Corb7 International August 17th, 2022 Newsletter

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International Business 

Editor's Note

The Lesson of Japan

History is a great teacher. It never pays to overestimate one’s strength. In the 1980s, Japan was all the rage, international business simply had to be a part of that marketplace. Even the most seasoned investors however, had no idea the economy of Japan was a bubble, fueled and ready to burst by the 1990’s. Japan’s rise was shattered by the collapse of the Tokyo stock market and a banking system burdened with bad loans. What followed was a mass corporate exodus leaving a country that ten years later still struggled to digest its economic turn-around.
 
The Japanese had over-estimated the health of their economy. In effect, they believed that no matter their domestic course, international investment would follow. Ignoring history by being arrogant and chastising business for the actions of a few could be a dangerous path for US legislators - an eerie parallel exists.

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International Business 

Business Psychology

Travel Improves Your Mental Health 

Vacations are an Important Component of Staying Healthy 

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 Vacations can be great ways to see the world, soak up some culture and get away from the hustle and bustle of everyday life. But traveling can have benefits that last longer than a one- or two-week vacation.

Traveling can have a positive effect on personal health and well-being, as various studies point to how travel can boost one's state of mind and overall mood. The following are five ways that traveling can positively affect travelers' mood and health.

1. Increases happiness: People are happiest when they have a trip coming up, according to researchers at the University of Surrey in the United Kingdom. A recent study from researchers at Cornell University confirms the findings, noting people get more happiness from anticipating a travel experience than from an object they can acquire.

2. Enhances creativity: The brain is influenced by new environments and experiences, which is the hallmark of travel. Researchers at the Columbia Business School found that travel can encourage people to embrace different ways of living and influence their outlook on life.

3. Stress relief: Travel is a great way to get away from obligations at home and at work, allowing the mind to reset without having to make decisions beyond figuring out which activities to do during the day or which foods to grab along the way. The mental wellness site Psych Central adds that vacations take people away from the places and activities that contribute to their stress levels.

4. Fosters change: Remembering pleasurable experiences from vacations when one returns home can be a positive behavioral intervention. Dr. Tamara McClintock Greenberg, a San Francisco-based clinical psychologist, says you can incorporate those feelings into daily life by recreating food or experiences at home.

5. Encourages exercise: Vacations can be full of swimming, walking, sightseeing, or participating in other fitness pursuits. According to the World Heart Federation, moderate exercise lowers risk of heart attack by 30 to 50 percent, suggesting that traveling is good for the mind and the body. Exercise also has been shown to combat depression and help reduce stress and anxiety.

Traveling can improve one's mental health and overall well-being. Making time to take vacations is an important component of staying healthy.

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International Business 

Cross-Border Business 

The Cayman Islands

Where myth and fact have often blurred - the “Grisham effect.” 

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South of Cuba and Northwest of Jamaica, this small island territory is a major international hub and the fifth largest banking center in the world.  It is a location where myth and fact have often been blurred by those willing to buy into what has become known as the “Grisham effect.” 

As you may recall, the famous fiction writer John Grisham used the Cayman Islands as a backdrop for several of his books.  Some of his works were turned into movies with the most celebrated one being, “The Firm,” which starred Tom Cruise and was released in 1993.  For many years, the Cayman Islands suffered from the “Grisham effect," as it was painted within his books as location where money can be stashed away by criminals.  The beauty of the location added a certain romance to the idea of ill-gotten funds being placed in illicit Cayman banks. The reality, however, is far more boring.  The Cayman Islands is a highly regulated and full compliant jurisdiction and as such not exactly an ideal location for drug dealers or anyone else to launder their funds. 

Cayman Islands
Location:  460 miles South of Miami, Florida.
CapitalCity:  George Town
Population:  65,720 (2020)
LanguageSpoken:  English
InternationalTime:  EST
Airline Service:  American, Cayman Airways, Delta, Northwest, Continental
Currency:  Cayman Islands dollar CI$
Type of Government:  British Crown Colony
Main industries:   Offshore financial services, tourism
Tax Treaty:  Yes
OECD:  Approved
FATF:  Member CFATF
Additional Notes:  The world’s fifth largest financial service center after Hong Kong, London, New York and Tokyo.  Currently over 500 Banks and 800 insurance companies reside here.

Owning a Bank
It is possible to become an owner of a Cayman Island bank and previous banking experience is not necessary needed.   Although, in reality, it greatly improves your chances of approval, and odds are good that your directors will need a stellar CV demonstrating financial experience.  There are three types of licenses: Class A, Class B unrestricted and a Class B restricted.  Class A allows for doing business with the locals and will not be part of our discussion since it has little practical application for our needs.  The other two classes is where we will concentrate. 

Please note these are not tax shelter vehicles. 

 CLASS B Licenses: 
* Class B Unrestricted License – unrestricted to the number of clients which it can service.
* Class B Restricted License- restricted in the number of clients which it can service, which will be stipulated in the permit.   

Overview:
 A Category B bank permits the holder to undertake full banking services from within the Islands or elsewhere, but prohibits the taking of deposits from any person resident in the Islands, other than another Licensee, or an exempted or an ordinary non-resident company that is not carrying on business in the Islands. 

Fees:
The initial application must be accompanied by a fee of US$2439.02 payable to the Cayman Islands Monetary Authority.  If the application is successful, a fee of US$85,365 will be payable upon the granting of the Category B license. The fees for the licensing process can range from US$45,000 and upwards.  Thereafter, the Annual Fees will be dependent on the amount of assets the bank holds:
 
* Assets less than US$100 million - US $73,170.73
* Assets between US$100 million and US$500 million - US$85,365.85
* Assets between US$500 million and US$1.0 billion - US$97,560.98
* Assets between US$1.0 billion and US$5.0 billion - US$109,756.10
* Assets greater than US$5.0 billion – US$121,951.22
 
Paid-in -Capital:
Under the Bank and Trust Companies Law (2013 Revision) all locally incorporated banks are required to maintain (on a paid-up basis) a minimum net worth of CI$400,000 or its equivalent in other currencies except for licensees that hold Restricted Banking Licenses. Restricted Category B Licensees are required to maintain a minimum net worth of CI$20,000 or its equivalent in other currencies. The Cayman Islands Monetary Authority adopts the guidelines set by the Basel Committee for Bank Regulation and Supervisory Practices for the calculation of the capital adequacy ratio (risk asset ratio). The Basel Committee recommends a minimum risk asset ratio of 8%. However, the Cayman Islands Monetary Authority requires subsidiaries to maintain a minimum risk asset ratio of 12% and privately owned banks are required to maintain a minimum of 15%.  

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International Business   

Business Etiquette  

Etiquette Evolves but its Purpose Remains the Same

 by Candace Smith
The Etiquette Blog
Candace Smith Etiquette

Etiquette evolves as current culture practices and technology both change.  It offers guidelines for respectful behavior based on common sense, fair play, politeness, and concern for others.  

Yet, throughout etiquette’s evolution, the component of helping us remain recognizably respectful is always its foundation.

Etiquette Evolves with What, Where, When and How

Because our behavior adjusts to meet various situations and circumstances, so do our etiquette practices.  This applies in a general sense as well as in relation to an immediate situation you find yourself in.

Here are some examples of how etiquette evolves to meet a particular encounter:

• In the not-so-distant past it was appropriate for women to stay seated when they were introduced.  This difference with the treatment of men is no longer the case.  What remains true is that properly introducing yourself and others is important.
• A man not shaking a woman’s hand unless she first offers it is outdated.  The pandemic may have changed our willingness to shake hands, but most likely only temporarily.  The art of human connection via a handshake is still important.
• It used to be that a man paid for meals and activities when on a date. Now, it is customary that the person who asks for the date picks up the tab.  
   
• When a man and woman walk together on the street, it is no longer an expectation that the man walks on the side closest to the street.  Today it’s more about the pedestrian rules of how to pass someone on a busy street and being respectful of others’ personal space.  
• Making a toast does not need to involve champagne or wine.  You can raise your glass regardless.  
   
• Informal rules applying to weddings have changed, too.  It used to be that a person had a year to send a wedding gift to a newly married couple.  Now, because of online gift registries and other technology, it is most appropriate to send gifts prior to the wedding.

Why Etiquette?

Etiquette still gets a bad rap as being fussy and old-fashioned.  It also comes with baggage associated with social superiority and as having nothing to do with everyday people.  

But the world cannot get along without a basic set of rules of sociality.  We, as fellow world citizens, have an expectation of living peaceably with those around us.  To make this expectation a reality, we need guidelines that encourage respect from everyone.  

It’s for this reason that no matter how much etiquette evolves, it will always embody the attitude of respect.  And demeaning others is always excluded from etiquette. 

Etiquette is an intriguing word!  It embraces many roles and responsibilities that guide society. It involves following a moral code of conducting oneself, putting others at ease in your presence, being courteous, kind, and honest – even though the truth may not always be pleasant.  It signifies honoring others and striving towards ethical behavior.  Though the precise guidelines will change, intentionally. 

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Lifestyle

Executive Fitness 

Understanding the Risks of Stroke

Knowing the Items that You Can Control! 

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Adults from all walks of life likely know at least one individual who has suffered a stroke. That person could be a family member, friend, colleague, or other acquaintance. The likelihood of knowing someone who has had a stroke underscores just how prevalent stroke is and how necessary it is that people understand its risk factors.

According to the World Stroke Organization, there are more than 101 million people currently living who have experienced stroke. That group includes men, women and even children. No one is immune to stroke, but many instances of stroke can be prevented. Prevention involves recognition of risk factors individuals can control and subsequent action to reduce exposure to those factors. But the risk for stroke also is heightened by factors beyond individuals' control, and it's vital that individuals recognize they might be at elevated risk for stroke even if they're otherwise healthy.

Risks factors beyond your control

The American Heart Association notes the importance of knowing the following risk factors for stroke, even if there's nothing people can do to change them.

· Age: Stroke is more common among individuals age 65 and older. That includes both men and women.

· Family history: Individuals could be at greater risk of stroke if they have a parent, grandparent, sister, or brother who has had a stroke. Various factors could be behind that link, including a genetic disorder known as CADASIL (cerebral autosomal dominant anteriopathy with subcortical infarcts and leukoencephalopathy) that affects blood flow in the brain.

· Race: The AHA reports that African Americans are more likely to die from stroke than Caucasians. Part of that is undoubtedly due to socioeconomic factors such as inadequate access to health care, but the AHA also links this elevated risk to higher rates of high blood pressure, diabetes and obesity within the Black community.

· Gender: Stroke kills more women than men and women have more strokes than men.

· Medical history: Individuals with a personal history of stroke and/or transient ischemic attacks, often referred to as "mini strokes," are at elevated risk for stroke.

Risk factors you can control

The good news is that individuals, even those with risk factors beyond their control, can lower their risk for stroke. That's because many of the risk factors for stroke can be monitored and treated before a stroke occurs.

· High blood pressure: The AHA defines high blood pressure as the most significant controllable risk factor for stroke. Annual well visits are vital to preventive health care, which include monitoring blood pressure. When doctors diagnose high blood pressure, individuals should follow their advice in regard to getting blood pressure back to a healthy level.

· Smoking: The dangers of smoking are well-documented. The AHA characterizes smoking as paving "the way for stroke." Never smoking or quitting smoking immediately can lower risk for stroke. Women should know that the AHA reports the use of birth control combined with cigarette smoking can greatly increase the risk of stroke.

· Diabetes: It's important that individuals with type 1 or 2 diabetes control their blood sugar, as diabetes mellitus is an independent risk factor for stroke.

· Diet: A poor diet that's high in saturated fat, trans fat, sodium, and cholesterol elevates the risk for various conditions, including high blood pressure and obesity, that increase the likelihood of suffering stroke.

· Physical inactivity: The AHA reports that physical inactivity increases risk for stroke. Individuals who live a predominantly sedentary lifestyle, including office workers, are urged to discuss exercise with their physicians.

There are numerous risk factors for stroke, many of which are beyond individuals' control. However, recognition of these risk factors is often the first step toward adopting a healthy lifestyle that can greatly reduce the chances a person will suffer a stroke. 

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Lifestyle

 Spirits & Cuisine  

331-Years-Old

The Incredible Story of Ketel One Vodka.

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Ketel One is produced by the Nolet Distillery in Schiedam, Netherlands. The Nolet Distillery was founded in 1691 by the Nolet family, French Huguenot refugees, and has remained in the Nolet family ever since. Ketel One is so named for the original coal-fired copper still that was used to distill it, Distilleerketel #1.
 
It has become one of the most popular top-shelf vodka brands in the world but not so long ago it was almost a sign of sophistication to call it out when ordering a cocktail. We think you might really enjoy the video below which describes its long history and family tradition.

Click Here for Video

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Lifestyle

Leisure 

Best Countries for Retirement 

People are More Mobile than Ever Especially When it comes to Retiring. 

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Many couples look to downsize once they retire. Empty nest retirees may no longer need their large family homes, which can be expensive and difficult for seniors to maintain. While some retirees choose to move into senior living communities or condominiums, some opt to be a bit more adventurous and venture further from home.

A number of retirees choose to spend their golden years abroad. Doing so can equate to a more adventurous retirement, a lower cost of living and the ability to stretch retirement savings much further than if you decided to stay closer to home. Many of the more popular international retirement locations offer beautiful climates, culture and health care systems that are hospitable to retirees.

Affordability is a key consideration for men and women mulling whether or not to retire internationally. According to U.S. News and World Report, retiring overseas may run the average person anywhere from $700 to $1500 USD per month. Those who can offer higher budgets may be able to retire to any location of their choosing.

Before you make any drastic changes, first calculate your retirement budget. Add up retirement savings, Social Security income (if applicable), pensions, and any other investments or savings you may have. Have an estimate of the market value of your current home and any other property you may own. These figures will be your working numbers. Subtract your age from your estimated life expectancy and divide the retirement funds sum by that many years to see how much per month you will have to spend.

Once you have established your budget, begin investigating where you would like to live. Argentina, Ecuador, Belize, Costa Rica, and France are some of the more popular retirement locations among North Americans. Once you've selected a potential location, take a vacation there and explore. In addition to the climate, check out the infrastructure, shopping, medical services, amenities, and crime rates. Try the place on for size and figure out if this is an area where you can comfortably spend your retirement.

Once you have narrowed down your prospects, contact your native country's embassy to determine what will be needed to legally live in a foreign country and obtain a visa. Some places are more accommodating than others with regard to residency visas.

It also pays to contact an accountant or tax professional to see what, if any, taxes you will still be required to pay even if you move abroad. Your obligation may be less than if you chose to stay closer to home.

Another consideration is health insurance. Government-sponsored plans may not cover services overseas, requiring you to find an alternative insurance source. The good news is that many international plans may be more affordable than ones found in the United States.

Retiring abroad does not mean you have to cut all ties to home. Some couples choose to keep dual residency and fly back and forth when necessary. But the slower pace, affordability and other draws of international retirement spots could be challenging to leave behind.

AARP, Forbes and International Living routinely rank the best international retirement destinations. Check with these sources for more information about retiring abroad. 

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Lifestyle

Travel 

Autumn in Croatia

A Charming Retreat on the Adriatic Sea. 

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We thought it might be fun to review Dubrovnik, Croatia (Please see the above video)  a warm & historic destination that you might want to include in your plans this Fall.  The country of Croatia is one of our our favorite European journeys.   We have had the opportunity to travel here in 2015 and then again  in 2019.

At the crossroads of Central and Southeast Europe, its coastline runs along the Adriatic Sea. The major cities such as Zagreb, Dubrovnik, and Havar are well worth a visit since history and unique architecture are everywhere.  Dubrovnik was the main filming location in Croatia for King’s Landing, a fictional city in "The Game of Thrones" a famous HBO television series.

English is commonly spoken throughout the country, but we still found it to be broken and a little challenging to communicate.  If you do travel here the local cuisine is sure to include fish, and fair warning their concept of beef is likely to be a strain to an American palate.  The small seaside villages and towns scattered up and down the coast offer all the European charm one could anticipate. Compared to Italy; however, which lies right across the sea, you may find locals are little standoffish.  After all, this is a national that just went through a war for independence in the 1990s.

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Business Services

Acquisitions 

BUSINESS OPPORTUNITIES FOR SALE!

Corb7 International
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* 60-Year-Old Swiss Trust Company - NOW AVAILABLE !
Established in the year 1962
Place of Incorporation Zug, Switzerland

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1962 Swiss Trust Company

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