🇵🇹 Portugal's Golden Visa...

July 13, 2023 [image] [Event]()| [Become our Client]( Welcome to the Weekly Rundown. In our spotlight this week is the Portuguese Government's newly approved proposal to end the 'golden visas' scheme, a significant change in immigration policy under the More Housing program. This legislation halts new residence permits for housing investments, addressing concerns of real estate speculation, but will not affect renewal of existing permits. The decision has sparked substantial debate among Portuguese lawmakers and could significantly impact the nation's real estate market. The majority of these golden visas, it was revealed, were primarily used for property investments, offering minimal contribution to job creation. Banking Discontent: Outrage Over Denial of Cash Withdrawals [image]( Sky News senior reporter, Caroline Marcus, has taken a strong stance against banks reportedly refusing customers access to their cash. Marcus underscores that the funds in question belong to the customers, not the banks, and such actions can shake consumer confidence to its core. This controversial issue raises significant questions about bank policies and customer rights. Read the full story [here](. [image] Golden Visa Shutdown: Portugal Takes Bold Action [image]() In a power move, Portugal's government has approved a game-changing proposal that brings an end to the granting of new 'golden visas' for housing investments. This landmark decision, part of the ambitious More Housing program, signifies a sweeping reform aiming to quell real estate speculation. While current holders can renew their permits, new applications for residence visas through investment activities will be halted. This decision has sent ripples through the political spectrum, revealing a stark divide among parliamentarians. The government stands firm, highlighting that the vast majority of the 11,000 golden visas issued were used exclusively for real estate investments, thus providing a negligible contribution to job creation. This daring step could potentially redefine Portugal's real estate landscape. Read the full story [here](. [image] Jersey's High-Value Resident Program: Balancing Wealth and Fairness [image]( Jersey, the self-governing Channel Island, is weighing the balance of power and wealth as it considers significant alterations to its High-Value Resident (HVR) program. Having contributed a hefty GBP 1.03 billion in property investments and approximately GBP 300 million in taxes since 2005, the scheme is under scrutiny in Jersey's parliament. Lawmakers debate whether an increased fiscal demand from the affluent residents will bolster tax revenue or trigger an exodus of wealth. The pivotal proposals involve raising the minimum income tax, worldwide income requirement, and property value for HVR residents, while the opposition calls for a suspension of the program until allegedly preferential tax rates are rectified. This scenario draws attention to the delicate dance between wealth retention and fair taxation in a globally competitive market. Read the full story [here](. [image] [image]( NOMAD PASSPORT INDEX Discover the world’s best passports for 2023. We rank the best citizenships to have in an ever-changing world. Search for your desired country to explore its passport or Browse All Passports. [SEARCH HERE]( Higher-Band Homes Face Council Tax Hike in Scotland [image]( Sweeping changes to council tax bills are on the horizon in Scotland, with a significant hike planned for higher-band properties. In a move towards fairness, the Scottish Government, in collaboration with councils, aims to increase tax bands E to H next year, leaving the lower bands unchanged. This comes in response to council requests for additional funding as government budget cuts have led to substantial deficits and ensuing cuts and job reductions. Despite opposition politicians pointing to the pressure on people already grappling with the global cost-of-living crisis, public finance minister Tom Arthur insists the revisions will only affect around a quarter of properties, making the council tax system fairer without making it the most expensive in the UK. Read the full story [here](=). [image] Top European Destinations for Quality of Life in 2023 [image]( An Expat Insider 2023 report, has ranked 53 global destinations based on the quality of life they offer expats. The survey assessed factors such as the ease of settling in, work opportunities, leisure activities, digital services, housing, and language barriers. Spain topped the European list and came second globally, recognized for its culture, nightlife, climate, and recreational opportunities, despite having less promising career prospects. Portugal also made it into the global top ten, ranking highly for its welcoming atmosphere and quality of life, but was criticized for its bureaucracy and job market. At the bottom of the European list was Norway, criticized for poor quality of life, high cost of living, and a perceived unfriendliness towards foreigners, respectively. Read the full story [here](. [image] Portugal Golden Visa Changes: Funds Allowed, Real Estate Barred [image](=) The Portuguese Parliament’s Commission on Economy, Public Works, Planning, and Housing has approved the final text of the Mais Habitação bill, which ends the golden visa’s direct real estate investment and capital transfer options. The most popular options such as capital transfer, job creation, and real estate investments have been ruled out. The latest version of the law disqualifies investment funds that invest in real estate, indicating a strong intent from lawmakers to prevent golden visa investment in real estate. The bill has cleared the second of four major hurdles before becoming law, with current programs expected to last another three months at least. Despite this, there is still the possibility of a grace period for developers, and stakeholders are working to present viable alternatives. Read the full story [here](). [image] [image]() NOMAD CITIZENSHIP MAP Explore the citizenship options using our interactive citizenship map. Click the country to reveal its citizenship information. The greener the color, the more ways to obtain a citizenship for that particular country. [EXPLORE]() Valencia Voted as Favorite Spanish City in 2023 [image](=) Valencia, Spain's third largest city, has topped a list of Britons' favorite European coastal towns, according to a recent survey conducted by Which?. In the study, over 3,500 vacationers rated 44 different coastal towns across Europe based on factors such as beach quality, food and drink, accommodation, tourist attractions, and value for money. Valencia scored an impressive 91% overall, earning five stars in eight of the 12 categories. Notable top scorers included Porto and Venice, tied for second place, while Mykonos in Greece was at the bottom of the list. The results indicate changing travel trends, with quiet, value-for-money destinations taking precedence. Read the full story [here](). [image] Zimbabwe's 800% Stock Market Surge Raises Inflation Concerns [image]( The Zimbabwean stock market has seen a staggering 800% increase this year, driven by investors seeking a hedge against hyperinflation as consumer prices rise at a rate exceeding 100% annually. Despite its small size, with a total capitalization of $1.8 billion compared to South Africa's $1 trillion, the market is a preferred investment for locals due to the Zimbabwean dollar's plummeting value. Traders fear that this frenzied rally may indicate an impending inflation spiral. Despite this, Zimbabwean equities outpaced other 2023 market gains, including Argentina's Merval index and the S&P 500. Foreign investors have mostly withdrawn from the Zimbabwean market, accounting for just 15% of trades. Read the full story [here](). [image] Gold Peaks as Dollar Weakens [image]( Gold prices have reached their highest in around a month due to a weaker dollar and U.S. inflation data, fostering hopes among investors that the Federal Reserve may soon halt its monetary policy tightening. Spot gold increased by 0.1% to $1,958.99 per ounce, the highest since June 16. The dollar dropped to its lowest in over a year, making gold more affordable for holders of other currencies. Meanwhile, benchmark U.S. yields were at their lowest in more than a week, reducing the opportunity cost of holding non-yielding gold. The markets are anticipating that the next rate hike could be the last, considering fewer jobs being added and inflation slowing in June. Read the full story [here](. [image] [image]() [image] Learn what works in 2023 to legally reduce your taxes, build an international Plan B, and diversify and protect your assets from the experts who do this every day. [BOOK YOUR SEAT](=) Chicago Real Estate Sectors Oppose Mayor's Proposed Tax Hike [image]( Chicago's commercial real estate community, led by groups like the Building Industry Association of Greater Chicago and the Neighborhood Building Owner’s Alliance, are opposing a proposal by Mayor Brandon Johnson to increase the city’s transfer tax on property sales exceeding $1 million. The proposal seeks to raise the real estate transfer tax from 0.75% to 2.65%. The groups have started sharing material detailing the potential negative impact on the industry with Chicago City Council members. The proposal is part of the "Bring Chicago Home" initiative, aiming to combat homelessness by generating additional revenue. Read the full story [here](. 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