Good morning, global opportunists! 

Nearly a month into 2024 already! Welcome to the 6th article from The Sovereign Atlas! Every Friday we publish quick updates that benefit your global sovereignty lifestyle. 

Here’s what we’ve got this week:

• Australia Ends Residency by Investment Programs 🇦🇺

• Japan Among Top Passports 🇯🇵

• China & Singapore Agree to Visa Free Access 🇨🇳🤝🇸🇬

• MERCOSUR Trying Hard to Get EU Trade Agreement 🇪🇺

Let’s go!

UPDATE

Australia Ends RBI Programs

In a significant policy shift, Australia has axed its Business Innovation and Investment Program (BIIP), which allowed foreign investors to obtain residency by injecting between AUD 2.5 to 5 million into the country. The move follows a 2023 review that deemed the economic benefits of the program unsatisfactory.

Not Meeting Expectations: Home Affairs Minister Clare O'Neil stated that the program failed to deliver the required economic impact. Critics like Clancy Moore, chief executive of Transparency International Australia, also highlighted its misuse by corrupt individuals for supposedly parking illicit funds.

Backlog and Uncertainty

Despite halting new applications since July 2023, over 20,000 pending cases remain, with processing times extending up to 12 years. The fate of these applications is still up in the air, according to James Hall, director at ANZ Migrate.

UPDATE

Japan Among Top Passports

Japan, alongside Singapore, France, Germany, Italy, and Spain, has reclaimed its title as one of the world's most powerful passports, according to the Henley Passport Index.

Visa-Free Victories: The index, which measures global travel freedom, reveals that Japanese passport holders can enter 194 destinations without a visa. Following closely are Finland, South Korea, and Sweden in second place, and Austria, Denmark, Ireland, and the Netherlands tying for third.

A Global Passport Panorama

The United Arab Emirates has made a remarkable ascent to 11th place, now accessing 183 destinations visa-free – a significant leap from its 55th place in 2014. Meanwhile, Ukraine and China have also improved their standings.

Widening Gap: Despite overall growth in travel freedom, with the average number of visa-free destinations nearly doubling since 2006, there's a growing disparity between the top and bottom ranks, as Afghanistan lags at the bottom with access to only 28 destinations.

UPDATE

China & Singapore Ease Visa Rules

China and Singapore are set to celebrate the Lunar New Year with a groundbreaking agreement, launching a 30-day mutual visa exemption from February 9. This new arrangement opens doors for citizens of both nations to travel, visit family, or conduct business without the hassle of obtaining a visa.

Easing Travel Restrictions: While Singaporeans previously enjoyed a 15-day visa-free period for non-work visits to China, Chinese citizens needed a visa for all Singapore trips. This agreement marks a significant shift, although visas are still required for work, journalism, or stays beyond 30 days.

Bilateral Benefits

Both nations view this agreement as a vital step in enhancing people-to-people exchanges and strengthening bilateral relations.

Expanding Cooperation: The visit saw the signing of 24 agreements covering education and trade, including a free-trade agreement upgrade. Both countries are keen on surpassing pre-pandemic levels of direct flights, boosting tourism and business interactions.

Regional Trend: This move aligns with regional efforts to attract Chinese tourists, as seen with Malaysia and Thailand offering similar visa-free entries. It's part of a broader strategy to rejuvenate economic ties and boost tourism.

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UPDATE

Mercosur Pushes for EU Trade Deal Completion

Mercosur, the South American trade bloc, has prioritized finalizing the long-awaited trade agreement with the European Union. This commitment was reaffirmed in a joint statement during a meeting in Asunción, with Argentina, Brazil, Paraguay, Uruguay, and Bolivia collectively pushing for a balanced deal.

Two Decades in the Making: Initiated in 1999, the complex negotiations seemed to culminate in 2019 with an announced free-trade agreement. However, this deal still hangs in the balance, largely due to concerns over Amazon protection and differing regional interests.

A Renewed Push

The recent election of Brazil's President Luiz Inacio Lula da Silva, who is proactively fighting deforestation, has brought a positive shift in the negotiations. However, the EU's new environmental conditions have stirred tensions within Mercosur.

A Balancing Act: Both blocs face internal pressures - the EU grappling with environmental concerns and Mercosur with national interests. The successful conclusion of this agreement could bridge these differences, fostering trade and cooperation across continents.

MARKET REVIEW OF THE WEEK

Kuala Lumpur, Malaysia 🇲🇾

Office Market Bounces Back: Kuala Lumpur's office scene is showing remarkable resilience, with vacancy rates in prime locations like KL Fringe notably decreasing throughout 2023. This trend reflects a growing demand for high-quality office spaces. Companies are now eyeing green-certified buildings equipped with modern amenities, emphasizing their commitment to environmental, social, and governance (ESG) policies and employee well-being.

Retail Resurgence Amid Inflation: Contrary to what one might expect in an inflation-hit economy, Malaysian consumers have been on a spending roll this year. With a year-end surge driven by festive spirits, rising wages, and a strong job market, consumer growth has impressively reached 3.7%.

Industrial Sector's Mixed Bag: The Industrial Production Index (IPI) of Malaysia rose by 2.7% year-over-year in October, marking its best performance since May. The manufacturing sector, particularly domestic-oriented production, has been a significant growth driver. However, export-oriented industries continue to face challenges, grappling with supply chain disruptions, rising production costs, and a global economic downturn.

BOOK OF THE WEEK

How to Win Friends & Influence People

How to Win Friends and Influence People, written by Dale Carnegie, is a timeless self-help book that provides strategies for effective communication and relationship-building. Carnegie emphasizes the importance of understanding human nature and suggests that kindness and appreciation are key to influencing others. He advises readers to avoid criticizing, condemning, or complaining, and instead to focus on understanding and appreciating others' perspectives.

The book outlines practical techniques for becoming a more likable and persuasive person. These include showing genuine interest in others, remembering people's names, encouraging others to talk about themselves, and sincerely making others feel important. Carnegie also highlights the significance of being a good listener and engaging in conversations that are of interest to the other person. These strategies are aimed at fostering positive relationships and building rapport.

Finally, Carnegie discusses ways to win people to your way of thinking. He suggests avoiding arguments, respecting others' opinions, and if you are wrong, admitting it quickly and emphatically. He also advises speaking about your own mistakes before criticizing the other person, asking questions instead of giving direct orders, and allowing others to save face. By doing so, one can influence others effectively while maintaining positive, respectful relationships.

THAT’S ALL FOR THIS WEEK

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