Billionaires Demand Taxes—What Gives?

Get the latest on golden visa programs, tax and residence updates, and second passport options. May 2, 2024 [image] [Event](=) | [Citizenship]() Welcome to the Weekly Rundown. Indonesia is contemplating the introduction of a dual citizenship policy aimed at attracting skilled professionals back to the country and strengthening ties with its diaspora. The potential policy change, as announced by Coordinating Minister for Maritime Affairs and Investment, Luhut Pandjaitan, could offer a pathway for former Indonesian citizens living overseas to re-engage with their homeland. This initiative comes at a crucial time, especially following Microsoft CEO Satya Nadella's recent commitment to invest $1.7 billion in the country, highlighting the potential for deeper corporate ties with Indonesia's skilled workforce. Why More Canadians Are Choosing to Live Abroad [image]() A recent McGill study reveals a significant trend of Canadians moving overseas due to high living costs and challenges in career development due to unrecognized foreign credentials. This exodus, representing about 11% of the population, highlights Canada's struggle to retain its citizens, especially those naturalized within the last decade. The report emphasizes the need for better policies and support for Canadian expatriates, who could enhance Canada’s global presence culturally and economically if their potential were effectively harnessed. Read the full story [here](. [image] Calling All Indonesian Expats: Your Homeland Wants You Back [image]( Indonesia is setting the stage to offer dual citizenship, targeting skilled Indonesians abroad to bolster economic growth and innovation. Announced by Luhut Pandjaitan, this initiative seeks to leverage the global Indonesian community's potential, coinciding with significant investments like Microsoft's $1.7 billion. This move promises to enrich Indonesia's talent pool and strengthen ties with its expansive diaspora. Read the full story [here](). [image] Wealthy Americans Build 'Passport Portfolios' for Global Stability [image](=) Wealthy American families are increasingly seeking second citizenships, creating 'passport portfolios' as a strategic response to global uncertainty. This trend, fueled by concerns over political and economic stability, allows them to secure enhanced travel flexibility, safety, and financial management options across borders. Popular citizenship-by-investment programs in countries like Portugal and Malta offer these affluent individuals not just residency, but potential citizenship, providing a secure backup plan and broadening their lifestyle and business opportunities globally. Read the full story [here](=). [image] [image](=) NOMAD CAPITALIST LIVE 2024: GENERAL ADMISSION TICKETS SOLD OUT Our event has quickly sold out all general admission tickets. However, a limited number of VIP tickets are still available for our largest event yet, happening in Kuala Lumpur this September. [SEE THE DETAILS](=) Tycoon Bassim Haidar to Leave UK Over Non-Dom Status End [image](=) Entrepreneur Bassim Haidar is planning an urgent departure from the UK following the government's decision to end the non-domicile tax status, which has allowed him and others to avoid taxes on foreign income. Haidar argues that this change will drive a significant exodus of wealthy individuals, potentially reducing the UK's tax revenue. His move to tax-friendly jurisdictions like Monaco and Dubai reflects a growing trend among the super-rich seeking favorable tax treatments abroad. Read the full story [here](=). [image] Cyprus Proposes €250,000 Residency Program for Wealthy Expats [image]() Cyprus has introduced a proposal for a new residency program aimed at wealthy non-EU nationals. The program requires a minimum annual income of €40,000 and an investment of at least €250,000 in residential property. This initiative, currently under review by Parliament, not only offers a pathway to permanent residency but also paves the way for potential citizenship within just 3.5 years. This strategic move could reshape Cyprus's real estate market and attract a new wave of investment, though it has sparked debate over its impact on local housing affordability. Read the full story [here](). [image] Biden's Tax Plan Targets Wealthy, Promises Relief for Middle Class [image](=) Treasury Secretary Janet Yellen confirmed that President Biden's upcoming tax reforms, set to engage as Trump's tax cuts expire in 2025, will not increase taxes for Americans earning less than $400,000 annually. This declaration comes amidst heated debates with Republicans, who claim these changes could impose the largest tax hikes in history on families and small businesses. Yellen emphasized the administration’s aim to target wealthier individuals and corporations to fund key domestic programs while keeping middle-class taxes unaffected. 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]() Billionaires at Davos Call for Wealth Taxes to Strengthen Democracy [image]( At the World Economic Forum in Davos, over 250 wealthy individuals, including high-profile figures like Abigail Disney and Brian Cox, have publicly urged global leaders to implement wealth taxes. Through an open letter, they advocate for these taxes as a means to convert excessive private wealth into investments for democratic and public good, asserting that such measures would not harm their lifestyles but would significantly benefit societal stability and public services. Read the full story [here](. [image] China and Russia Ditch the Dollar in Major Trade Pact [image]( In a significant pivot from traditional economic dependencies, China and Russia have announced a massive $260 billion trade agreement that circumvents the U.S. dollar, opting instead for transactions in their local currencies. This landmark deal represents a strategic move within the BRICS nations (Brazil, Russia, India, China, South Africa) to diminish the global dominance of the U.S. dollar. The majority of this trade will be conducted in Chinese Yuan, with a smaller portion in Russian Ruble and Euro, signaling a robust push towards de-dollarization in international trade, particularly among emerging economies. Read the full story [here](. [image] New Regulatory Pressure on Crypto: Biden Targets DeFi and Wallets [image]() Senator Cynthia Lummis has voiced serious concerns over the Biden administration’s recent regulatory interpretations targeting decentralized finance (DeFi) and non-custodial wallets. The Department of Justice suggests these platforms could be treated as money transmission services, a stance that contrasts with previous Treasury guidelines and threatens fundamental digital asset rights. This move has sparked debate over balancing innovation with regulation in the crypto space, as stakeholders rally to defend the privacy and autonomy that cryptocurrency promises. 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](=) Microsoft's Major Move: $2.2 Billion Investment in Malaysia's AI Future [image](=) Microsoft CEO Satya Nadella has announced a substantial $2.2 billion investment in Malaysia to enhance cloud computing and artificial intelligence capabilities over the next four years. This initiative, marking the company's largest investment in the region, includes the creation of a national AI center in partnership with the Malaysian government. This strategic move aligns with Microsoft's broader vision of tapping into Southeast Asia's burgeoning tech market, with AI potentially boosting the regional GDP by nearly $1 trillion by 2030. Read the full story [here](). 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