Heads Up, High Earners: Your Taxes Could Be Changing

Get the latest on taxing the super-rich, retirement savings goals amid inflation, and the tax uncertainties facing expats in Thailand... April 4, 2024 [image] [Event]( | [Citizenship](=) Welcome to the Weekly Rundown. This week, we're looking at President Biden's proposal to tax the super-rich more heavily, introducing a 25% tax on unrealized gains for those worth over $100 million. It's a move that's stirred quite the conversation about fairness and the practicality of taxing wealth in this way. With elections on the horizon and debates about tax reforms heating up, this proposal is set to be a hot topic Bulgaria & Romania Join Schengen [image]() Bulgaria and Romania have officially joined the Schengen Area, eliminating air and sea border checks and marking a significant moment for travelers and the two nations alike. This integration, effective from March 31, 2024, enhances the ease of travel across Europe, inviting a closer connection between the countries and the rest of the Schengen zone. As Europe celebrates this expansion, the anticipation grows for the next milestone: the removal of land border controls, promising an even more seamless travel experience. Read the full story [here](). [image] Wealth Tax 2.0: Biden's Bold Move to Tax the Rich [image]( Amidst a national debate on tax equity, President Biden has taken a firm stand with a proposal to impose a 25% tax on unrealized gains for households with assets over $100 million. This initiative, part of a broader strategy to generate over $4.5 trillion in new taxes predominantly from the wealthy and corporations, aims to address the longstanding issue of tax fairness in the U.S. While the proposal garners support from key Democrats like Senators Ron Wyden and Elizabeth Warren, it faces skepticism regarding its enforceability and potential for evasion. As the nation heads towards critical elections and tax reform discussions, this move rekindles the debate on how best to balance taxation to support public services without stifling economic growth. Read the full story [here](). [image] Why You Need Dual Citizenship [image](=) The elite are navigating a world without borders, leveraging dual citizenship as a key to global access and security. With the rise in 'golden visas' and citizenship-by-investment, obtaining a second passport has become more than a status symbol—it's a strategic move for safety, freedom, and opportunity. In a time where global crises can change the rules overnight, the value of an additional nationality is undeniable for those who can afford it. Read the full story [here](. [image] [image]( SEE WHO'S COMING TO NOMAD CAPITALIST LIVE 2024 This is where legends like Tony Fernandes, Nigel Farage, Toomas Ilves, Cristina Cataman, Danielle DiMartino Booth and more converge. This September, Kuala Lumpur becomes the epicenter of global citizenship and innovation. Want in? [JOIN THE WAITLIST]() Greece's Golden Visa Price Surge—What You Need to Know [image]( Greece has significantly altered its Golden Visa program, setting a new investment floor of up to €800,000 in a decisive step to mitigate the ongoing housing crisis. This adjustment targets affluent regions including Athens and popular islands like Mykonos and Santorini, while other areas will see a starting threshold of €400,000. This move comes as rents have soared by 20% since 2018, pressuring the local housing market. Read the full story [here](. [image] U.S. Property Taxes Jump, Impacting Homeowners Nationwide [image]( In a dramatic turn, U.S. single-family homes have seen a 7% spike in property taxes in 2023, totaling $363 billion. This sharp increase, nearly double the rate from 2022, marks the largest rise in five years, signaling a crunch for homeowners. With the average property tax bill climbing to $4,062 and the effective tax rate inching up, homeowners across the Northeast and Midwest are feeling the most heat. This uptick, amidst fluctuating home values and a cooling housing market, places a spotlight on the evolving financial landscape for American homeowners. As regions grapple with this surge, the ripple effects on housing affordability and the broader economy are yet to unfold. Read the full story [here](). [image] Feeling Taxed: Over 70% of Americans Say Their Tax Rate Is Too High [image](=) As Tax Day looms, a staggering 72% of Americans express frustration over what they perceive as excessive tax rates. WalletHub's latest report unveils the 2024 Tax Burden by State, revealing a deep dive into how each state stacks up in terms of property, income, and sales and excise taxes relative to personal income. In an intriguing look at state-level taxation, Texas emerges with a mixed bag of rankings, spotlighting the varied tax landscapes across the country. Read the full story [here](=). [image] [image]( THE SECRETS TO KEEPING MORE OF YOUR MONEY New to the global lifestyle and want a comprehensive guide to the offshore world? Our fast-paced, action-packed book offers a fun and detailed overview of all possibilities awaiting you. [GET YOUR COPY]( Expats in Singapore: Where to Rent for Less with a Family in Tow [image]( Amid rising living costs, expatriates in Singapore with families face the challenge of finding affordable housing without compromising on lifestyle. An analysis reveals the hefty price tag of expat life, from high rents to international schooling. Yet, there's a silver lining—opting for public schools or HDB flats over condos can significantly cut costs. With HDB estates offering convenience and amenities, more expats are considering them as a viable alternative to private housing. This guide breaks down the most cost-effective areas for expat families to rent in Singapore, offering insights into how to navigate the city-state's rental market smartly in 2024. Read the full story [here](. [image] Expats in Thailand Face New Financial Tides [image]() Thailand's expatriate community finds itself navigating through a maze of tax uncertainties following changes that have made assessable foreign income taxable. Despite the lapse of three months since the implementation, clarity remains elusive, with promises of English-language tax forms providing little solace. The ambiguity surrounding double taxation treaties, tax liabilities for pensions, and the requirement for a tax identification number (TIN) has left many in a wait-and-see stance until potential clarifications in July. Read the full story [here](). [image] Americans' Soaring Savings Goals Amid Inflation [image]() As inflation reshapes financial landscapes, Americans now envision a retirement nest egg of $1.46 million, marking a significant leap from previous years, according to Northwestern Mutual's latest study. Despite this adjusted expectation, actual savings have slightly dipped, revealing a stark $1.37 million gap between aspirations and reality. With Gen Z and Millennials setting ambitious targets yet facing considerable shortfalls, the challenge extends across generations. The study underscores not just the inflation-driven recalibration of retirement goals but also highlights a widespread lack of tax planning in retirement strategies. Read the full story [here](). [image] [image](=) NOMAD PASSPORT INDEX 2024 See where your passport ranks in the global pecking order with the Nomad Passport Index 2024. Find out if your passport opens doors worldwide, or encounters more barriers... [YOUR PASSPORT RANKING](=) Golden Passports and Island Economies: A Caribbean Dilemma [image](=) The Caribbean's affair with Citizenship by Investment (CBI) programs reveals a complex narrative of risk and opportunity. St. Kitts and Nevis grapples with an economy precariously tethered to CBI revenues, prompting urgent calls for diversification from Prime Minister Dr. Terrance Drew. Across the waters, Saint Lucia's CBI endeavors fall short of expectations, highlighting the fluctuating dynamics of global investment migration. Together, these stories underscore the pressing need for balance and innovation in harnessing CBI programs for sustainable economic growth. Read the full story [here](=). [image] [image](=) = [Manage Preferences]( | [Unsubscribe]( Nomad Capitalist Limited 2301, 23F Bayfield Building 99 Hennessy Road Wanchai Hong Kong +1 (979) 966-6623