developed financial sector makes it A WONDERFUL BASE OF OPERATIONS”

Co-founder Frank Lammers first got acquainted with Curaçao during a business trip in 2001. “Straight off, I thought to myself: wow, this is a place I’d love to return to one day.” Frank was working as a manager at Fortis Bank at the time, but when an opportunity arose to become CEO of MeesPierson on Curaçao in 2006, he didn’t need to think twice. From there, he went on to several different technical, commercial and leadership roles, until finally deciding to start out on his own in 2019. “An old acquaintance rang proposing to set up a family office here in Willemstad. I’d been itching to start something for a while, so that grabbed my fancy straight away.”

By putting words into action, PYGG was established in 2019 as ‘one-stop-shop’ helping private and corporate clients with reaching their financial goals. The name of ‘PYGG’ alludes to the orange clay used in medieval times to produce earthenware plates and pots in which valuables were kept. Pronounced identically to the English word ‘pig’, this led to demand for porcine-shaped vessels. Better known as piggy banks. “The piggy bank symbolizes financial literacy which ties in nicely with the services PYGG offers”, Frank continues.

“From setting up and listing funds on the Dutch Caribbean Securities Exchange (DCSX) and raising capital, to managing investment portfolios for wealth management clients.”

Standing out from the crowd PYGG is headquartered in Willemstad, where Nacha de Jesus joined as the firm’s new Corporate & Fund Services director this January. Though born and raised on Curaçao, she moved to the Netherlands to do a degree in tax law and wound up staying for twenty years. She returned to Curaçao 13 years ago. “Curaçao is a good location to operate from, as there’s a highly developed financial sector”, Nacha says. “Geographically, it’s also a good base of operations for doing business with South America, Europe (through the link with the Netherlands) and the United States.” Frank likewise sees all kinds of advantages to being based on Curaçao: “We stand out from the crowd. And the clients we work with from around the globe, often already have a link with Curaçao or the wider Dutch Caribbean”.

Rising interest rates and high real estate prices in other markets such as in the Netherlands help to fuel interest in island real estate. “We see growth in demand for investments in or from Curaçao”, Nacha observes. “It may concern residential and commercial real estate, but also from companies for expansion into the Caribbean and South America. Fiscal incentives to attract start-ups in combination with a high quality of life, make Curaçao an attractive location for young professionals & entrepreneurs, as well as for investors looking for alternative investments.”

With its diverse range of services, PYGG differentiates. Frank: “We help people with a whole spectrum of financial goals, including fund managers looking to setup and run an investment fund at affordable costs, entrepreneurs looking for a foothold in the region, company’s looking to list on a recognized alternative stock exchange, and affluent or wealthy families looking for help with management of their assets.”The firm specializes in administrative matters and local requirements for property and business owners “Not many firms combine so many areas of expertise under one roof”, Nacha says. “That allows us to rapidly shift gears and keep in touch with our clients personally.”