🇮🇹 Experience Italy for €1

June 15, 2023 [image] [Event](| [Become our Client]() Welcome to the Weekly Rundown. Europe has taken the lead in regulating artificial intelligence (AI) with comprehensive rules approved by the European Parliament. These regulations aim to protect rights, set global standards, and encourage adoption by other countries. Violations carry significant fines, and Europe's proactive approach influences the industry and fosters user confidence in AI systems. Singapore Banks Flush with Deposits, Loan Billions to Central Bank [image]( Singapore banks find themselves overwhelmed with deposits and few lending opportunities. DBS Group Holdings, the country's largest bank, has loaned S$30 billion to the Monetary Authority of Singapore (MAS) due to a lack of investment options. The liquidity surplus reflects Singapore's status as a safe haven, while local customers flock to high-interest fixed deposits. In neighboring countries, Japanese banks grapple with surplus liquidity, while Indian banks strive to meet high loan demand by accumulating deposits. The trend of escalating deposits is expected to continue in 2023, posing funding cost pressures for banks and potential vulnerabilities for those with larger fixed-deposit bases. [image] Europe Pioneers Global AI Regulation Efforts [image]() Europe is at the forefront of AI regulation with comprehensive rules approved by the European Parliament. These groundbreaking regulations classify AI systems based on risk and impose strict requirements on higher-risk applications. Violations can result in significant fines. Europe's proactive approach positions it as a trendsetter, while its sizable single market creates an incentive for companies to comply. By instilling user confidence through enforceable regulations, Europe aims to strike a balance between addressing risks and delivering useful AI applications. As other countries play catch-up, Europe's rules may become a model for global AI governance. [image] Italian Village Offers €1 Rent to Remote Workers [image]() The village of Ollolai in Sardinia, Italy, is making headlines once again by offering a unique opportunity for remote workers. The local council is inviting foreigners to work remotely from the village and is offering a remarkably low rent price of just €1 per month to ten selected newcomers. With a declining and aging population, the village aims to revitalize itself by attracting more residents through affordable housing options. This initiative follows a previous effort where the village sold abandoned houses for €1, requiring owners to renovate them. Now, Ollolai seeks to tap into the growing trend of digital nomads, capitalizing on the flexibility of remote work and the allure of Sardinia's natural beauty and exquisite cuisine. [image] [image]( NOMAD CAPITALIST THE BOOK Andrew Henderson wrote the #1 best-selling book that redefines life as a diversified, global citizen in the 21st century… and how you can join the movement. Now Available in 5 Languages [Get Your Copy]( American Expats Abandon Portugal's Golden Visa Dream [image](=) Portugal's once-alluring charm for Americans seeking a new life abroad is waning as rising housing costs and bureaucratic hurdles dampen the initial excitement. The country's golden visa program, which enticed foreigners with attractive residency and tax benefits, was [suspended]()earlier this year, leading to a decline in inquiries for relocation. The surge in foreign residents over the past few years strained the housing market, causing steep price increases and making Portugal less affordable for newcomers. As a result, some Americans are now considering alternative destinations like Spain and France. While Portugal's digital nomad visa remains popular, the appeal of the golden visa honeymoon has come to an end for many American expats. [image] Serbia Proposes Citizenship Law with Fast-track Route After 12 Months [image]( Serbia's government is pushing for amendments to its Citizenship Act, aiming to grant citizenship to immigrants and asylum seekers after just 12 months of residency, a significant reduction from the current five-year requirement. The streamlined process would require a secondary education degree, employment or self-employment, and a declaration of Serbia as "their country." This expedited route to citizenship contrasts with the norms of other European countries, raising concerns about potential implications for Serbia's visa-free regime with the EU. The final decision on the amendments lies with Parliament, which is yet to schedule discussions on the matter. [image] Yellen Warns of De-Dollarization as Countries Seek Alternatives [image]( U.S. Treasury Secretary Janet Yellen cautions that the international status of the U.S. dollar as the chief reserve currency is gradually diminishing. As countries diversify their assets, concerns grow over the [de-dollarization]( campaign that has gained momentum. Yellen acknowledges the role of U.S. sanctions in prompting countries to explore alternatives but emphasizes the unique position of the dollar in the global financial system, citing deep liquid markets, the strong rule of law, and the absence of capital controls that cannot easily be replicated. While the dollar's share of international reserves may decline over time, Yellen believes there are currently no legitimate alternatives that could displace it. [image] [image]( Get An Inside Look Into How Nomad Capitalist Can Help You We’ve helped our clients go to more countries and coordinated between more countries than any other firm. Learn more about how our process works from our guide. [Get Your Guide]( Young High-Earners Flee Britain, Never to Return [image]( Increasing numbers of young high-earners are leaving Britain and showing no signs of coming back. The exodus is fueled by soaring property prices, limited prospects of affording a decent home, and a general sense of gloom in the country. Remote working has played a significant role in enticing these professionals to seek a better quality of life abroad, while the cost of living crisis, driven by high inflation, energy prices, and tax burdens, has exacerbated the situation. Doctors, teachers, and other professionals are among those leaving in search of improved working conditions and higher pay elsewhere, with countries like the United Arab Emirates becoming popular destinations. [image] Westfield Walks Away from San Francisco Mall Property [image]() The Westfield San Francisco Centre Mall is being handed over to lenders, adding to the growing challenges faced by San Francisco's real estate market. The mall, co-owned by Unibail-Rodamco-Westfield and Brookfield Corp., has succumbed to $558 million in mortgage debt. With declining sales, occupancy, and foot traffic, the decision to transfer management to a receiver was made due to the challenging operating conditions in downtown San Francisco. The move comes as San Francisco grapples with high office vacancies, rising retail vacancies, and safety concerns that deter visitors. The city's mayor sees this as an opportunity for a new vision for the space, whether attracting new businesses and educational institutions or creating a completely different experience. [image] Rising Interest Rates Threaten Mortgage Crisis [image]() As mortgage rates have been steadily falling in recent months, the landscape is shifting once again as fears of domestic inflation and the potential reaction from the Bank of England to control prices are causing rates to soar. This development comes at a time when approximately 1.6 million fixed-rate mortgage deals are set to expire this year, prompting households to remortgage from historically low rates to ones approaching 6%. The average two-year fixed-rate deal currently stands at 5.86%, a significant increase from the sub-2% rates seen just two years ago. [image] [image]() [image] Learn what works in 2023 to legally reduce your taxes, build an international Plan B, and diversify and protect your assets from the experts who do this every day. [Book Your Seat]( Australian Inflation Persists While Other Countries Remain Resilient [image]() Australian inflation remains stubbornly high, presenting a challenge for the country amidst a global cost of living crisis. While some nations have managed to keep inflation under control, such as Switzerland and Japan, Australia continues to grapple with rising consumer prices. Switzerland's stability is attributed to factors like a strong Swiss Franc, low import inflation, and government controls on certain sectors. Japan, on the other hand, experiences weak household consumption and a preference for saving rather than spending. To tackle inflation, Australia could consider emulating Switzerland and Japan by implementing proactive government policies and targeted regulations in vulnerable sectors like the housing market. However, implementing such measures would require careful consideration and may face political challenges. 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