This Country Faces Schengen Ban 🚫

Find out about a country facing a potential Schengen ban, the latest tax-free havens, and new rules shaking up life for residents. June 6, 2024 [image] [Event]( | [Citizenship](=) Welcome to the Weekly Rundown. Saint Lucia's Prime Minister Philip J Pierre has announced the country's decision to join the other four Caribbean citizenship by investment (CBI) program countries in signing the Memorandum of Agreement (MoA). This agreement aims to harmonize pricing, regulations, and vetting practices among the region’s CBI programs. Saint Lucia has proposed several additional measures, including an annual quota on CBI approvals, a minimum net worth requirement for applicants, and on-island escrow accounts. Spain to Implement 15% Minimum Corporate Tax for Multinationals [image]( Spain is set to introduce a 15% minimum corporate tax rate for multinational firms with revenues exceeding €750 million. This legislative change aligns with the OECD agreement aimed at curbing tax avoidance by preventing profit relocation to low-tax jurisdictions. Despite Spain's headline corporate tax rate of 25%, numerous exceptions have allowed many companies to pay significantly lower effective rates. The new minimum tax rate is part of Spain's broader effort to ensure fair taxation of large international corporations. Read the full story [here](. [image] Saint Lucia Joins Caribbean Citizenship Program Agreement [image](=) Saint Lucia joins the Caribbean citizenship by investment (CBI) agreement, aiming to align with other nations in standardizing regulations. Prime Minister Philip J Pierre announced new measures, including an annual cap on CBI approvals, a minimum net worth for applicants, and mandatory on-island escrow accounts. These changes, set to take effect soon, aim to strengthen the region's CBI programs. Read the full story [here](=). [image] Hungary’s New Golden Visa: Everything You Need to Know [image]( Hungary's Golden Visa Program, set to launch on July 1, 2024, offers international investors three options to gain residency: purchasing a real estate fund unit for €250,000, buying residential property for €500,000, or donating €1 million to a higher education institution. This program, now called the Guest Investor Program (GIP), allows visa-free travel to all EU countries and includes family members. Hungary’s reintroduction of the Golden Visa aims to attract wealthy non-EU nationals and revive its economy after the program's previous termination in 2017. Read the full story [here](). [image] [image]() NOMAD CAPITALIST LIVE 2024 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]() Portugal to Introduce New Golden Visa for Social Investment [image](=) Portugal has announced that it will create a new golden visa aimed at supporting vulnerable immigrants through social investment. The Residence Permits for Social Investment will channel private capital into projects for immigrant integration, including reception infrastructure and support services. This initiative is part of the broader migration plan, which also includes affordable housing investments and a system for accrediting social investments. The government plans to use Social Impact Bonds to enhance integration opportunities and improve reception conditions, partnering with investors and the philanthropy sector. Read the full story [here](). [image] EU Proposes Permanent Ban on Vanuatu’s Schengen Visa-Free Travel [image]( The European Commission has proposed permanently suspending Vanuatu’s visa-free access to the Schengen area. This follows temporary suspensions due to security concerns related to Vanuatu’s citizenship by investment (CBI) programs. Despite legislative changes by Vanuatu, the Commission believes these measures are insufficient to mitigate security risks. The final decision rests with the European Council and Parliament, which previously supported the Commission's temporary suspensions. If approved, Vanuatu will permanently lose its visa-free travel privileges to the Schengen area. Read the full story [here](. [image] Key Legal Updates in the UAE for 2024 [image]( The UAE has introduced several significant legal changes in 2024 to enhance residents' experiences. Notably, the Golden Visa property investment requirement has increased from Dhs1 million to Dhs2 million. E-scooters are now banned on Dubai metro and tram services for safety reasons. The emirate has also implemented a ban on single-use plastic bags, with fines for non-compliance. Paid parking will be introduced at Dubai Mall with automated vehicle recognition. Additionally, the popular Mahzooz prize draws have been temporarily paused to comply with new gaming regulations. 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](=) Affordable European Summer Spots for Digital Nomads [image](=) For digital nomads seeking budget-friendly European destinations this summer, consider Budva, Montenegro for its Adriatic beaches and rentals starting at €700 per month. Ohrid, North Macedonia offers lakeside living with cooler nights and vibrant nightlife. Belgrade, Serbia is an excellent choice for a low-cost city break with rentals around €380 per month. Bansko, Bulgaria provides a mountain escape with summer rentals starting at €230 and numerous outdoor activities. Read the full story [here](=). [image] New Digital Nomad Visa Makes Thailand More Accessible [image]( Thailand has introduced the Destination Thailand Visa (DTV) for digital nomads, remote workers, and freelancers, allowing them to stay and work in the country for up to one year. This multiple-entry visa is valid for five years and supports stays of up to 180 days, extendable for another 180 days. The visa also covers those seeking training in Thai cooking, muay Thai boxing, and other activities. The application fee is 10,000 Thai baht (€252), and the visa extends benefits to spouses and dependent children. Read the full story [here](. [image] Ireland’s Golden Visa Program Revealed High Risks Before 2023 Closure [image]() A secret memo from Ireland's Department of Justice revealed significant concerns about the country's Immigrant Investor Programme (IIP). The review found that 90% of applicants were from China, with many lacking any identifiable links to Ireland, raising risks of money laundering and tax evasion. Senior officials highlighted the reputational risks and questioned the program's contribution to Ireland's economy. Following international scrutiny and the closure of similar schemes in other countries, Ireland discontinued the IIP in February 2023 to address these issues. 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]() US Growth Revised Down to 1.3%, Consumer Spending Steady [image]( The U.S. economy's growth rate for the first quarter of 2024 has been revised down to 1.3% from the previously estimated 1.6%. Despite the slowdown, consumer spending continued to rise, although at a reduced pace of 2%. Factors contributing to the lower growth include a surge in imports and reduced business inventories. Meanwhile, services spending saw a healthy increase, and business investments contributed positively to the GDP. Inflation rates also rose, maintaining pressure on household budgets. 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