Retire Like a King for Under $1K

Discover why Mexico tops retirement lists, how Spain is paying digital nomads, and more tax and citizenship insights for expats. August 29, 2024 [image] [Event]( | [Citizenship]( Welcome to the Weekly Rundown. The UK is making big changes to its tax laws. Starting in April 2025, the government is set to replace the non-dom tax regime with a new Foreign Income and Gains (FIG) system. This shift means stricter rules for how long non-residents can avoid UK taxes. There will also be a new inheritance tax system based on residency, not domicile. These changes aim to close tax loopholes but could lead to an exodus of wealthy non-doms, who may seek friendlier tax environments elsewhere. Hong Kong Tops List of Most Expensive Cities for Expats in 2024 [image](=) Hong Kong is the priciest city for expats again, topping the 2024 Mercer Cost of Living Survey. The survey looked at 226 cities worldwide, ranking them based on the cost of items like housing, food, and transportation. Singapore and several Swiss cities also ranked high, while inflation and rising housing costs drove up prices in many places. For those moving abroad, these rankings highlight the financial challenges of living in the world's most expensive cities. Read the full story [here](). [image] UK Set to Replace Non-Dom Tax Regime with New Rules in 2025 [image]() The UK government plans to replace the non-dom tax regime with a new system in April 2025. This change introduces the Foreign Income and Gains (FIG) system, which affects the taxation of foreign income for UK residents. The new rules will phase out existing inheritance tax protections for non-doms and introduce a residence-based system. The government aims to create a fairer tax framework, but some fear it could drive wealthy individuals away. The final details will follow after a consultation period, with significant impacts expected for those affected by the shift. Read the full story [here](). [image] Kuwait Ranked Worst Country for Expats Due to Low Quality of Life [image](=) Kuwait has been rated the worst country for expats, mainly due to poor quality of life and extreme weather. Many expats report struggling with a lack of affordable transportation and a tough social scene. While Kuwait offers good job opportunities and no income tax, many still find it difficult to settle and build a community there. 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](=) UK's Proposed Wealth Tax: A Solution or a Flight Risk? [image](=) The UK government is considering a new wealth tax on the super-rich to address a £22 billion gap in public finances. This proposed tax could raise £24 billion, enough to cover the deficit. Researchers argue that the wealthy often pay lower tax rates than ordinary workers, fueling calls for reform. The new system would target assets over £3 million with rates increasing based on wealth. Critics fear this might drive the wealthy away. The decision will play a key role in the upcoming Budget, where tough choices are expected. Read the full story [here](=). [image] Moving to Mexico Brought Me the Happiness I Dreamed Of [image]( Eighteen years ago, Janet Blaser moved from California to Mexico, despite warnings from friends. She knew no one, didn’t speak the language, and had no steady job lined up. Today, she feels happier than ever, enjoying a simpler lifestyle with lower costs and a strong sense of community. Blaser believes that choosing happiness and embracing a slower pace of life have made her move - the best decision of her life. Read the full story [here](). [image] New Zealand Expat Rants About High Living Costs in Australia [image]( Gabby Snell, a New Zealand expat, shared her frustrations on TikTok about the high cost of living in Australia. She complained about constant bills, including road tolls and insurance, which make daily life expensive. Despite earning less than in New Zealand and paying high rent, Gabby expressed frustration with the unexpected financial burden she faces while living in Australia. 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](=) Greece Finalizes Higher Golden Visa Investment Requirement [image]( Greece is set to increase the minimum investment for its Golden Visa program to €800,000 on September 1st. This change impacts non-EU nationals who seek residency through property investments in Greece's most popular areas. While the adjustment aims to address housing concerns, it may limit affordable options for locals. Read the full story [here](. [image] Why Mexico is the Top Retirement Spot for U.S. Expats [image]() Many U.S. retirees are choosing Mexico for its warm weather, low taxes, and affordable living costs. Mexico offers a variety of towns and cities with different lifestyles, making it an attractive option for those looking to retire abroad. With affordable housing and healthcare costs significantly lower than in the U.S., Mexico provides a comfortable and cost-effective place to enjoy retirement. Read the full story [here](). [image] Three Affordable European Countries for British Expats [image]() Many British expats are looking to move to countries with a lower cost of living. Romania, Portugal, and Bulgaria offer a comfortable life for less than £1,000 a month. In these countries, rent, utilities, food, and transportation are all affordable. Public services like healthcare and transportation are either free or very cheap, making these destinations ideal for those wanting to save money while enjoying a good quality of life. 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]() Spain’s Extremadura Offers Grants to Attract Digital Nomads [image]() Extremadura, a region in Spain, is offering up to €15,000 to digital nomads who relocate there. This initiative aims to boost the local economy and population. To qualify, applicants must work remotely in the tech industry and commit to living in Extremadura for at least two years. The cost of living in this region is lower than in many other parts of Spain, making it an attractive option for remote workers. Applications will open soon, and the grants are available until the allocated funds run out. 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