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India could see a shift in foreign direct investment (FDI) trends in the second term of Donald Trump (Trump 2.0) as President of the United States, says a research report by the State Bank of India. The report highlighted that under his first term, Trump 1.0, the Trump administration made sweeping regulatory changes aimed at attracting investments back to the U.S., which impacted FDI inflows globally, including India. It added that if similar policies are reintroduced in Trump 2.0 also, it could create challenges for emerging markets like India, which rely on FDI as a significant driver of economic growth. Notably, a recent Kotak report highlighted that a complete Republican control over all arms of the US government would mean increased US earnings via corporate tax cuts, higher tariffs on imports into the US and greater US fiscal deficits. The first two could spell doom for emerging markets like India and China, since foreign investors will make a beeline for investing more money in the US markets, which will come at the cost of intense selloff in emerging markets. However, higher fiscal deficits will eventually lead to the dollar weakening after the initial euphoria dies down. "India may see shifts in foreign direct investments (FDIs) during Trump 2.0. The Trump 1.0 administration saw significant regulatory changes aimed at attracting investments back to the US," the SBI report stated. However, given that India has been gradually diversifying its sources of FDI (foreign direct investments), this trend could serve as a buffer against any potential decline. Moreover, domestic institutional investors have been stepping up big time, maintaining some balance to the massive exodus of FIIs over the past month. So far in November 2024, FIIs have withdrawn Rs 19,849 crores from the cash segment in Indian markets, while DIIs have poured in Rs 14,014.18 crores as of November 10th, 2024. "India is no longer dependent on the traditional sources of FDI inflows... unlike the recent past, FDI is now coming in many new sectors," noted the SBI report. Unlike a decade ago, when most FDI inflows came from a limited number of traditional sectors, India is now attracting investment in a wide array of industries, including renewable energy, sea transport, medical devices, and surgical appliances. Data suggests over the last 24 years, i.e., between April 2000 and June 2024, FDIs have poured in $1,013.4 billion in the Indian economy. Out of this, 67%, i.e., $689.88 billion, has come in just the last 10 years. The report added there are up to 12 emerging sectors showing strong FDI interest, which could help offset any loss of inflows in conventional sectors if there is a shift in global investment patterns under another Trump administration. In the last financial year, the top 5 sectors that have received the highest quantum of FDI inflow include the services sector (finance, banking, insurance, and business) which makes up about 16% of the inflows. This is followed computer software &amp; hardware, which constitute around 15% of total FDI flows. Trading and telecommunications follows with a share of 6% each, and Automobile Industry comes next with a 5% share. In the short term, the potential for increased U.S. tariffs, more restrictive H-1B visa policies, and a stronger dollar could bring some volatility to India's trade and investment landscape. However, in the long term, these challenges might also encourage India to expand its manufacturing capabilities, diversify export markets, and focus on becoming economically more self-reliant. Notably, India has maintained a merchandise trade surplus with the U.S. despite tariffs imposed during Trump's first term. This indicates that Indian exports have remained resilient, and there is potential to strengthen this trade relationship further by capitalizing on emerging sectors and reducing dependency on traditional industries. Suman Chowdhury, Executive Director &amp; Chief Economist, Acuité Ratings &amp; Research Limited cautions that in the medium to long term, the trade relationship with the US may see a structural improvement. "Higher tariff and trade restrictions in the US with China should translate into better opportunities for exports of manufactured goods from India", he adds.

FDIs may shift to US under Trump 2.0 but it is unlikely to severely impact FDIs inflow to India, says SBI Report

Thailand goes visa-free for Indians: Reasons why it’s the ultimate destination for you

Thailand to Maldives: Countries that offer visa-on-arrival for Indians

<ul class="summary-list"><li>The US Department of Justice filed a lawsuit accusing Visa of engaging in <a target="_blank" class="" href="https://www.businessinsider.com/visa-investigation-justice-department-possible-anticompetitive-practices-wsj-2021-3">anticompetitive behavior</a>.</li><li>Prosecutors say the financial giant's monopolistic actions affect "the price of nearly everything."</li></ul>Visa is in the antitrust crosshairs.The US Department of Justice filed a lawsuit on Tuesday arguing that the payment processing giant illegally maintained a monopoly with anti-competitive behavior and imposed unfair costs on customers and merchants."We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market," Attorney General Merrick Garland said in a statement. "Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa's unlawful conduct affects not just the price of one thing — but the price of nearly everything."Visa did not immediately respond to Business Insider's request for comment on the lawsuit.In the complaint, filed in the Southern District of New York, prosecutors said Visa handles more than 60% of US debit transactions, earning the company more than $7 billion in fees a year.Visa's use of "generous monetary incentives and threatening punitive additional fees" enable the company to maintain an illegal monopoly in the debit card processing market, prosecutors said.The suit follows a yearslong investigation that followed <a target="_blank" class="" href="https://www.businessinsider.com/plaids-blocked-acquisition-was-a-shocking-shift-vcs-say-2021-1">Visa's attempted $5.3 billion acquisition of fintech company Plaid</a>, which the Department of Justice sued to block in 2020. The two companies abandoned the deal the following year.Visa acknowledged that the Department of Justice was planning to investigate its US debit card business in a 2021 <a target="_blank" class="" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1403161/000140316121000020/v-20210319.htm">filing</a> with the SEC.A key issue under scrutiny is the use of security tokens, which can be used to block the routing of payments to other networks. Rival MasterCard settled a similar matter with the Federal Trade Commission in 2022.While the scrutiny of Visa pre-dates the Biden Administration, this latest action is one of <a target="_blank" class="" href="https://www.businessinsider.com/biden-coporate-monopolies-antitrust-lawsuits-live-nation-amazon-google-meta-2024-5">several crackdowns on middlemen companies</a> that the White House argues are raising costs for American consumers."Anticompetitive conduct by corporations like Visa leaves the American people and our entire economy worse off," Principal Deputy Associate Attorney General Benjamin Mizer said in a statement. "Today's action against Visa reminds those who would stifle competition rather than competing on price or investing in innovation that the Justice Department will never hesitate to enforce the law on behalf of the American people."

US Justice Department hits Visa with antitrust lawsuit over its debit card business

<ul class="summary-list"><li>Australia plans to cut new international student enrollment by a third next year.</li><li>The cap follows a surge in international students post-pandemic, straining the rental market.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/australia-law-right-to-disconnect-ignore-calls-after-hours-work-2024-8">Australia</a> is capping new international students next year, in an effort to curb record migration.The country plans to limit <a target="_blank" class="" href=" https://www.businessinsider.com/how-employers-can-support-international-students-job-seekers-2022-3">international student</a> enrollments to 270,000 in 2025, Australian education minister announced on Tuesday. In 2023, there were just over 400,000 new international students."There's about 10% more <a target="_blank" class="" href="https://www.businessinsider.com/studying-abroad-in-north-korea-isolating-surreal-friendships-made-2024-7">international students</a> in our universities today than before the pandemic, and about 50% more in our private vocational and training providers," education minister Jason Clare said in a press briefing on Tuesday. "These reforms are designed to make it better and fairer, and set it up on a more sustainable footing going forward."The government will assign each university or vocational institute an individual limit.Australia has about 718,000 total <a target="_blank" class="" href="https://www.businessinsider.com/work-visa-moved-usa-canada-immigrants-2024-7">international students</a>, <a target="_blank" class="" href="https://www.businessinsider.com/us-diplomat-chinese-students-should-not-access-sensitive-tech-2024-6">primarily from China</a>, India, and Nepal, according to 2024 education department <a target="_blank" class="" href="https://www.education.gov.au/international-education-data-and-research/international-student-numbers-country-state-and-territory">figures</a>.Curbs on migration were first announced in December, when Australia said it would tighten visa scrutiny for graduates and require students to secure higher scores on their English proficiency tests.The restrictions come after a period of concessions to encourage foreign workers and students who left during the pandemic to return to Australia. That created an influx of foreigners, which worsened the pressure on the country's tight rental market.Clare added that the restrictions will also limit the amount of "shonks" — people and businesses exploiting the demand for international education in Australia. Authorities have previously said that some providers participate in unethical practices or scams, such as recruiting students who are not proficient enough in English to do well, luring students with the <a target="_blank" class="" href="https://www.theguardian.com/australia-news/2023/aug/26/fraudulent-course-providers-face-closure-in-labors-international-education-crackdown">promises of jobs</a>, or promising tuition fee discounts to those who recruit other students.Canada announced similar limitations earlier this year, in an effort to bring down the costs of buying and renting homes.Canada's immigration agency said in January that it will cap the number of acceptances for international study permits. The move is expected to cut the number of students by 35% compared to last year and reduce the number of "<a target="_blank" class="" href="https://globalnews.ca/news/10241346/international-student-visas-canada/">puppy mills</a>" that provide poor-quality education.According to a study by education consultant IDP, the US, Australia, the UK, and Canada are hotspots for those seeking international education, with countries like Germany, New Zealand, and Ireland gaining interest in recent years.Since May 2023, the UK has clamped down on international students bringing their families on all student visas, except postgraduate research and those with government scholarships. The changes have also reduced the number of people using student passes as a loophole to work. The government <a target="_blank" class="" href="https://www.gov.uk/government/news/tough-government-action-on-student-visas-comes-into-effect">forecast</a> that the changes would lead to 140,000 fewer people coming to the country.In the US, <a target="_blank" href="https://www.businessinsider.com/h1b-visa-lottery-changes-benefit-startups-hiring-immigrants-2024-2">dwindling chances</a> of landing a work visa after graduation because of the H-1B lottery system have made the country less attractive for some foreign students. A Trump-era executive order <a target="_blank" href="https://www.forbes.com/sites/stuartanderson/2021/08/10/biden-keeps-costly-trump-visa-policy-denying-chinese-grad-students/">denying visas to Chinese graduate students</a> also <a target="_blank" class="" href="https://www.businessinsider.com/decline-china-international-students-economy-universities-trump-biden-immigration-covid-2022-8">slashed the number of enrollments.</a>

It's a terrible time to be an international student. Australia is the latest country to limit visas.

London: Universities and student groups on Tuesday urgently lobbied British Prime Minister <keyword id="19906889" type="General" weightage="20" keywordseo="Rishi-Sunak" source="keywords">Rishi Sunak</keyword> to safeguard the country's <keyword id="21659184" type="General" weightage="100" keywordseo="post-study-visa" source="keywords">post-study visa</keyword> offer, which has been dominated by Indians to gain work experience for around two years at the end of their university degree. Amid reports that Sunak is considering either restricting or ending the <keyword id="20616105" type="General" weightage="20" keywordseo="Graduate-Route" source="keywords">Graduate Route</keyword> to curtail soaring migration statistics ahead of a general election, a group of nearly 30 university vice-chancellors and the <keyword id="21760521" type="General" weightage="20" keywordseo="national-indian-students-and-alumni-association" source="keywords">National Indian Students and Alumni Association</keyword> (NISAU) UK have issued detailed letters of appeal to 10 Downing Street. They list a series of factors in favour of keeping the Graduate visa scheme unchanged, including the benefits that international students bring to the UK economy in a competitive global higher education marketplace. "Modelling by consultancy London Economics shows that a single cohort has a net economic benefit of GBP 37 billion to the UK economy; as well as through the soft power that Britain's international graduates generate for the country over time, including through furthering ties of trade and diplomacy," reads the NISAU UK letter addressed to Sunak. "Indeed, 70 per cent of <keyword id="19971660" type="General" weightage="20" keywordseo="Indian-students" source="keywords">Indian students</keyword> have told us that the ability to gain meaningful work experience is a critical element in their decision to choose between competing international destinations, of which the UK is one... the Graduate Route allows the opportunity to gain this work experience for a temporary period. It is non-extendable and does not count towards permanent settlement. This means that neither students nor Graduate visa holders should be considered 'immigrants' in the context of the long-term picture of migration," it notes. Their appeal comes a week after the influential <keyword id="20609895" type="General" weightage="20" keywordseo="Migration-Advisory-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Migration Advisory Committee" meta.hostid="83" meta.entityid="Migration Advisory Committee">Migration Advisory Committee</keyword> (MAC) advised the government to let the scheme continue as it found no abuse of this post-study work offer. It also confirmed that Indians topped its tally, accounting for 89,200 visas between 2021 and 2023, or 42 per cent of the overall grants, and were likely to be "most affected by any restriction on the Graduate Route". In their letter to Sunak, universities in the north of England — from Sunderland to Sheffield, Leeds to Lancaster, Liverpool to Teesside, Bradford to Huddersfield, and York to Newcastle — said they will all be harmed by the removal or reduction of this visa as it is an "intrinsic part of the educational offer that has made the UK so attractive to brilliant students from all around the world". "The Graduate Visa Route is regarded by students in key markets like India as an integral part of their educational experience. The MAC review made clear that the removal of this route would make the UK less attractive and thus would cause considerable financial detriment to universities around the country," reads their joint letter. "International student tuition fee income has long cross-subsidised underfunded research and has increasingly become critical to cross-subsidise the teaching of UK undergraduate students because of the frozen tuition fee. Universities cannot continue to absorb the costs of teaching UK undergraduates without some form of alternative funding source," they caution. On top of their visa fees, international students who find work and start businesses contribute billions of pounds in income tax, national insurance and VAT annually. The university chiefs point out that they are also usually net contributors to the National Health Service (NHS) through the NHS surcharge. The Russell Group of the UK's leading universities issued its appeal over the weekend, with CEO Tim Bradshaw warning that there has already been a 10 per cent decline in international applications for post-graduate courses starting this September in the wake of the clampdown on students being able to bring dependant family members. "A further restriction on international students would not only be unnecessary — as numbers are already falling — but also damaging, resulting in less spending in local communities, fewer opportunities for domestic students and less UK research," he noted in a letter to Sunak. Members of his own Cabinet are believed to be opposed to any changes to the Graduate scheme, but the British Prime Minister is having to balance pressures from the right of the governing Conservatives who are single-minded in their demands to curb all forms of legal as well as illegal migration levels ahead of an election later this year.

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

Top visa-on-arrival picks for Indian explorers

Crypto.com is everywhere. Its <a target="_blank" href="https://www.businessinsider.com/cryptocom-how-startup-bought-staples-center-rights-700-million-2021-12">name is plastered on the home</a> of arguably the most famous NBA franchise, the Los Angeles Lakers. It's sponsoring Formula 1 races and UFC matches. Its ads are <a target="_blank" href="https://www.businessinsider.com/crypto-ads-return-tv-prices-rise-meme-stock-bitcoin-2024-5">back on the airwaves</a>, with Eminem declaring during the NBA playoffs that "fortune favors the brave."Crypto.com is also nowhere. It doesn't have a flashy CEO like FTX's Sam Bankman-Fried (<a target="_blank" href="https://www.businessinsider.com/sam-bankman-fried-sentenced-prison-ftx-alameda-research-2024-3">who is currently in prison</a>) or Binance's CZ (<a target="_blank" href="https://www.businessinsider.com/former-binance-ceo-sentenced-to-four-months-in-prison-2024-4">who is headed to prison</a>). Unlike with <a target="_blank" href="https://markets.businessinsider.com/news/currencies/sec-sues-coinbase-violating-securities-regulation-binance-crypto-regulation-gensler-2023-6">Coinbase</a>, regulators don't seem to be sniffing around. Sure, the company has high-profile marketing efforts, but day to day, Crypto.com doesn't really come up much at all.Crypto.com is one of those things I've long placed in my "I wonder what the deal is" column, along with <a target="_blank" href="https://www.businessinsider.com/jojo-siwa-rebrand-shows-difficulty-child-stars-grow-up-2024-4">Jojo Siwa</a>, <a target="_blank" href="https://www.businessinsider.com/bird-flu-virus-chickens-cows-human-food-outbreaks-pandemic-2024-5">bird flu</a>, and <a target="_blank" href="https://www.businessinsider.com/f1-nascar-races-motorsports-2022-6">the difference between F1 and NASCAR</a>. It seems impossible to watch a sporting event without seeing its name somewhere, and yet I rarely chat with someone who uses it or come across its name in headlines. Part of the issue is that I live in New York, where its services aren't allowed. (That's not a knock on the company — for a lot of crypto exchanges, the Empire State is a tough nut to crack.) But it's also a rather nebulous entity in the American market. It says it's got 100 million users globally, but it still seems to fly a little under the radar.Often, when I mention Crypto.com to someone who works in the crypto industry, they tell me they know about it, of course. When I ask exactly what they know about it, they come up pretty empty. Maybe it's mainly popular abroad, they speculate, or only for novices. Google data indicates that while a good chunk of the search interest does come from America, more comes from outside the US, notably from Singapore, Nigeria, and Bulgaria."Huh, I guess bigger than I thought," one crypto evangelist remarked after looking up its trading volume."They own the Lakers' arena? I've always been so confused on how they did that," another crypto entrepreneur said. (To be fair, the company doesn't own the arena; it just bought the naming rights.) He'd set up a Crypto.com account during the 2021-2022 market cycle to do a specific maneuver not allowed on Coinbase at the time, but he hasn't really used it since then.When I asked Nic Carter, a general partner at Castle Island Ventures, about the company, he replied in an email, "It's kind of a mystery, yes."He added that, like me, he doesn't know anyone who uses it. "But I think that reflects the user base — it's not necessarily crypto-natives but rather retail that wants a casual and accessible experience (is my understanding)," he said.Crypto.com is positioning itself as the new face of crypto, even as it remains rather faceless itself. It might prove to be a smart move — it's boosting its brand and, in turn, its consumer base while avoiding much of the scrutiny other exchanges have faced. For the time being, Crypto.com is balancing between notability and infamy. It's walking softly but carrying a big ad budget.While Crypto.com only really burst onto the American scene over the past four years or so, it's been around for a while. Originally named Monaco, the exchange was founded in 2016 in Hong Kong by Kris Marszalek, a Polish-born entrepreneur with a colorful past, and a handful of others. Amid the 2017 crypto run, it raised money from the public via an initial coin offering — creating and selling a digital token of its own, similar to a stock-market IPO. In 2018, the company landed the coveted Crypto.com domain name, purchasing it for an undisclosed amount from an academic who had long refused to sell it. (Even more confusingly, Crypto.com is technically operated by Foris DAX Asia, which, according to a scan of Reddit, can befuddle many users when their tax paperwork comes in. It's also the name Crypto.com lobbies under.) Crypto.com's primary business is its cryptocurrency exchange, which works as a middleman for people buying and selling crypto, but it also offers other products, including crypto Visa cards.The 2021-22 market cycle is when Crypto.com, now headquartered in Singapore, made its big splash. In late 2021, it <a target="_blank" href="https://www.businessinsider.com/staples-center-la-being-renamed-crypto-com-arena-2021-11">bought the naming rights</a> to what was then the Staples Center in Los Angeles as part of a 20-year, $700 million deal. It signed sponsorship deals with UFC and F1 while also rolling its "fortune favors the brave" ad campaign, which originally featured Matt Damon. Crypto.com was seeking brand awareness, and it was willing to spend millions upon millions for it."This is one brick in a bigger wall of introducing Crypto.com as a brand to the world and communicating what our core values are," Steven Kalifowitz, Crypto.com's chief marketing officer, <a target="_blank" href="https://www.businessinsider.com/cryptocom-how-startup-bought-staples-center-rights-700-million-2021-12">told Business Insider</a> at the time. In the moment, it all sort of made sense. FTX was flying high and had paid $135 million to slap its name on the Miami Heat's stadium. Its founder, SBF, was running around with Bill Clinton and Tony Blair in the Bahamas and suggesting he'd spend $1 billion on the 2024 election. Binance's CZ was <a target="_blank" href="https://markets.businessinsider.com/news/currencies/binance-ceo-chaopeng-zhang-cz-forbes-investment-crypto-adoption-media-2022-2">talking about investing $200 million in Forbes</a>, saying it would push media companies toward adopting crypto and lead to the decentralization of the industry. But we know how the story ends: <a target="_blank" href="https://www.businessinsider.com/ftx-crypto-exchange-implosion-sam-bankman-fried-what-it-means-2022-11">FTX imploded</a>, along with some <a target="_blank" href="https://markets.businessinsider.com/news/currencies/ftx-crypto-implosion-vaporized-billions-dollars-sam-bankman-fried-explained-2022-11">other high-profile crypto projects</a>, and <a target="_blank" href="https://www.businessinsider.com/crypto-winter-web3-startup-valuations-forge-global-secondary-markets-2023-5">crypto winter set in</a>. A lot of <a target="_blank" href="https://www.businessinsider.com/ftx-crypto-king-sam-bankman-fried-rise-and-fall-2022-11">crypto's mini-emperors</a> turned out to have no clothes.Crypto.com, however, managed to weather the storm, though not perfectly. The company accidentally sent some $400 million to the wrong account in November 2022, prompting some users to pull their money out of the platform. At the start of 2023, <a target="_blank" href="https://markets.businessinsider.com/news/currencies/crypto-layoffs-job-cuts-ftx-valuation-tech-markets-cro-2023-1">it laid off 20% of its workforce</a>, blaming economic headwinds and FTX's collapse. The Financial Times reported last June that Crypto.com was operating internal proprietary trading teams, which US regulators had dinged Binance for, even though Crypto.com insisted it was fine. The regulatory environment in the US appears to have made the company a little nervous — it shut down its American institutional exchange in the middle of last year.In the US, Crypto.com has managed to avoid much of the blowback its competitors have faced. (This isn't the case in other countries — in the Netherlands, for example, it was fined for operating without registration.) While the S<a target="_blank" href="https://www.businessinsider.com/sec-binance-coinbase-crypto-digital-currency-2023-6">ecurities and Exchange Commission has gone after</a> Coinbase and Kraken for operating unregistered securities exchanges, it hasn't made a peep about Crypto.com. Crypto.com has so far ducked notice, even though it's running a lot of the same playbook. In April, the company's chief operating officer acknowledged in an interview with Decrypt that its big-budget marketing efforts could put a target on its back but said the trade-off was worth it.Crypto.com's determination to push ahead, both loudly and quietly, has set it up to try to capitalize <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-outlook-100000-crypto-winter-bank-crisis-btc-halving-2023-4">on the market's recent run</a>. Bitcoin is once again on the up and up, and so too is Crypto.com. The company is hiring again, it's advertising aggressively again, and it's talking a big game about its business prospects — its CEO, Marszalek, told Bloomberg in April that it was looking to triple its number of registered users.Data from the marketing-intelligence firm Sensor Tower indicates crypto advertisers' digital spending in the US increased by 185% year over year in the first quarter of 2024. Crypto.com spent eight times as much as Coinbase on digital advertising during that period. (It's worth noting that back in the first quarter of 2022, Crypto.com actually outspent FTX on digital ads by a bit.)But the thing about all Crypto.com's advertising dollars is that they seem to be only effective-ish. Data compiled by CCData shows that Crypto.com has a 2.3% market share by trading volumes on the spot market globally, which is about half of Coinbase, which has 4%, and only slightly above Kraken, which has 1.4%. (Globally, Binance is still dominant.) According to Sensor Tower, Crypto.com saw a 140% increase in downloads in March from the prior month, though it fell slightly behind Coinbase, which had a 160% increase. Crypto.com didn't respond to multiple requests for interviews or comments for this story. Most of the people I did speak to gave the verbal equivalent of a shrug when I asked what they thought of the company.One crypto executive said part of the issue was that Crypto.com, being an upstart from Asia, is a little outside Silicon Valley's mainstream crypto circles. Similar to the clubby "<a target="_blank" href="https://www.businessinsider.com/paypal-mafia-members-elon-musk-peter-thiel-reid-hoffman-companies">PayPal Mafia</a>" that <a target="_blank" href="https://www.businessinsider.com/why-paypal-mafia-members-elon-musk-have-been-successful-founders-2022-6">dominated software in the 2010s</a>, a sort of Coinbase crew has its hold on the crypto industry of the 2020s. The exec wasn't too keen on Crypto.com's flashy advertising either, describing it as "decadent" and irresponsible."All that buying of stadiums and renaming stuff, it's just kind of viewed as lame by most people in crypto," they said. "I think the tackiest thing and frankly irresponsible thing to do is to roll out FOMO ads. 'Buy crypto or get left behind' is a really irresponsible message. JPMorgan doesn't do that."And despite the company's ability to dodge serious regulatory scrutiny, it hasn't engendered a lot of goodwill among some crypto evangelists."I'm supportive of bitcoin, but I think Crypto.com is overall a big negative for the American public. It's very confusing. It's a casino," said Alex Gladstein, who as the chief strategy officer at the Human Rights Foundation has argued that bitcoin is important for advancing human rights and freedom. "When you go to the website, they encourage you to try and bet on these coins that go to zero. I don't think it's anything to do with financial empowerment for people or any sort of alternative wealth building."To be sure, <a target="_blank" href="https://www.businessinsider.com/gambling-young-men-sports-betting-crypto-meme-stock-market-addiction-2024-4">the casino thing could be said about most crypto exchanges</a> — and sports-betting apps, and many regular trading apps. Crypto.com seems to be careful about coloring within the regulatory lines. The head of its legal department in the Americas just put out a "crypto legal handbook," which, OK.Crypto.com is embedded in our culture, and it isn't. It's sort of taken on the FTX mantle but with a more anonymous bent. For the company, it's a pretty savvy space in which to operate: ubiquitous but relatively anonymous. For everyone else, mileage may vary on how you feel about the whole thing. It's a good reminder that, whatever the company, it's better to use exchanges only for trading your crypto assets, not for storing them.Maybe Eminem won't come to regret voicing those ads like Matt Damon did. Or maybe in five years we'll be looking back at this moment and saying: "Remember that one crypto company? Is it still where the Lakers play? Or is it now something else?"<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

The new king of crypto

<keyword id="20102333" type="General" weightage="20" keywordseo="Indian-tourists" source="keywords">Indian tourists</keyword> can now add another perk to their <keyword id="22004118" type="General" weightage="20" keywordseo="Thailand-travel-itinerary" source="Orion">Thailand travel itinerary</keyword>: a <keyword id="20166205" type="General" weightage="20" keywordseo="visa-free-entry" source="keywords">visa-free entry</keyword> to the ever-alluring Land of Smiles! Starting June 1, the Thai government has rolled out a revamped visa policy, granting Indian nationals a hassle-free entry and an extended stay of up to 60 days, a doubling of the previous 30-day limit that was valid until May 2024. This change is part of a broader initiative by <keyword id="11905404" type="General" weightage="100" keywordseo="Thailand" source="Orion">Thailand</keyword> to attract more tourists and remote workers. The Thai cabinet has expanded its visa-free and visa-on-arrival options, increasing the list of eligible countries from 57 to 93, with India prominently included. This extension not only caters to tourists, but also targets remote workers, graduate students and retirees, who can now stay for up to 60 days. Remote workers, in particular, benefit from a five-year visa that permits stays of up to 180 days at a time, and retirees see reduced health insurance requirements. Thailand is already a popular destination among Indian tourists. Before the pandemic, India was Thailand's third-largest tourist market, with nearly 2 million visitors in 2019. Although 2023 saw a slight dip with 1.6 million Indian tourists, making it the fourth-largest source market, the new visa regulations are expected to boost these numbers significantly. This visa relaxation comes as a strategic move by Thailand to rejuvenate its tourism sector, which has been hard hit by the COVID-19 pandemic. The tourism industry, a vital part of Thailand's economy, had seen a sharp decline in international arrivals due to pandemic restrictions. But now, these new measures aim to reverse that trend, with Thailand hoping to attract a larger influx of tourists to stimulate its economy. Renowned for its budget-friendly appeal and diverse attractions, Thailand remains a top choice for travellers worldwide. From breathtaking beaches and nature reserves to bustling cities rich with culture and delectable cuisine, the Southeast Asian country offers a unique blend of experiences that continue to draw visitors. It also boasts vibrant nightlife and affordable, high-quality accommodations, making it an irresistible destination for all kinds of travellers. In 2023, Thailand welcomed around 24.5 million international visitors, generating significant economic benefits. Impressively, the first quarter of this year alone saw 9.4 million tourists contributing approximately 454.6 billion baht (1,030 billion INR) to the economy. With the introduction of these new visa policies, Thailand is ambitiously aiming to attract a record 40 million tourists this year — a target that approaches its pre-pandemic peak in 2019.

Planning a Thailand trip? You won’t even need to apply for a visa anymore! Here’s why

<ul class="summary-list"><li>Armand Arton's firm helps wealthy families secure golden visas and passports.</li><li>He shared the top five countries where clients are interested in relocating to via investment.</li></ul>This as-told-to essay is based on a transcribed conversation with Armand Arton, 47, president of Arton Capital, a financial advisory firm, about golden visas and passports. The following has been edited for length and clarity.I founded Arton Capital in 2006. We advise governments on how to attract wealthy global citizens to their countries through <a target="_blank" href="https://www.businessinsider.com/cheapest-countries-where-you-can-buy-citizenship-or-residency-2022-8">residence-by-investment programs</a>, and we also have a private client division where we advise ultra-high and <a target="_blank" href="https://www.businessinsider.com/inheriting-wealth-high-net-worth-wealthy-families-2024-9">high-net-worth families</a> about how to obtain residencies in other countries.Our clients are based all over the world. Some have relocation needs because they're in a country where lives are in danger, while for others, it's more of a lifestyle decision. They want mobility to access more countries worldwide. We advise them about <a target="_blank" href="https://www.businessinsider.com/golden-visas-greece-portugal-spain-boosted-economy-housing-crisis-2024-5">golden visas</a> and <a target="_blank" href="https://www.businessinsider.com/countries-buy-citizenship-golden-passport-countries-list-2022-8">golden passports</a> — government programs that offer residency or citizenship rights to foreign investors.When I first entered this industry nearly 20 years ago, the perception was that people living in the East wanted to move west. But in recent years, migration has been happening in all directions. During the COVID-19 pandemic, many American investors couldn't enter Europe, so they are now looking for residency programs in European countries. After this year's elections in France and the UK, we're also seeing millionaires in those countries looking to relocate.Here are the top five countries that my clients, who are looking to <a target="_blank" href="https://www.businessinsider.com/what-is-golden-passport-visa-russian-oligarch-dual-citizenship-2022-4">relocate through investment</a>, are interested in moving to:<h2 id="03690ace-4528-4ff2-893d-56a43bf85ac0">Hungary</h2>In 2013, Hungary launched a program granting citizenship in exchange for investing in government bonds, with the promise of repayment after five years.They decided to reopen it this year with an additional focus on real estate investment.It comes with a residency card that can be renewed after 10 years.Hungary offers a European lifestyle, is safe, and offers huge opportunities to invest in real estate.Unlike countries like Portugal and <a target="_blank" href="https://www.businessinsider.com/spain-scrapping-golden-visas-real-estate-investment-wealthy-foreigners-2024-4">Spain</a> that want to <a target="_blank" href="https://alpenpartners.com/insights/exploring-portugals-updated-golden-visa-a-guide-to-the-recent-changes/#:~:text=Investors%20can%20no%20longer%20apply,other%20areas%20of%20the%20economy.">abolish</a> or <a target="_blank" href="https://www.euronews.com/travel/2024/07/25/what-is-a-golden-visa-and-why-are-some-countries-giving-them-up-for-good#:~:text=Earlier%20this%20year%2C%20Spain%20also,for%20all%20types%20of%20investment.">redirect</a> funds away from the property sector, Hungary encourages people to invest in real estate.<a target="_blank" href="https://schengen.news/moving-to-europe-heres-how-much-buying-a-house-in-each-member-state-can-cost/">Property in Hungary is relatively inexpensive</a>, which creates opportunities for investors. Hungary also has a stable political ecosystem. Governments haven't changed as rapidly as in Greece or Italy.There's an option to apply for a passport in Hungary, but you will have to reside in Hungary for eight consecutive years and pass a test in the local language.<h2 id="bf17bf12-1fef-4b09-ae72-d599d7f7e619">Greece</h2>Because Hungary has just relaunched its program, there's a lot of hype around it, but recently, I've been seeing more people invest in <a target="_blank" href="https://www.businessinsider.com/best-places-to-visit-in-greece-this-summer-2022-7">Greece</a>.Greece's program stipulated a 250,000 euro minimum investment in real estate, but recently, the government announced it would increase the price to 400,000 euros. This came into effect at the start of September.We saw a surge in clients applying for visas in Greece because everyone got their applications in before the price hike. We don't expect demand to slow down. The opportunity for easy access to Greece's storied cities, beaches, and culture will never lose its appeal, whatever the price.Greece is a popular tourist destination, so clients buy properties they can rent out for income.<a target="_blank" href="https://www.businessinsider.com/moved-dubai-nyc-british-expat-been-tough-2024-9">A golden visa</a> in Greece does not automatically confer the right to work. Instead of being employed by others, investors can establish and own a business in the country. This can benefit Greek citizens, who can seek employement by the companies that golden visa applicants establish.Similarly to Hungary, there's a flexible long-term residence pathway that offers access to the Schengen area, a border-free zone of 29 European countries where citizens and residents can travel easily.To obtain citizenship in Greece, you must have resided in the country for seven years and passed Greek language and cultural knowledge tests.I've found that for people applying for residency by investment, citizenship is a possibility but not the end goal. A permanent residency in a European country gives them similar rights to citizens.<h2 id="c2853128-0919-474d-8c06-3cc88ee31c8d">Italy</h2>Italy's program has been under the radar for a long time.The program requires investment directly into the economy, such as the stock market, instead of real estate. It's not been as popular because it doesn't have a real estate option.However, since <a target="_blank" href="https://www.businessinsider.com/brexit-is-a-disaster-britain-trade-european-union-boris-johnson-2021-3">Brexit</a> created instability in Europe, Italy has become a more popular destination among ultrawealthy people already in Europe. This is thanks to its amazing tax package for anyone who decides to live in Italy and become a permanent resident.Until August 2024, foreign income, with some exceptions, was taxed at a flat rate of 100,000 euros a year for 15 years for applicants who became tax-paying residents of Italy.This has now been <a target="_blank" href="https://www.reuters.com/world/europe/italy-retains-appeal-super-rich-new-residents-despite-tax-hike-2024-08-09/">doubled to 200,000 euros per year</a> on foreign worldwide income. We've noticed demand from people in other European countries such as England, France, and Germany, eager to take advantage of the 15-year plan.<h2 id="707bfe7b-0e27-408f-90ea-9031f49dac6e">The UAE</h2><a target="_blank" href="https://www.businessinsider.com/millionaires-moving-uae-highest-inflow-wealth-magnet-usa-china-uk-2024-6">The UAE</a> has quickly developed into a country that attracts the wealthy and investors.Options for obtaining a golden visa in the UAE include investing at least AED 2 million in a bank, investment fund, or property. However, the government can also nominate applicants for a golden visa.Residencies are typically valid for 10 years before they need to be renewed, and the UAE has been <a target="_blank" href="https://www.forbes.com/sites/dominicdudley/2021/01/30/uae-offers-citizenship-to-rich-and-skillful-foreigners-in-attempt-to-boost-economy/">awarding citizenship</a> to some of its biggest investors. We've worked with more than four investors who've made impressive investments in the economy, and the country has rewarded them with a UAE passport.<a target="_blank" href="https://www.businessinsider.com/second-passport-application-steps-to-consider-2024-7">Citizenship-by-investment</a> in the UAE is not an official program that everyone can apply to, and that exclusivity is a draw for people. Our information is that less than a hundred passports have been awarded.Once you have a UAE passport, there are economic benefits. Expats are usually restricted to purchasing property in designated areas known as freehold areas. But with a UAE passport, these restrictions no longer apply.<h2 id="8b778372-a05a-43fe-9459-807bfe55f01f">The Caribbean Islands</h2>Among the Caribbean Islands, <a target="_blank" href="https://www.businessinsider.com/caribbean-island-redonda-rats-restoration-wildlife-endangered-species-antigua-barbuda-2023-10">Antigua and Barbuda</a> has attracted most of our clients this year.We feel that ultra-high-net-worth clients want a less popular program than one that everyone has, which is what's drawn people here.Antigua is also experiencing phenomenal economic growth and attracting brands and tourism. There's a focus on luxury hotel developments.Though it was completely devastated by hurricanes Irma and Maria in 2017, it's becoming a <a target="_blank" href="https://www.theguardian.com/global-development/2023/sep/26/billionaire-club-the-tiny-island-of-barbuda-braces-for-decision-on-land-rights-and-nature">playground for billionaires</a>.<h2 id="c0207e16-d938-4d8f-b29f-b43232439026">I'd advise wealthy migrants to get in on programs sooner rather than later</h2>The number of applicants for golden visas increases every year. I've witnessed ups and downs in the number of residence-by-investment programs available to wealthy migrants. Countries including Bulgaria, the UK, and Ireland have recently closed programs, so at the moment, I think more programs are closing than opening, but demand for these programs constantly grows.Programs are becoming more limited and more expensive, so I'd advise people who can afford to make these investments to do so now before processes become more difficult.

I help the ultrawealthy secure golden visas and golden passports. Here are the top 5 countries they want to move to. 

<ul class="summary-list"><li>A former compliance officer was awarded about £565,000 ($745,000) by an employment tribunal.</li><li>It found Bharat Bhagani was unfairly dismissed after alerting UK authorities to a number of issues.</li></ul>A former compliance officer has been awarded almost £565,000 ($745,000) after he was fired for alerting authorities about an employee who turned out to be a "Chinese espionage agent."Bharat Bhagani, who worked in the UK office of Goldenway Global Investments, a trading services provider based in <a target="_blank" class="" href="https://www.businessinsider.com/sc/heres-what-to-do-eat-and-see-in-hong-kong-during-the-day">Hong Kong</a>, was awarded the payout by an employment tribunal in London, according to a judgment published this week.The whistleblower said that in 2022 his company asked him to secure a British work visa for an individual who was later deported from the UK. The tribunal ruling stated that Bhagani was told by UK authorities that the person was a "Chinese espionage agent."Bhagani informed the Financial Conduct Authority, the UK regulator, that there had been two unauthorized appointments of Hong Kong residents without FCA approval.He also alerted the regulator of alleged money laundering, fraudulent inter-company loans, and people acting as directors without regulatory approval.The tribunal heard that the former compliance officer received a warning letter in June 2022 outlining that he had not been "cooperative on assisting the company to enroll appropriate staff," because he did not comply with his order to secure the visa.The letter said any further breach could result in suspension and termination of his employment.About two weeks later Bhagani was dismissed for gross misconduct for failing to obey instructions from company directors.He took Goldenway to the tribunal in 2022. It found that Bhagani had been unfairly dismissed because his employer did not follow due process, adding: "The respondent had no genuine belief he had committed gross misconduct, and where the reason for dismissal was his public interest disclosures."After he was fired, Bhagani also claimed he missed out on a job offer because the reference supplied by a Goldenway director said he had been terminated for gross misconduct.Bhagani was awarded a total of £564,672 ($744,223) in compensation, according to the remedy judgment.Goldenway was first subject to FCA restrictions and then banned from operating in the UK.Goldenway Global Investments did not respond to a request for comment from Business Insider.

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