Italy's €3 Homes Are Back

Read the latest about Italy’s €3 homes, Malaysia’s new MM2H rules, UK tax changes for the super-rich, and more. June 20, 2024 [image] [Event]( | [Citizenship](=) Welcome to the Weekly Rundown. Malaysia has revamped its Malaysia My Second Home (MM2H) program, introducing new guidelines and changing the residency permit from permanent residency to a 20-year permit for the Platinum tier. The fixed deposit requirements have also been adjusted, making it more attractive to high-net-worth individuals. Italy's Bargain Homes: Buy a House in Sicily for €3 [image]( Sambuca di Sicilia, the Italian village that gained fame in 2019 for selling houses for €1, is back with another round of affordable properties. This time, ten homes are available starting at €3. While these charming, structurally sound houses in the Saracen district come at a low price, they require extensive renovations, costing between €30,000 and €200,000. Successful sales in past years have revitalized the village, attracting a global influx of buyers and transforming the local economy. Read the full story [here](=). [image] Revamped MM2H Program: New Rules and Opportunities [image]( Malaysia has revamped its Malaysia My Second Home (MM2H) program, making it more attractive to high-net-worth individuals. The revised program changes the Platinum tier residency from permanent to a 20-year permit and lowers the fixed deposit requirement for the Gold tier from RM2 million to RM1 million. The new guidelines also introduce a category for special economic and financial zones, offering more flexibility for applicants. Read the full story [here](). [image] IRS Targets Wealthy Tax Loophole to Raise $50 Billion [image](=) The IRS plans to close a major tax loophole used by the wealthy to shift assets and avoid taxes, potentially raising $50 billion over the next decade. This move aims to curb "partnership basis shifting," which the Treasury Department says lacks economic grounds and serves as a tax avoidance tactic. Enhanced IRS funding from the 2022 Inflation Reduction Act has enabled this crackdown, which is part of a broader effort to increase audit rates on high-wealth individuals and large corporations. 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]( Spain Struggles to Cancel Golden Visa Scheme [image]() Spain's government, led by Housing Minister Isabel Rodríguez, announced plans to end the property-based golden visa scheme for non-EU nationals in April. However, legal challenges are delaying the cancellation, with ministers now considering adding the amendment to an unrelated bill in parliament. The visa, which grants residency for a €500,000 property investment, has been criticized for exacerbating the housing crisis. Alternatives for residency through investment in Spanish companies or government bonds remain available. Read the full story [here](). [image] Super-Rich May Leave UK Over Labour’s Inheritance Tax Plans [image]( Labour's plan to abolish tax protections on offshore wealth and expand inheritance tax to include foreign assets is causing some of the UK's super-rich to consider leaving the country. Private banks report that these changes could drive wealthy individuals to relocate to lower-tax countries like Spain, Italy, Switzerland, Dubai, and Singapore. This potential exodus could negatively impact the UK's economy, with concerns that the changes might reduce overall tax revenues rather than increase them. Read the full story [here](). [image] St Kitts Tightens Citizenship by Investment Program [image]() St Kitts and Nevis Prime Minister Dr. Terrance Drew announced significant reforms to the Citizenship by Investment (CBI) program, establishing the Citizenship by Investment Unit (CIU) as a corporate body and launching the Continuing International Due Diligence Unit (CIDD). These changes aim to strengthen international confidence in the program and ensure compliance with global standards. The CIDD, will monitor economic citizens globally, ensuring they adhere to international laws and retrieving cancelled passports when necessary. 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]() Your Guide to Moving to Portugal: Residency Steps for US Citizens [image]() Thinking about relocating to Portugal? This guide walks you through the essential steps to establish legal residency, from selecting the right visa to obtaining a residence permit. Popular visa options include the D2 Visa for entrepreneurs, the D7 Visa for retirees or those with passive income, and the D8 Visa for digital nomads. Prepare your documents, apply at the Portuguese consulate, and finalize your move by obtaining a residence permit and changing your tax address. Read the full story [here](. [image] Bali Sees Surge in Indonesian Citizenship Applications [image](=) In the first half of 2024, the number of dual nationals in Bali opting for Indonesian citizenship nearly tripled compared to the annual figure in 2023. From January to June, 199 dual nationals applied, with 181 having taken the citizenship test and 18 awaiting their turn. This increase is largely attributed to the May 31, 2024, deadline for citizenship applications for children of mixed marriages. The applicants, hailing from countries like Germany, Ireland, Japan, the Netherlands, and the United States, must pass a test and demonstrate their commitment to becoming Indonesian nationals. Read the full story [here](=). [image] U.S. Expats Consider Citizenship Renunciation Due to Tax Burden [image]( Nearly a million Americans living abroad are contemplating renouncing their citizenship due to the complex U.S. tax filing requirements, reports 1040 Abroad. Approximately 25% of the estimated 9 million Americans overseas are seriously considering this step. Many expats face dual tax obligations, and more than 40% cite tax filing as the main reason for renunciation. Additional reporting requirements, such as FBAR and Form 8938, add to their frustration. The trend reflects broader dissatisfaction with U.S. government policies, particularly among those feeling unrepresented and overwhelmed by financial regulations. 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](=) Inheritance Tax Loophole for Cohabitating Couples [image]() Money-saving expert Martin Lewis explains how elderly couples could save thousands in inheritance tax by choosing to cohabit instead of remarrying. On his podcast, Lewis discussed with experts how widows and widowers can benefit from retaining multiple nil-rate bands—each worth £325,000—by not tying the knot again. This strategy allows cohabiting partners to maximize their tax-free inheritance allowance, potentially shielding up to £2 million from inheritance tax, compared to losing allowances if they remarry. 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