The Tax Battle Heats Up

Catch up on Italy’s tax hike, Bitcoin’s path to EU citizenship, Antigua’s new investment prices, and more of the latest global updates... August 15, 2024 [image] [Event]( | [Citizenship](=) Welcome to the Weekly Rundown. Italy has doubled its "billionaires' tax" on wealthy new arrivals, increasing the annual flat tax on income earned abroad to €200,000. This move aims to help close the country’s budget deficit but has sparked controversy among locals who blame the influx of wealthy expats for driving up property prices. Initially introduced in 2017 to attract affluent individuals and boost the economy, the tax has now become a point of contention as Italy navigates the challenges of economic inequality and fiscal responsibility. New Zealand Visa Fees to Triple [image](=) New Zealand is set to significantly raise visa application fees for investors and entrepreneurs, with some fees more than tripling from October 1, 2024. The new fee structure is designed to recover processing costs and manage higher-risk applications. For example, the Entrepreneur Work Visa will jump from NZD 3,710 to NZD 11,320, and the Active Investor Plus visa will now cost NZD 27,470. With the deadline approaching, prospective applicants are urged to act quickly to avoid the steep increases. Read the full story [here](=). [image] Italy's Billionaire Tax Hike – What You Need to Know [image](=) Italy has decided to double the "billionaires' tax," raising the flat tax on income earned abroad by new residents to €200,000. This change comes as the government seeks to address a growing budget deficit while balancing the impact of wealthy expats on local property markets. Initially intended to attract the rich and stimulate economic growth, the tax increase now reflects Italy’s broader concerns over inequality and the potential downsides of offering significant tax breaks to the ultra-wealthy. Read the full story [here](=). [image] Gain EU Citizenship Through Bitcoin Investment in Portugal [image](=) A groundbreaking investment fund is offering Bitcoin holders a unique opportunity to gain European Union citizenship through Portugal’s Golden Visa program. By investing over $500,000 in Bitcoin via the Unbound Fund, participants can qualify for the Portuguese Golden Residence Permit, paving the way for EU citizenship. The fund, which focuses on passive Bitcoin holding and includes investments in BlackRock ETFs, provides a new avenue for those looking to combine digital asset investment with global mobility. 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]() Escaping UK Taxes? Here’s How to Secure Your Non-Resident Status [image]() As concerns grow over potential tax increases under the new Labour government, many are considering leaving the UK to avoid punitive taxation on capital gains and inheritance. If you're looking to sever your tax ties with Britain, it's essential to understand the complex statutory residence test and how to navigate it effectively. This includes minimizing time spent in the UK and carefully planning your move to ensure you’re not caught in the UK tax net. Read the full story [here](). [image] Expats Dominate New Residents in Spain’s Balearic Islands [image]() In the first half of 2024, a staggering 98% of new residents in Spain’s Balearic Islands were foreign nationals, according to the Spanish Statistics Institute. Out of 4,424 newcomers, only 75 were Spanish, with Ibiza seeing the highest rate of foreign residents at nearly 98%. This influx has intensified ongoing concerns about housing shortages and the impact of mass tourism, as the islands grapple with a growing population and strained infrastructure. Read the full story [here](). [image] Trump Pushes Tax Cuts While Harris Plans to Mirror Biden’s Approach [image](=) As the 2024 campaign heats up, Donald Trump is pushing new tax cut proposals, including exempting tips and lowering the corporate tax rate. Meanwhile, Kamala Harris has hinted that her tax policy would align closely with President Biden’s approach, focusing on deficit reduction through increased taxes on corporations and high earners. The contrasting tax strategies highlight the broader economic divide between the two campaigns as they vie for voter support. 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](=) Antigua & Barbuda Increases Prices for CIP Program [image]( Antigua & Barbuda has announced significant updates to its Citizenship by Investment Program (CIP), effective August 1, 2024. Key changes include revised minimum investment thresholds, updated definitions of dependents, and the introduction of an alternate main applicant option. The new rules allow dependents up to age 30 and remove financial dependency requirements. Investment options now range from $230,000 for the National Development Fund to $300,000 for real estate. These adjustments come as part of a regional agreement and reflect the country’s strategic positioning within the Caribbean's competitive CIP landscape. Read the full story [here](. [image] As UK Clamps Down, Global Tax Havens Compete for the Super-Rich [image]() As the UK abolishes its long-standing non-dom tax regime, countries like Dubai, Switzerland, and Italy are seizing the opportunity to attract the world's wealthiest individuals with favorable tax policies. This shift has sparked a fierce competition among jurisdictions to lure high-net-worth individuals seeking tax havens, leading to increased inquiries from millionaires looking to relocate. However, the race is not without its risks, as sudden changes in tax policies can impact both the host countries and the wealthy individuals they seek to attract. Read the full story [here](). [image] Top Overseas Retirement Destinations for 2024 [image]( Considering retirement abroad? Here are some of the top and most affordable places to retire in 2024. From the lush landscapes of New Zealand to the vibrant culture of Mexico, these destinations offer a blend of low cost of living, favorable tax policies, and welcoming communities. Countries like Costa Rica and Panama are praised for their affordable retirement visas, while places like Ireland and Spain offer rich cultural experiences and excellent healthcare. Whether you seek tropical beaches or serene countryside, these locations provide enticing options for a fulfilling retirement overseas. 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]() Top 15 Tax Havens Where the Wealthy Are Moving [image](=) In response to rising global tax pressures, many high-net-worth individuals are flocking to tax havens that offer low or no income taxes. Countries like Brunei, the United Arab Emirates, and Monaco top the list of popular destinations where the rich can protect their wealth while enjoying favorable financial environments. As governments worldwide consider taxing the super-rich more heavily, these tax havens have become increasingly attractive for those looking to minimize their tax liabilities and maximize their freedom. 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