This Golden Visa Program Might Be Ending

Catch up on the Philippines' new residency program, Spain’s golden visa changes, the push to end birthright citizenship, and more... August 8, 2024 [image] [Event]( | [Citizenship]() Welcome to the Weekly Rundown. Big news out of Spain: The government is taking serious steps to scrap the golden visa program that’s been a go-to for foreign investors. They argue that it’s driving up housing prices without delivering enough real benefits to the economy. If you’ve been thinking about securing a golden visa, now might be the time to move fast before the door closes. This could be a game-changer for anyone looking to invest in Spain. New Philippine Residency Program Launched [image]() The Philippines has launched the FAB-Investor Visa (FIV), a streamlined residency by investment program, offering quick processing times and minimal investment requirements. This new initiative, managed by the Freeport Area of Bataan, provides a faster, digital-first alternative to the country’s older SIRV program. With no minimum stay or real estate purchase required, FIV residents can live, work, or study anywhere in the Philippines and eventually apply for citizenship. The program is open to all nationalities, making it an appealing option for global citizens seeking a new home in Southeast Asia. Read the full story [here](=). [image] Golden Visa on the Chopping Block in Spain [image]() Spain is moving to shut down its golden visa program, which has been a popular option for foreign investors. The government argues that the program, primarily used for real estate purchases, is contributing to skyrocketing housing prices without creating enough economic benefits. The proposed amendment could end the issuance of new golden visas, though existing ones would still be renewable. If you're considering investing in Spain, this development could have major implications, so it's worth keeping an eye on the legislative process. Read the full story [here](). [image] Could Unpaid Taxes Cost You Your Passport? [image]() If you're behind on your taxes, it might affect more than just your finances—it could cost you your passport. Under U.S. law, the State Department can deny or revoke your passport if the IRS certifies that you have "seriously delinquent tax debt." While there are exceptions and it's not an immediate process, those with substantial unpaid federal taxes could find themselves grounded from international travel. Learn the details, exceptions, and how to avoid losing your passport over tax issues. Read the full story [here](=). [image] [image](=) KEEP MORE OF YOUR MONEY Finally—enjoy more freedom, protect your assets, and keep more of your hard-earned money without the complexity and hassle. We'll help you reduce your taxes, get a second citizenship, safeguard your wealth, and uncover new investments. [LEARN HOW](=) Big Changes Ahead for UK Non-Dom Tax Status: What You Need to Know [image]( The UK government is set to abolish the non-domiciled (non-dom) tax status by April 2025, a move that could drive many wealthy individuals to leave the country. Non-dom status currently allows UK residents with foreign domiciles to avoid paying UK tax on overseas income. The new rules will require all new arrivals to pay the same taxes as UK citizens after four years of residence, with a temporary facility to ease the transition. Critics warn this change could lead to an exodus of the international elite, potentially impacting the UK's economy. Read the full story [here](. [image] Will Prince Harry Become a U.S. Citizen? [image](=) In a recent interview on “Good Morning America,” Prince Harry revealed that he has considered becoming a U.S. citizen since moving to California in 2020. While he enjoys living in the U.S. and has thought about citizenship, he admits it’s not a high priority at the moment. Harry expressed his love for his new home but acknowledged that he doesn't fully "feel American" just yet. Read the full story [here](=). [image] Why This Brit Bought a €1 House in Sicily Instead of a London Flat [image]( Facing the daunting cost of real estate in London, 30-year-old George Laing decided to take a different route by purchasing a €1 house in Sicily. With a budget of just €5,000, Laing found an affordable way to enter the property market, choosing to renovate a multi-bedroom house in the picturesque town of Mussomeli. Despite challenges, including extensive DIY renovations, Laing is excited about the investment and plans to purchase more properties in Italy. He encourages others to take the leap, proving that homeownership is possible without spending hundreds of thousands. 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]( Donald Trump Pushes to End Birthright Citizenship [image]( Donald Trump has reignited his controversial proposal to end birthright citizenship if he returns to the presidency. He plans to sign an executive order on his first day in office, aiming to deny citizenship to children born in the U.S. to non-citizen parents. This move would challenge the long-established interpretation of the 14th Amendment and is expected to trigger a massive legal battle that could reach the Supreme Court. Critics argue that this drastic change could face insurmountable legal challenges, while supporters see it as a necessary reform. Read the full story [here](. [image] What’s the Hold-Up With Hungary’s Golden Visa? [image]( Hungary’s new Guest Investor Program, launched on July 1, 2024, promises residency to third-country nationals through significant investments. However, the program is facing delays due to stringent new requirements and the unavailability of qualified real estate fund managers. Additionally, investors interested in the residential property option must wait until 2025, as only properties bought after January 1 will be eligible. While the program is legally in effect, investors are advised to hold off on applications until these issues are resolved, unless they choose the €1 million donation route. Read the full story [here](). [image] Big Tax Hikes Are Coming: Are You Ready? [image](=) As the Trump administration's Tax Cuts and Jobs Act (TCJA) approaches its sunset at the end of 2025, nearly every American will face significant changes in their tax situation. If Congress doesn't act, tax brackets, rates, deductions, and credits will revert to their pre-TCJA status, leading to higher taxes for most. This could mean smaller child tax credits, the return of itemized deductions, and increased alternative minimum tax liabilities. Experts warn that now is the time to plan ahead to avoid unwelcome surprises in 2026. 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]() High Housing Costs Push 40% of New Canadians to Consider Leaving [image]() Nearly 40% of recent immigrants to Canada are considering moving to another province or even leaving the country due to soaring housing costs. The high cost of living, especially in cities like Toronto and Vancouver, is pushing many to look for more affordable options. The poll also highlights that younger adults and renters are the most likely to consider relocating in search of better affordability and quality of life. 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