Malta's CIP Fate: Will It Survive?

Read the latest on Malta’s citizenship uncertainty, potential US regional bank failures, Armenia’s nearly free citizenship path, and more. June 13, 2024 [image] [Event]( | [Citizenship]( Welcome to the Weekly Rundown. The European Commission's long-standing battle with Malta over its citizenship by investment (CIP) program is set for a pivotal moment. On June 17th, the European Court of Justice will hear the Commission's case, arguing that Malta's CIP violates EU principles by granting citizenship without genuine links. Prof. Dimitry Kochenov, an expert in EU citizenship law, confidently predicts the Commission will face a major defeat. As both sides prepare to present their arguments, the outcome could have significant implications for similar programs across the EU. EU Cracks Down on Golden Visas, But One Country Brings Them Back [image](=) As the EU phases out golden visa programs due to security concerns, one country is bucking the trend by reintroducing its scheme. While Spain, Portugal, and the Netherlands have recently ended their golden visa programs to curb property speculation and enhance security, Hungary is set to relaunch its Golden Visa Program on July 1, 2024. The new scheme will offer residency through various investment options, including real estate and educational donations, allowing wealthy individuals to gain EU residency rights. Read the full story [here](. [image] EU vs. Malta: High-Stakes Showdown Over Citizenship Sales [image]( The European Court of Justice will soon hear the European Commission’s case against Malta’s citizenship by investment (CIP) program, which the Commission claims violates EU principles by granting citizenship without genuine links. Despite pressure from the Commission since 2020, Malta has steadfastly defended its program. Professor Dimitry Kochenov, a leading expert in EU citizenship law, predicts the Commission will lose the case. The court hearing on June 17th could have significant repercussions for similar programs in other EU countries. Read the full story [here](=). [image] Maximize Your Stay in Europe: Best Non-Schengen Destinations [image]() If you're nearing your 90-day limit in the Schengen Area, consider extending your European adventure in non-Schengen countries. Albania offers beautiful beaches and affordable living, Cyprus combines rich culture with vibrant nightlife, and Ireland provides stunning landscapes and a warm welcome. These destinations allow you to explore Europe further without worrying about visa restrictions. 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]( Why Americans Are Renouncing Their Citizenship in Record Numbers [image]() Despite having one of the world’s most coveted passports, an increasing number of Americans are choosing to renounce their citizenship. Factors driving this trend include the burdensome US tax system, especially for those living abroad, and growing political and social unrest. Renouncing citizenship is a complex and costly process, often involving significant paperwork, fees, and an exit tax. This decision reflects deeper issues, including dissatisfaction with the current state of the US and a desire for better alignment with personal values and safety. Read the full story [here](. [image] Top Countries with the Highest Digital Asset Taxes in 2024 [image](=) For digital asset investors, understanding tax implications is crucial. Some of the highest-taxed countries for digital asset investments include Japan, with rates up to 55%, and India, imposing a flat 30% tax. Spain taxes digital asset gains between 19% and 28%, while Austria has a 27.5% flat rate. Canada’s rates range from 15% to 33%, and Belgium applies a 25% general income tax plus additional communal taxes. Staying informed about these regulations is essential for navigating the digital asset investment landscape legally and efficiently. Read the full story [here](). [image] Armenia's Path to Citizenship: Low-Cost and Remote [image]() Armenia offers a straightforward and affordable path to citizenship with no minimum stay requirements. For just a few thousand dollars, you can obtain permanent residency, placing you on a three-year track to citizenship. Armenian passports provide visa-free travel to 69 countries and potential future EU membership benefits. The process includes simple residency qualifications, minimal investment, and the ability to apply remotely. This opportunity is ideal for those seeking a strategic second citizenship. 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](=) US Regional Banks Face Rising Risks of Failures [image]( More US regional banks might face failure due to a high concentration of troubled commercial real estate loans. Pacific Investment Management warns that the distress is just beginning, particularly affecting regional lenders with significant exposure to devalued properties. Recent challenges have led to dividend cuts, increased cash reserves, and declining stock values. The uncertainty of interest rate cuts by the Federal Reserve further complicates the situation, impacting valuations and increasing defaults. Read the full story [here](. [image] EU & Kazakhstan Negotiating Easier Schengen Visa Process [image](=) Kazakhstan and the EU are in discussions to simplify the Schengen visa process for Kazakh citizens. Deputy Foreign Minister Roman Vasilenko expressed hope for imminent measures to facilitate visa acquisition. The EU, Kazakhstan's main trade partner, represents 30% of its foreign trade. The talks also touched on expanding Kazakh exports to the EU and cooperation on climate change. Currently, Kazakh citizens face strict documentation requirements for Schengen visas, which Kazakhstan seeks to reduce for smoother travel to EU countries. Read the full story [here](. [image] Kevin Spacey Owes Millions, Home Foreclosed [image]() Kevin Spacey revealed in an emotional interview that he faces severe financial distress due to ongoing legal battles over sexual misconduct allegations. With his Baltimore home foreclosed and sold at auction, Spacey admitted he owes millions in legal fees and is unsure where he will live next. Despite being acquitted in several high-profile cases, the financial strain has left him nearly bankrupt. Fellow actors Sharon Stone and Liam Neeson have voiced their support for his return to acting, highlighting his talent and contributions to the industry. 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]() EU's New Corporate Sustainability Rules Impact US Firms [image]() On April 24, 2024, the European Parliament adopted the Corporate Sustainability Due Diligence Directive (CSDDD), mandating comprehensive human rights and environmental due diligence for EU and non-EU companies operating within the EU. This directive, applying to companies meeting specific turnover and employee thresholds, introduces stringent obligations, including climate transition plans and regular due diligence assessments. Companies failing to comply face substantial penalties and civil liability. 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