New Billionaire Tax?

Read the latest on Finland's stricter citizenship rules, Sabah's new MM2H program, the proposed billionaire tax, and more. July 4, 2024 [image] [Event]() | [Citizenship]() Welcome to the Weekly Rundown. Sabah has introduced its own Malaysia My Second Home (MM2H) program, separate from the federal scheme. The program, offers a 10-year residency permit to applicants who meet specific financial conditions, including purchasing a high-rise property valued at RM600,000 and maintaining a fixed deposit. Applicants must reside in Sabah for at least 30 days annually and cannot use their passes to work. New Rules for Finnish Citizenship Starting October 1 [image]() Starting October 1, Finland will implement stricter rules for acquiring citizenship. The Finnish Parliament has approved a bill extending the required period of residence from five to eight years. Additionally, only periods of residence with a residence permit will count towards the required duration, impacting those under international protection. The reform aims to encourage better integration of immigrants into Finnish society. Last year, Finland granted citizenship to over 12,000 foreign nationals, with Russians making up the largest group of new citizens. Read the full story [here](). [image] Sabah Launches Its Own MM2H Program [image](=) Sabah has officially launched its unique Malaysia My Second Home (MM2H) program. This state-specific initiative offers a 10-year residency permit for those purchasing a high-rise property valued at RM600,000 and meeting certain financial requirements. Applicants must reside in Sabah for a minimum of 30 days each year and are not permitted to work under this program. Sabah’s MM2H aims to boost local residency while ensuring compliance with federal laws and addressing infrastructure concerns. Read the full story [here](). [image] UK's Non-Doms Flee to Dubai Amid Labour's Tax Crackdown [image](=) Wealthy UK residents, known as non-doms, are relocating to attractive destinations like Dubai in response to Labour's promise to close the non-dom tax loophole if they win the upcoming general election. The crackdown aims to end tax exemptions on foreign income, leading many high-net-worth individuals to consider leaving the UK for countries with more favorable tax regimes. This potential exodus could significantly impact the UK's status as a hub for international wealth. 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]( Trump Pushes for Corporate Tax Cuts [image]( Donald Trump is advocating for lowering the corporate tax rate to 20%, but GOP members are divided, with some favoring rates as low as 15% and others open to increases up to 25%. This internal debate gains urgency as the GOP anticipates a strong performance in the upcoming election. Key figures like Rep. Chip Roy and Heritage Foundation’s Richard Stern highlight differing views on the economic impact and voter reception of cutting corporate taxes. The outcome of this debate will shape the party's tax policy, with significant implications for the US economy and business landscape. Read the full story [here](. [image] Supreme Court Grants Presidents Expansive Immunity [image]() The Supreme Court has ruled that presidents have "absolute immunity" from prosecution for official acts, significantly shielding former President Donald Trump from legal consequences related to his attempts to overturn the 2020 election. The decision, which delays Trump's trial until after the 2024 election, grants broad protections for presidential actions, raising concerns about accountability. Justice Sonia Sotomayor's dissent warns that this ruling places presidents above the law, potentially allowing misuse of power without legal repercussions. Read the full story [here](=). [image] Top Economist Proposes Global Billionaire Tax to G20 Leaders [image]( French economist Gabriel Zucman has unveiled a plan to tax the world's wealthiest individuals at 2% annually, potentially generating up to $250 billion per year. This proposal, to be presented at the G20 finance leaders meeting in Brazil, aims to tackle global inequality by taxing around 3,000 billionaires and extending to centimillionaires. The plan builds on the collaboration seen in the 2021 global minimum tax agreement for multinational corporations, highlighting the need for coordinated international tax efforts to ensure the ultra-rich pay their 'fair share'. 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]( Top 5 Countries Offering Easy Citizenship for Retirees [image]() Looking to retire abroad? Here are five countries that offer relatively easy pathways to citizenship for retirees. The Philippines provides a Special Resident Retiree’s Visa with a low monthly pension requirement and tax exemptions. Portugal offers a Golden Visa with significant tax benefits and a lower cost of living. Costa Rica allows retirees to live under a "pensionado" visa with a modest income requirement and a path to citizenship. Chile requires proficiency in Spanish and economic self-sufficiency, offering a low cost of living and quick residency. Mexico, with its proximity to the U.S., provides easy access through a retirement visa and permanent residency options. Read the full story [here](). [image] Antigua Extends MoA Deadline by 30 Days [image]() Antigua and Barbuda's Citizenship by Investment Unit (CIU) has delayed the implementation of new Citizenship by Investment Program (CIP) thresholds by 30 days to complete parliamentary approval. The new investment thresholds include US$230,000 for families of 1 to 4 and US$245,000 for larger families for contributions to the National Development Fund, US$300,000 for the University of the West Indies Fund, and US$325,000 for real estate. The business investment thresholds remain unchanged. The delay provides stakeholders and potential investors a brief window to adjust to the new requirements. Read the full story [here](. [image] Tracking Bank Failures: A Look Back from 2009 to 2024 [image]() Since 2009, numerous U.S. banks have faced insolvency, leading to a series of failures overseen by the Federal Deposit Insurance Corporation (FDIC). Notably, 2023 witnessed significant closures, including Silicon Valley Bank and Signature Bank, marking a year with some of the largest failures in recent history. In 2024, Republic First Bank became the latest casualty. 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]() Jack Dorsey Predicts Bitcoin Could Replace U.S. Dollar [image]( Jack Dorsey, Twitter founder and CEO of Block, has made a bold prediction that Bitcoin could eventually replace the U.S. dollar. This statement comes as Bitcoin prices have fluctuated, recently hitting an all-time high of over $70,000 before declining. Dorsey's forecast aligns with increasing interest in Bitcoin as a global currency alternative, particularly in light of a new U.S. Bitcoin bill and concerns about the U.S. dollar's dominance. 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