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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 So far in November 2024, FIIs have withdrawn Rs 19,849 crores from the cash segment in Indian markets, while DIIs have poured in Rs 14,014.18 crores as of November 10th, 2024.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

US presidential candidate <keyword id="19918985" type="General" weightage="20" keywordseo="Donald-Trump" source="keywords">Donald Trump</keyword> has gone from suggesting that immigrants were poisoning the blood of the country to saying that he would welcome immigrants from “nice” countries like Denmark, Switzerland and Norway to his most recent plans of automatically granting green cards to <keyword id="22128571" type="General" weightage="20" keywordseo="foreign-graduates" source="keywords">foreign graduates</keyword> of US colleges in a rather short duration of time. Feeling a little whiplashed, anyone? Securing a green card in the US is a Herculean task whose difficulty is probably comparable to capturing and bringing back Cerberus. And this legal permanent residence, which can sometimes take decades, is only the first step to becoming a US citizen. Many Indians have tried, whether it’s through residing and working for decades, navigating rather lengthy paperwork or marrying someone who is already a US citizen. Sadly, many have failed too. However, should Donald Trump become the President of the United States again (and decide to keep his word), Indian students might actually have an easier time getting a green card. In a surprising shift from his previous stance on immigration, former President Donald Trump has unveiled a bold plan to automatically grant green cards to foreign graduates of US colleges if re-elected. This announcement, made during a podcast interview with Silicon Valley investors, marks a departure from Trump's traditionally tough rhetoric on immigration. During the podcast hosted by Chamath Palihapitiya and others, Trump expressed his commitment to retaining talent educated in American universities. He argued passionately for granting green cards as a standard benefit for graduates, regardless of the institution they attended. Trump emphasised that this policy should encompass graduates from renowned institutions like Harvard and MIT as well as from junior colleges across the country. “It’s so sad when we lose people from Harvard, MIT, the greatest schools, and lesser schools that are phenomenal schools also,” Trump lamented on the All-In Podcast. “I think you should get, automatically, as part of your diploma, a green card to be able to stay in this country and that includes junior colleges, too.” A green card affords its holder permanent residency rights in the United States and represents a crucial step towards citizenship. Trump's proposal, if enacted, could potentially introduce hundreds of thousands of new applicants for citizenship annually. Adding to the exodus of Indians who have already migrated to the US, over 200,000 Indian nationals are enrolled in institutes across the US in 2024, setting a new record. In fact, the significant surge in Indian students seeking education in the country between 2022-23 represented an unprecedented 35% increase from the year before that. The former US president specifically mentioned India and China, highlighting how talented individuals were unable to stay in the US because of current <keyword id="22151110" type="General" weightage="20" keywordseo="visa-policies" source="keywords">visa policies</keyword>. We can see how this may show him in a favourable light for green card aspirants. And while we’re not one to look a gift horse in the mouth, it is important to remember that Trump has made his discriminatory nature very public in several instances. Immigration has been a hot topic in the US political arena for decades. However, in recent years, the political right and others have been more divided than ever on this issue. Republicans have been calling for stringent immigration policies and strict border protections. Therefore, even if Trump does deliver what he promises, the packaging will most likely have fine print that might continue to make it difficult for students to attain green cards. In fact, the presidential candidate’s campaign press secretary, Karoline Leavitt, has already clarified that Trump's proposal would only apply to thoroughly vetted college graduates who can “make significant contributions” to America and would not undercut American wages or workers. She emphasised that Trump has outlined the most aggressive vetting process in US history to exclude "all communists, radical Islamists, Hamas supporters, America haters and public charges." Anyhow, Trump’s proposal starkly contrasts with Trump's previous hardline stance on immigration, which had been a cornerstone of his political platform. During his presidency, Trump advocated for stringent immigration policies, including the largest deportation campaign in US history, aimed at undocumented migrants, and building a wall on the southern borders of the country. Trump intensified restrictions on legal immigration amid the pandemic and his final year in office. He proposed halting all immigration to the US and deporting foreign students who didn't attend some in-person classes. A month before the 2020 election, Trump once more moved to tighten regulations on the <keyword id="20773661" type="General" weightage="20" keywordseo="H-1B-visa" source="keywords">H-1B visa</keyword> program. He has also criticised the H-1B visa program, which tech companies favour for hiring foreign skilled workers, as detrimental to American prosperity. The H-1B visa is a non-immigrant visa allowing US firms to employ foreigners in specialised occupations requiring theoretical or technical expertise. At a recent campaign event in Wisconsin, Trump criticised Biden's immigration policies, particularly lambasting a new program allowing undocumented spouses of US citizens to apply for permanent residence without leaving the country. Trump characterised immigration under Biden as an "invasion" and argued against discussing amnesty, urging instead for measures to halt what he perceives as an influx of unauthorised migrants. Estimates from the Department of Homeland Security suggest that approximately 11 million migrants currently reside in the US without authorization, a statistic that has been central to Trump's arguments against leniency in immigration policy.

Donald Trump strikes again: Ex-President proposes automatic green cards for foreign graduates of US colleges

<ul class="summary-list"><li>A tech recruiting firm left the personal information of roughly 216,000 people exposed, a researcher said.</li><li>The information included partial Social Security numbers, email addresses, and visa statuses.</li></ul>An IT researcher found that the unsecured files from a tech recruiter's database included personally identifying information of an estimated 216,000 job seekers — including data like names, phone numbers, passport numbers, visa information, and partial Social Security numbers. <a target="_blank" class="" href="https://www.businessinsider.com/cvs-database-of-1-billion-data-points-inadvertently-leaked-2021-6">Jeremiah Fowler</a>, the security researcher who co-founded the consulting firm Security Discovery, said he didn't know how long the data had been exposed but told Business Insider that the database was soon locked once he contacted the recruiter in September. He said New Jersey-based <keyword id="23993132" type="General" weightage="20" keywordseo="Alltech-Consulting-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Alltech Consulting Services" meta.hostid="261" meta.entityid="Alltech Consulting Services">Alltech Consulting Services</keyword> never responded to his notices. Fowler on Monday published his <a target="_blank" class="" href="https://www.websiteplanet.com/news/alltechconsultinginc-breach-report/">security report</a> indicating that Alltech left its database of job candidate information unsecured without a password. That left the personal identifying information of about 216,000 tech job candidates exposed. Because the door was essentially left unlocked, someone trying to steal identities wouldn't have needed to hack into Alltech's database — or even search that hard — to find the information, Fowler said. Alltech says on its website that "more than 1,000 companies" rely on its services to connect them with tech professionals. Business Insider hasn't been able to verify this independently. BI also contacted the company by calling its main phone number, sending direct LinkedIn messages to its executives, and emailing its main email address. When contacted through its public email and phone number, Alltech didn't respond to requests for comment from BI. Two Alltech executives, listed as the company's owner and vice president on LinkedIn, told Business Insider in direct messages they weren't aware of anyunsecured data or a breach. Fowler said the data exposed included email addresses, passport numbers, the last four digits of SSNs, and information on work visas. "The records also contained internal notes about their experience, qualifications, and type of job they are looking for," Fowler said. Business Insider has reviewed the message Fowler sent to three Alltech email addresses on September 10 disclosing the unprotected data. Fowler has previously flagged <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> issues with a <a target="_blank" href="https://www.bbc.com/news/technology-51682280">Wi-Fi provider</a> at UK rail stations, a <a target="_blank" href="https://www.wired.com/story/us-school-shooter-emergency-plans-leak/">software</a> company used by more than 5,000 US school districts, and a <a target="_blank" class="" href="https://www.wired.com/story/confidant-health-therapy-records-database-exposure/">virtual medical</a> provider, among others. Justin Miller, an ex-Secret Service agent and associate professor of practice of cyber studies at the University of Tulsa, told Business Insider that leaving a database unprotected by a password or any encryption means "anybody could potentially access the database." It's unclear, though, if any other unauthorized parties accessed the Alltech data. Miller and Fowler said that the type of information left exposed by the database, including the last four digits of a Social Security number, could allow a cybercriminal to impersonate a person. "You're looking toward identify theft," Miller said. "Details like names, work history, your visa status, passport numbers, even parts of your Social Security number, allow for bad actors to piece together enough information to steal identities and create fraudulent profiles." Fowler added that incidents like Alltech's — and others he investigates — highlight how important it is for companies to protect their data. "It also serves as a wake-up call to the industry to review their data security practices and identify vulnerabilities to protect their internal systems and the personal information of the individuals they serve," Fowler said. Alltech's website says it was founded in 1998. It's unclear why Alltech collected job seekers' Social Security or passport information. Fowler said job candidates should be "skeptical" of recruiters who ask for personal information as a condition of applying for a job. Have a tip? Contact the reporters at lloydlee@businessinsider.com and ktangalakislippert@businessinsider.com

Nearly 216,000 job seekers had their personal data left unsecured on a tech recruiter's database, a security researcher says

<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

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

<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.

Whistleblower unfairly dismissed after being told to arrange visa for Chinese 'espionage agent' awarded $745,000

India has temporarily suspends visa services in <keyword id="6356687" type="General" weightage="80" keywordseo="canada" source="Orion">Canada</keyword> as per a notice on India Visa Application Centre Canada's website. The notice states, "Due to operational issues, with effect from 21 September, 2023, Indian visa services have been suspended till further notice." Earlier, last evening, India advised its nationals in Canada and those contemplating travel there to exercise utmost caution in view of anti-India activities in some parts of that country. The advisory came amid further deterioration of diplomatic relations between the two countries following Canadian Prime Minister <keyword id="1740494" type="General" weightage="50" keywordseo="justin-trudeau" source="Orion">Justin Trudeau</keyword>'s allegations of a "potential" involvement of Indian agents in the killing of Khalistani separatist <keyword id="7575364" type="General" weightage="20" keywordseo="Hardeep-Singh-Nijjar" source="Orion">Hardeep Singh Nijjar</keyword> in June. "In view of growing anti-India activities and politically-condoned hate crimes and criminal violence in Canada, all Indian nationals there and those contemplating travel are urged to exercise utmost caution," the Ministry of External Affairs (MEA) said in the advisory. It said, "Recently, threats have particularly targeted Indian diplomats and sections of the Indian community who oppose the anti-India agenda." "Indian nationals are therefore advised to avoid travelling to regions and potential venues in Canada that have seen such incidents," it said. The MEA said the Indian High Commission and consulates general will continue to be in contact with the Canadian authorities to ensure the safety and wellbeing of the Indian community in Canada. "Given the deteriorating security environment in Canada, Indian students in particular are advised to exercise extreme caution and remain vigilant," it said in the advisory. (With text inputs from PTI)

India temporarily suspends visa services in Canada

<ul class="summary-list"><li>Southern European economies have had remarkable recoveries since the financial crisis over a decade ago.</li><li>But a surge in real estate investment, partly due to "golden visas", has led to skyrocketing housing costs.</li></ul>Southern European economies — from Greece to Portugal — have made remarkable <a target="_blank" href="https://www.wsj.com/economy/global/eurozone-gdp-ticks-higher-as-inflation-cools-781906c3">recoveries</a> since the European financial crisis just over a decade ago. Tourism is <a target="_blank" href="https://fortune.com/europe/2024/04/09/southern-europe-icontinent-new-economic-growth-engine-thanks-to-green-energy-sea-sun-foreign-buyers/">booming</a>, investors and <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-12-16/greece-goes-all-in-on-becoming-europe-s-next-hot-technology-hub">major businesses</a> have moved in, and lots of <a target="_blank" href="https://www.reuters.com/markets/europe/spain-sees-us-style-economic-boost-immigrant-workers-2024-04-24/">foreigners</a> are relocating to the region to take advantage of new jobs and a <a target="_blank" href="https://www.nytimes.com/2023/03/17/realestate/europe-homes-sale-americans-lisbon-barcelona.html">cheaper cost of living</a>.But one side effect of this growth is skyrocketing housing costs. Home prices and rents have soared in cities like <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-15/why-lisbon-s-hot-housing-market-refuses-to-cool-down#:~:text=The%20cost%20of%20homes%20in,European%20cities%20tracked%20by%20Bloomberg.">Lisbon</a> and <a target="_blank" href="https://www.thenationalherald.com/once-depressed-athens-home-prices-now-rising-faster-than-paris/">Athens</a>, while beach towns from Spain to the Greek islands are dominated by pricey short-term rentals.This is in part the doing of so-called "<a target="_blank" href="https://www.businessinsider.com/wealthy-americans-buy-second-passports-amid-covid-politics-climate-change-2022-5">golden visas</a>," hugely popular residency visas for foreign investors. In countries like Greece, Spain, and Portugal, <a target="_blank" href="https://www.investopedia.com/golden-visa-program-7975290#:~:text=Real%20estate%20investment%E2%80%94The%20primary,foreign%20real%20estate%20ownership%20harder.">most visa applicants</a> qualify by buying residential property.Americans make up a big portion of the foreigners flooding into southern European countries. They're gobbling up some of the most expensive <a target="_blank" href="https://www.businessinsider.com/spain-real-estate-visa-remote-work-digital-nomad-2023-7">real estate in Spain</a>. They spent more per square meter on homes in Spain than any other nationality besides Danes, The New York Times <a target="_blank" href="https://www.nytimes.com/2023/03/17/realestate/europe-homes-sale-americans-lisbon-barcelona.html?searchResultPosition=6">reported</a> last year. And they purchased more Portuguese golden visas than any other nationality <a target="_blank" href="https://data.oecd.org/earnwage/average-wages.htm">in 2022</a>. Some are <a target="_blank" href="https://www.businessinsider.com/americans-moving-to-portugal-golden-visa-d7-overcrowding-housing-costs-2023-5">escaping</a> increasingly <a target="_blank" href="https://apnews.com/article/affordable-housing-rent-eviction-price-harvard-congress-f5411012e10fa78d0257c137e60c1be3">unaffordable housing markets in the US</a>. But they're now contributing to housing affordability issues across the Atlantic.A surge in real estate investment has pushed home values way up, <a target="_blank" href="https://www.nytimes.com/2023/03/17/realestate/europe-homes-sale-americans-lisbon-barcelona.html">gentrifying in-demand cities</a>, displacing longtime residents, and <a target="_blank" href="https://ec.europa.eu/eurostat/databrowser/view/ILC_LVPS08__custom_5462766/default/table?lang=en">preventing young people</a> from moving out of their parents' homes. Despite their booming economies, average southern Europeans still have <a target="_blank" href="https://data.oecd.org/earnwage/average-wages.htm">relatively low wages</a> and just can't compete with foreign investors, homebuyers, tourists, and remote workers.Portugal, which has had one of the <a target="_blank" href="https://foreignpolicy.com/2023/11/25/portugal-golden-visa-investment-european-union-immigration/">most popular</a> and lucrative golden visas, rolled out its <a target="_blank" href="https://www.businessinsider.com/countries-you-can-buy-resident-status-golden-visa-list-portugal-2022-8#15-portugal-250000-minimum-donation-required-15">policy</a> in 2012, fast-tracking visas for well-heeled foreigners, including those who transferred at least one million euros to a Portuguese bank account, purchased at least 500,000 euros in real estate, created at least 10 jobs, or donated at least 250,000 euros to certain cultural or artistic initiatives. The visa holders can travel freely in more than two dozen EU countries and are eligible for family reunification.The visas have had a huge impact on Portuguese real estate and housing costs, João Pereira dos Santos, a researcher at the School of Economics and Finance at Queen Mary University of London, told Business Insider. The vast majority of visa holders have used a real estate purchase as their way in."They buy houses, so they do not invest and create jobs. And we know part of this housing is immediately put in the long-term and in the short-term rental markets," Pereira dos Santos said. "So these people that apply for the visa, they do not come to live in Portugal."Portuguese home prices <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-02-17/runaway-property-costs-push-portugal-to-end-golden-era-of-visas?embedded-checkout=true">rose 19%</a> just between 2021 and 2022. The whole market — from cheaper rentals to luxury houses — has been affected, Pereira dos Santos said. "The problem was so salient that it even appreciated houses that were deals between Portuguese buyers and sellers," he said.Golden visas aren't all to blame. At the same time, Portugal, like the rest of sunny southern Europe, has seen a huge surge in tourists. Many emerged from pandemic lockdowns with the travel bug — and cash to spend. Last year was "the best year in the history of tourism in Portugal," the country's Secretary of State for Tourism, Trade and Services, Nuno Fazenda, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-01-03/portugal-s-booming-tourism-sector-sets-new-record-for-revenue?embedded-checkout=true">told Bloomberg</a>. The pandemic also ushered in a wave of remote workers and retirees looking for a high quality of life in relatively affordable European countries. New <a target="_blank" href="https://www.euronews.com/travel/2023/01/30/always-wanted-to-move-to-spain-a-new-digital-nomad-visa-could-let-you-stay-for-5-years">digital nomad visas</a> for foreign remote workers have also juiced demand for housing.But as Portugal has experienced a worsening housing affordability crisis, Portuguese public opinion on golden visas has soured. Pereira dos Santos and his colleagues conducted a nationally representative survey in Portugal that found that a majority of respondents were in favor of ending the golden visa program even if it harmed the Portuguese economy to do so. Last year, the country changed the terms of its golden visa program to <a target="_blank" href="https://www.reuters.com/markets/europe/portugals-revamped-golden-visa-scheme-boost-investment-funds-2024-01-09/">exclude real estate investment</a>.Other southern European countries are following suit, similarly pointing to skyrocketing real estate prices. Last month, Spain announced the end of its golden visa program, which was <a target="_blank" href="https://www.reuters.com/world/europe/spain-scupper-golden-visas-foreign-real-estate-investors-2024-04-08/">almost entirely dependent</a> on foreign real estate investment.Due to these measures, some of the most in-demand places in southern Europe will likely see slower housing price growth going forward. But because these economies are still doing so well overall, real estate prices will generally continue to tick up, Holger Schmieding, the chief economist at Berenberg Bank in London, told Business Insider."These economies are better places to invest and create jobs for domestic and for foreign investors into the economies as a whole," Schmieding said. "With better employment prospects people feel confident to buy a house or build a house. The real estate market is largely a reflection of the economy being on a more solid footing."<div type="image" title="People stroll along Las Ramblas on June 30, 2023, in Barcelona, Catalonia, Spain." height="853" width="1280" msid="109977004" hostid="261"></div><h2 id="5b917dcc-1f2a-489f-a409-083d6d3c5225">Northern Europe faces its own crunch</h2>The economies of southern Europe are doing much better than the traditional powerhouses of northern Europe. Portugal and Spain <a target="_blank" href="https://www.nytimes.com/2024/04/30/business/europe-economy-inflation-growth.html">grew more than three times as fast as Germany</a> did in the first quarter of this year. But northern Europe is struggling with a housing crunch of its own.The Netherlands has one of the most severe housing crises on the continent. Home prices have <a target="_blank" href="https://www.iamexpat.nl/housing/real-estate-news/cbs-dutch-house-prices-have-doubled-over-last-nine-years">doubled</a>, on average, over the last decade and now a newly-constructed home <a target="_blank" href="https://www.theguardian.com/news/article/2024/may/06/netherlands-amsterdam-next-level-housing-crisis#:~:text=The%20Netherlands%20was%20short%20of,households%2C%20are%20beyond%20government%20control.">costs 16 times</a> the average Dutch salary. Limits on building permits, a shortage of building materials and construction workers, and limited land <a target="_blank" href="https://www2.deloitte.com/content/dam/Deloitte/cz/Documents/real-estate/property-index-2023.pdf">have all contributed to</a> the country's housing shortage.Germany has seen a significant home price correction as it faced relatively high interest rates, an energy crisis, and <a target="_blank" href="https://www.reuters.com/world/europe/german-parliament-passes-watered-down-heating-law-2023-09-08/">new regulations</a> requiring that homeowners switch from oil and gas heating systems to heat pumps that rely on renewable energy. That combination has helped dampen demand for homes and construction.German housing prices are expected to start rebounding as the <a target="_blank" href="https://www.ft.com/content/2b9c7e75-74a0-4410-b7b3-8bba9dd7fdbc">home heating policy</a> becomes better understood, the <a target="_blank" href="https://www.cnbc.com/2024/04/11/european-central-bank-holds-interest-rates-hints-at-cut-ahead.html">European Central Bank signals</a> it will soon cut interest rates, and <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2023/11/07/europes-wage-rises-are-aiding-recovery-but-economies-face-risks">wages rise faster than prices</a>. "The German market for house prices is close to bottoming out, and the same probably holds for building permits and residential construction," Schmieding said.France similarly saw housing costs steadily climb in recent years, but, like Germany, has seen its prices come down amid high interest rates. Schmieding also expects home prices and rents to tick back up later this year in France as long as interest rates come down.The country is still facing housing affordability issues — a situation one prominent charity <a target="_blank" href="https://www.nytimes.com/2024/03/17/realestate/paris-france-housing-costs.html#:~:text=The%20Fondation%20Abb%C3%A9%20Pierre%2C%20an,from%202%20million%20in%202017.">recently called "a social bomb"</a> — with rising homelessness and a growing waitlist for social housing. The Paris Olympic games this summer are only intensifying housing demand in the capital, including for short-term rentals, which has reduced the number of <a target="_blank" href="https://www.politico.eu/article/emmanuel-macron-france-big-housing-headaches-building-green-transition-olympics/">rental apartments on the market</a>.Despite very different economic conditions, all kinds of European countries are facing the same dilemma that's plaguing the US: a shortage of affordable homes.

The golden age of golden visas is over in southern Europe

Thailand’s geographical proximity and affordability, along with its platter of delectable food, historical sites, pristine beaches and lively atmosphere, holds a particular appeal for Indian travellers. While tourists from India were forced to limit their travels to the Island country to a 15-day stay under a visa-on-arrival scheme until recently, the Thailand government is now extending its arms wider for us. Thailand's tourism sector has been strategically easing <keyword id="20166202" type="General" weightage="20" keywordseo="visa-regulations" source="keywords">visa regulations</keyword> to attract visitors from key markets like China and Russia. And now, the country has extended its visa exemption program, allowing visitors from these countries to vacation visa-free for up to 30 days until November 11, 2024. This move aims to revitalise its tourism industry, a key driver of the nation's economy. This is no doubt great news for those wanting to spend more time in the bustling city of Bangkok or immerse themselves in the rich culture and calm of its gorgeous temples. However, there are some rather glaring problems that Thailand is facing, thanks to climate change and the <keyword id="21610692" type="General" weightage="20" keywordseo="El-Nio-event" source="keywords">El Niño event</keyword> — that impacted India as well. <h4>Water shortage hits <keyword id="21610693" type="General" weightage="20" keywordseo="Phi-Phi-islands" source="keywords">Phi Phi islands</keyword> </h4> For instance, the idyllic islands of Koh Phi Phi, which attract many Indians every year, are facing a real-life challenge that's anything but relaxing — a severe water shortage after a scorching heatwave gripped Asia. The private company supplying water may have to cut off service entirely, according to Wichupan Phukaoluan Srisanya, president of the Krabi Hotel Association. Island authorities are scrambling for solutions, considering bringing in water from the mainland if the dry spell persists. However, they remain optimistic that the upcoming wet season in May will bring relief, and Wichupan insists that tourists planning trips shouldn't be deterred, claiming they can manage the situation. But whispers of trouble are already reaching potential visitors. Online forums and travel reviews are buzzing with warnings from returning tourists urging others to "check if their accommodation has fresh water" before booking. Some reports even detail tap water running dry in April. While Koh Phi Phi takes centre stage, the heatwave's impact isn't isolated. <keyword id="21563893" type="General" weightage="20" keywordseo="koh-samui" source="keywords">Koh Samui</keyword>, another popular Thai island, has also experienced dry and scorching conditions. Although the tourism board there assures visitors haven't been affected, the island reportedly relies on water trucks, significantly increasing operational costs for hotels. <h4>Island closure due to coral bleaching </h4> A popular island in southern Thailand, <keyword id="21605630" type="General" weightage="20" keywordseo="Pling-Island" source="keywords">Pling Island</keyword>, has been hit with a temporary closure due to extensive coral bleaching. This drastic measure by the Department of National Parks, Wildlife and Plant Conservation (DNP) highlights the growing threat climate change poses to our underwater wonders. Pling Island recently witnessed intense heatwaves along with many other islands across Thailand and Asia. Due to ocean warming and acidification, corals expel the algae living within them, leaving them pale and vulnerable — a process referred to as coral bleaching. Thailand’s pristine beaches and vibrant coral reefs are a major draw for visitors, generating millions in revenue. However, unregulated tourism also puts a strain on these delicate ecosystems. Thailand's proactive approach in closing Pling Island demonstrates a commitment to striking a balance between economic prosperity and environmental sustainability. While natural phenomena like El Niño contribute to warmer temperatures, scientists point to human-induced climate change as the bigger culprit. Warmer oceans are the new normal, with Asia experiencing a faster-than-average rise in temperatures. Pling Island's closure and Phi Phi’s water crisis serve as a stark reminder of that every system has a carrying capacity and we must honour it. It sends the powerful message that even paradise needs a break once in a while to ensure its future remains dazzling. While the tourism-reliant industry of Thailand could greatly benefit from more visitors, mindful travel would help secure the future of the countrymen.

Thailand is now welcoming Indians with open arms, but are its drought-hit islands really prepared for a tourism influx?

New Delhi [India], March 6 (ANI): The <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has issued a directive aimed at enhancing consumer choice and competition in the credit card market. In a circular released on Wednesday, the RBI mandated that card issuers must provide their eligible customers with the option to choose from multiple card networks at the time of issuance or renewal. According to a press release, the central bank prohibited card issuers from entering into agreements with card networks that restrict them from availing the services of other card networks. The directive addresses concerns raised about restrictive practices prevalent in the credit card industry. The RBI identified arrangements between card issuers and card networks that limit customer choice as detrimental to the availability of options in the market. By taking decisive steps to promote consumer choice and fair competition, the RBI aims to foster a more dynamic and inclusive financial ecosystem. Key highlights of the RBI directive include the requirement for card issuers to offer eligible customers the choice of selecting from multiple card networks at the time of issuance or renewal of credit cards. This provision seeks to empower consumers by providing them with greater flexibility and control over their financial products. Additionally, the RBI has banned card issuers from entering into agreements with card networks that restrain them from availing the services of other card networks, aiming to promote fair competition and prevent anti-competitive practices. The directive provides definitions for authorized card networks, including American Express Banking Corp., Diners Club International Ltd., MasterCard Asia/Pacific Pte. Ltd., <keyword id="20846648" type="General" weightage="20" keywordseo="national-payments-corporation-of-india-rupay" source="keywords">National Payments Corporation of India-Rupay</keyword>, and <keyword id="20846647" type="General" weightage="20" keywordseo="visa-worldwide-pte" source="keywords">Visa Worldwide Pte</keyword>. <keyword id="20040916" type="General" weightage="20" keywordseo="limited" source="keywords">Limited</keyword>. Certain exemptions have been outlined as well, including an exemption for credit card issuers with a smaller customer base of 10 lakh or fewer active cards. The implementation timeline for the directive is set to be six months from the date of issuance of the circular, allowing card issuers and card networks sufficient time to comply with the new requirements. The directive underscores the RBI's commitment to promoting transparency, choice, and competition in the credit card market, with a focus on creating a more consumer-friendly financial ecosystem. With the issuance of this directive, the RBI reaffirms its role as a proactive regulator dedicated to safeguarding the interests of consumers and promoting a competitive and resilient financial system. (ANI)

RBI directs card issuers to offer choice among card networks, bans restrictive agreements

<ul class="summary-list"><li>Vaishali Gauba dreamed of being a journalist in the US but wasn't able to secure an H-1B visa. </li><li>Years later, Gauba secured a work visa in Canada after moving there to study. </li></ul>This as-told-to essay is based on a transcribed conversation with Vaishali Gauba, 29, about her experience navigating the US and Canadian immigration systems. Business Insider verified her visas. The following has been edited for length and clarity.I <a target="_blank" href="https://www.businessinsider.com/moved-to-usa-denmark-pros-prefer-america-2024-3">moved to the US</a> when I was 17, with ambitions of being a journalist.I grew up in Gurugram, India, and moved to New Jersey in 2012 for my undergraduate degree. I studied journalism, media studies, and business management at Rutgers University.I worked with major US news outlets during and after college and wanted to keep working in America, but couldn't secure an <a target="_blank" href="https://www.businessinsider.com/us-startups-sponsor-h1b-work-visas-2024-1">H-1B work visa</a>. I returned to India feeling defeated. Five years later, I <a target="_blank" href="https://www.businessinsider.com/english-man-moved-to-canada-loves-it-surprising-things-2023-10">relocated to Canada</a>.In Canada, I found a clearer path to securing a work permit, and I'm less worried about being uprooted by the immigration system.<h2 id="b6a8d628-2960-4ae2-bfa9-e6651b4da0a4">I interned at US media companies at university</h2>I came to the US on an F-1 visa, which is for full-time students.During my studies, I worked for the student newspaper, The Daily Targum, and also did news internships at CNBC, NBC, and CBS, which each lasted around four months.I remember having to get permission from international student services and the journalism department to do the internships, as there were restrictions around working off-campus for F-1 students. The work had to be related to my field of study.I remember feeling anxious about needing to get so many approvals to work as an <a target="_blank" href="https://www.businessinsider.com/how-employers-can-support-international-students-job-seekers-2022-3">international student</a>, but thankfully, I was permitted to do the internships.Working at big-name publications felt like a milestone, but it was also difficult to balance the internships with two college majors.<h2 id="76d690be-d407-4073-9d70-b7a3d889b3da">I wasn't able to secure an H-1B visa to stay in the US</h2>I became accustomed to the reality that anything related to my professional life required a lot of paperwork. I knew that to continue working in the US, I needed to apply for <a target="_blank" href="https://www.businessinsider.com/ice-arrests-15-students-employed-fake-companies-to-stay-us-2020-10">optional practical training</a>, which allows F-1 students to work for a year in a field related to their studies.I graduated in May 2016, and after my OPT was approved, I started on the CBS Page Program, a rotational program for graduates.I had several assignments there, including on the evening news and The Late Show with Stephen Colbert. I talked with Stephen Colbert at the show's rooftop parties and saw many celebrities on the job.But my time there was limited. The Page Program lasted a year, around the time my OPT expired. After six months on the program, I asked CBS about the possibility of sponsoring me for an H-1B visa but was told they don't offer sponsorships.I didn't realize this when I started working there, but I wanted the experience and to work on my OPT, so I would have done the program regardless.I applied to other jobs, but many applications included a question about whether I'd need a <a target="_blank" href="https://www.businessinsider.com/fake-name-resume-hired-guilty-2024-5">visa sponsorship</a> now or in the future. I felt that this one question was already filtering me out as a candidate and I wasn't getting called for interviews.I spoke with two lawyers about my options. They told me about the <a target="_blank" href="https://www.businessinsider.com/us-ukraine-tech-culture-differences-2024-5">O-1 visa</a> for people with "extraordinary" ability in certain fields. I tried gathering references for the application, but as time went on, I felt my chances were slim.This is partly because the lawyers shared case studies of people who received O-1 visas with me, and I felt they were more arts-orientated than journalism-orientated. I felt the lawyers weren't confident I had a good chance, so I decided not to apply.Extended family members and lawyers suggested I continue my education to stay in the US on another F-1 visa. I eventually decided against this as I didn't think I could learn anything about news from a school program I wasn't already learning at CBS.<h2 id="f3fc1807-fde1-4bd6-b552-e9cd476f3cef">I went back to India feeling defeated</h2>I started to feel lost. I remember lashing out at my dad on the phone when he suggested I come home, but in the end, I had a gut feeling that it was time to return to India, so <a target="_blank" href="https://www.businessinsider.com/left-us-for-northern-ireland-these-cultural-differences-surprised-me-2023-9">I left the US</a> in August 2017.It felt like a defeat. I knew I wanted to be a journalist in America, but I couldn't do it. I'd given so much to the US in terms of time, energy, and money, and it was hard to accept that I had to give up on it because of visa stuff.I spent the next five years in India, working in journalism before pivoting into a brand and communications position. In 2021, I began freelancing in PR and marketing strategy.I planned on doing a master's in digital media to boost my PR career. My boyfriend at the time, who's my husband now, <a target="_blank" href="https://www.businessinsider.com/moving-from-sydney-australia-to-canada-pros-cons-2024-5">moved to Canada</a> for his MBA in 2021, so I started exploring master's options there.<h2 id="d34eb837-2609-4a93-ba9b-25683513eb6c">I've found the Canadian immigration system to be more immigrant-friendly</h2>I came to Canada on a study permit and started my master's program at Toronto Metropolitan University in September 2022.I applied for a work visa in September 2023 after finishing my studies. While it took a long time to get my study permit because of <a target="_blank" href="https://www.cicnews.com/2023/12/breaking-canadian-parliament-committee-provides-recommendations-to-address-immigration-backlogs-1240610.html#gs.bm1bft">the backlog created by COVID-19</a>, the work visa process took less than a month and was fairly easy.Graduating from my master's program made me eligible for an open work permit, which isn't tied to a specific employer. I'm self-employed as a freelancer.Unlike the US <a target="_blank" href="https://www.businessinsider.com/h1b-visa-lottery-changes-benefit-startups-hiring-immigrants-2024-2">H-1B process</a>, I didn't need an employer to sponsor me, and there was no lottery system.While I'm aware that some people have a hard time coming to Canada, my overall experience of Canadian immigration processes has been smooth. I feel it's more favorable to immigrants than the US processes.I couldn't get a work visa in the US, but there was a clearer and more stable path to getting one in Canada.When I left the US in 2017, <a target="_blank" href="https://www.businessinsider.com/trump-first-week-as-president-2017-1">Donald Trump</a> had just become president. My understanding is that it's become <a target="_blank" href="https://www.businessinsider.com/amazon-google-twitter-speak-out-against-trump-h1b-visa-freeze-2020-6">harder to get a work visa in the US</a> since.My work visa expires in October 2024, and I'm open to options for settling in Canada beyond that. Moving back to India is still a small possibility as my partner, and I have family there, but I like the <a target="_blank" href="https://www.businessinsider.com/montreal-canada-city-low-cost-of-living-quality-of-life-2024-6">quality of life in Canada</a>, and I'm less concerned about my life being uprooted here than I was in the US.

I lost my dream job in the US because I couldn't get a work visa. In Canada, the pathway has been much smoother. 

<ul class="summary-list"><li>Christiana Maxion became a matchmaker for ultra-high-earning men after getting fired from her job.</li><li>She charges up to $350K to match clients with one of the more than 40,000 women in her database.</li></ul>This as-told-to essay is based on a conversation with Christiana Maxion, a matchmaker and founder of <a target="_blank" href="https://www.instagram.com/christiana.maxion.matchmaker/?hl=en">Christiana Matching Solutions</a> in Dubai. It's been edited for length and clarity.Many people are shocked when I tell them my clients pay $350,000 for my matchmaking services. I tell them it's a small price, to pick the right partner the first time.I'm best known as <a target="_blank" href="https://christianamaxion.com/">Dubai's billionaire matchmaker</a>, helping ultra-high-net-worth men find their partners. My clientele can be demanding of my time, but they value my expertise and are serious about finding love.I tell them the quickest way to find their match is to ditch their "type" and get offline and meet people in person.<h2 id="89566fd1-d898-4b73-b6e4-3ee71a0c42ab">I moved to the UAE for love</h2>I moved to the UAE in 2016 to chase a man with whom I had a whirlwind romance the year before. Though we separated shortly after, I fell in love with <a target="_blank" href="https://www.businessinsider.com/american-mom-expat-raising-kids-dubai-better-mother-relocation-uae-2024-8">city life in Dubai </a>and decided to stay permanently. I worked my way up as a teacher and, by 29, became a primary school leader, guiding a team of 55.In 2020, my work turned remote, and I channeled my restless energy into creating an Instagram account called Dating in Dubai, where I documented my experiences dating in the city.My profile quickly gained popularity, and I realized I had hit an untapped market in the UAE.A recent influx of people <a target="_blank" href="https://www.businessinsider.com/american-move-family-kids-to-dubai-similarities-to-america-2024-8">moved to Dubai</a>, transforming it from a notoriously transient city to a permanent home. <a target="_blank" href="https://www.imidaily.com/mena/the-first-5-years-of-the-uae-golden-visa-examining-its-impact-and-evolution/">Visas were made more accessible,</a> and laws were Westernized to allow residents to <a target="_blank" class="" href="https://www.alketbilaw.com/news/does-the-new-law-allow-unmarried-couples-to-live-t/#:~:text=Dubai%3A%20The%20UAE%20government%20has,the%20scope%20of%20rape%20charges.">share a house</a> and have children out of wedlock. People were looking for serious relationships more than ever, and so they clung to my content as a pillar of relatability.<h2 id="1f90a37d-4958-4eaf-bef0-b5ab2ac7aa78">I got fired and decided to build my matchmaking service</h2>The school I was working for at the time caught wind of my Instagram account and fired me, saying my Instagram didn't match its ethos. It was hard saying goodbye to my career, but I understood why they made that decision. I spent my remaining months, on salary, growing Dating in Dubai into something bigger.Then I realized that everyone outsources everything in Dubai. I can't remember the last time I did my laundry, cleaned my house, or cooked for myself. I figured, why not outsource help for your <a target="_blank" class="" href="https://www.businessinsider.com/met-husband-through-matchmaker-after-trying-dating-apps-2024-8">dating life</a> as well? I'd always been a connector and the "therapist friend," so it felt right.In October 2021, I decided to create and launch my matchmaking agency. The service was built exclusively for accomplished professional men looking for women. My starting charge was 10,000 Dirhams, which roughly translates to $2,700.<h2 id="155f9621-26dd-4568-8f42-2d84c61499d7">My initial business model revolved around concierge services for dating</h2>I'd match my exclusively male clientele with a woman from my database and plan, book, and confirm their dates. My role as the intermediary would expedite the dating process and remove the fear of wasting precious time and energy on an unfit match.I built up my<a target="_blank" href="https://christianamaxion.com/join-the-database/"> database of women</a> by getting my friends involved. I knew so many <a target="_blank" href="https://www.businessinsider.com/dating-men-as-a-female-software-engineer-is-difficult-2024-8">successful single women</a> who were fed up with the traditional online dating scene and didn't want to be seen on a dating app at their status.I had them complete a questionnaire describing who they are and what they're looking for in a partner. Then, through word of mouth and promotion on my Instagram, I grew my database and felt steady enough to start taking on male clientele.<h2 id="d710514d-038b-4866-be74-1527c78b24a7">As the demand grew, so did my prices</h2>The demand was immediate and my database of women was growing by at least 10 daily.Within the first year, my agency racked up over 100 media mentions, including magazine covers and podcasts, and the desire for services skyrocketed. Six months into my business, it wasn't realistic to continue as a <a target="_blank" class="" href="https://www.businessinsider.com/financial-planning-tips-solopreneurs-small-business-owners-2024-3">solopreneur</a>, so I partnered with Cinqe, a global elite matchmaking service, to take on more clients.We started hiking up prices and decided to only work exclusively with ultra-high-net-worth men. My services now cost roughly between $30,000 and $350,000, depending on how much time a client desires.To become clients, applicants undergo a four-step vetting process, including a general application, <a target="_blank" class="" href="https://www.businessinsider.com/pwc-hr-signs-interview-went-well-2024-8">phone interview</a>, preliminary match call, and payment. During the call, I present them with current women in our database to learn their type and explore how we mesh as partners. If they're approved, we follow through with payment and contracts.<h2 id="1aca24ce-4f07-4cd3-8112-63a8de5bc61a">My ultra-high-net-worth clients expect my undivided attention</h2>One commonality between most of my clients is the urgency for immediate results.I've worked with five <a target="_blank" class="" href="https://www.businessinsider.com/election-business-leaders-billionaires-backing-kamala-harris-president-2024-7">billionaires</a> this year, and they all have one common thread — they want 100% of my time. So, I've had to introduce a complete buyout package that includes my assistance and seven matchmaking employees stationed in different time zones across the world. Someone from my team is always available to them.I hand-select profiles from our database of over 40,000 women and send them to clients for review. If they select a woman, we reach out to her and schedule an in-person meeting. They aren't permitted to communicate online before or after the date.I gather feedback from both parties and decide whether they'll meet again. I stay involved in the process until they find a lasting relationship.<h2 id="1c1fa2b2-2631-439f-980c-ef89b8bde984">But they respect my role</h2>I prefer working with <a target="_blank" class="" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">high-earning clients</a> because they treat me like I work with them, not for them. When I charged less for my services, my clients engaged with me more passively but expected the same results. However, clients willing to pay six figures value my service and are serious about the process.Additionally, they don't want their time wasted, which works for me because I'm a straight shooter. I skip past the niceties and cut to the chase. Very rarely will you find me on a lengthy client call because we understand that shortness isn't personal, it's business.<h2 id="f20dcfca-75e7-49c6-9865-9f22e806562a">My advice for high-earning men looking for love</h2>The first thing I tell high-earning men looking for love is to throw your physical type out the window. The swipe cycle on <a target="_blank" class="" href="https://www.businessinsider.com/forever-alone-staying-single-done-with-dating-apps-2023-7">typical dating apps </a>encourages snap judgments based on characteristics like height, age, and ethnicity, which, in my book, are not compatibility factors. Prioritize finding a <a target="_blank" href="https://www.businessinsider.com/tech-bros-treat-dating-like-a-startup-2024-8">secure partnership</a> that's built on honest communication and a shared value system. You want to find a partner with whom you can grow an ever-expanding empire.Also, skip the dating app chat and <a target="_blank" class="" href="https://www.businessinsider.com/signed-up-for-matchmaker-worth-the-money-2024-7">meet in person</a> because you can't gauge true compatibility from a flat profile. You don't have to commit to an elaborate three-hour dinner date; go meet for lunch or a quick drink to feel the energy. Trust me, it'll work in your favor because, in my experience, the good guys don't know how to sell themselves online. They have the worst pictures and have no idea what to put on their dating profile.I've had successful politicians and celebrities who had lost faith in the dating scene leave my services with beautiful lifelong partnerships. This fuels the part of me that came to Dubai for the same hope.If you've had a unique experience with a matchmaker and would like to share your story, please email Tess Martinelli at tmartinelli@insider.com

You Searched For "visa services" and got 12 results

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I'm a matchmaker for ultrawealthy men and charge up to $350K for my services. I give all my clients the same advice.

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