finely crafted home is built for the ages. Featuring both private and entertaining spaces, this four bedroom (6 1/2 bath) home has it all. The first floor boasts a chef’s kitchen with two pantries, one of which has a service bar and commercial dishwasher, main laundry, a cozy family room with wood stove and incredible views.
DAVID DYPSKY REALTOR
david@daviddypsky.com
of the leading MBA programs
Lingnan MBA program is among the top ten programs nationally and enjoys an unshakable leading position in South China.
Lingnan has achieved Triple Crown accreditations from AACSB, EQUIS and AMBA, which is an exclusive quality indicator reflecting the quality of our program. We’re proud to be part pf the top 1% of all business schools globally.
In 1998, Lingnan began its partnership with MIT Sloan School of Management, and now the collaboration has grown into course co-teaching, visiting fellows program, study tour, as well as exclusive opportunity for MIT MSMS Dual Degree program. Furthermore, all the Lingnan-MIT International MBA graduates will receive certificate from MIT Sloan and be recognized as MIT Sloan Affiliate Alumni.
Located in Guangzhou southern gateway to China
China has become the second largest economy in the world an Guangzhou is the largest and most flourishing industrial and foreign trade center in South China with pleasant weather and good air quality.
http://mba.lingnan.sysu.edu.cn/en
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