Good morning, global opportunists! 

Another week of some interesting RCBI news! Welcome to the 7th article from The Sovereign Atlas! Every Friday we publish quick updates that benefit your global sovereignty lifestyle. 

Here’s what we’ve got this week:

• The Easiest, Quickest Residency in Europe 🇦🇲

• How Much Change Will We See In Greece’s Golden Visa? 🇬🇷

• Cyprus Makes Some Very Attractive Changes! 🇨🇾

• St. Kitts’ New CBI Option 🇰🇳

Let’s go!

UPDATE

The Easiest Residency in Europe: Armenia 🇦🇲

Armenia offers a unique 10-year residency in the form of a special passport. This program distinguishes itself from typical residence permits, presenting a golden opportunity for those seeking a longer stay in this culturally rich nation.

Digital Nomad Visa: Live and Work in Armenia

For freelancers, remote workers, and self-employed individuals from various countries, Armenia offers a visa-free stay of up to 180 days. Overstaying this period? No worries! You can register as a “private entrepreneur” to secure either a one-year temporary or a five-year permanent residence permit, with no minimum income requirements.

Two Pathways to Special Residency

1. Ethnicity-Based Program: Armenians worldwide can obtain this special residency by presenting documents like baptism certificates or birth certificates proving Armenian ethnicity.

2. Exception-Based Program: For those without Armenian roots but who have significantly contributed to Armenia's economy or culture, there's an exception-based route. However, criteria are less defined, so it's wise to first secure a standard residence permit.

Application Process

You can apply either in Armenia or at Armenian embassies abroad. Necessary documents include a valid passport, its notarized translation, photos, and relevant legal documents. The process usually takes 60-70 days, with extensions available.

This is a very quick and easy residency with no physical presence requirements. While a small country, Armenia is full of business and investment opportunities. Ag, tech & innovation, real estate, tourism & hospitality, and education are some of the biggest market opportunities.

UPDATE

Greece’s Golden Visa Program: A High-Stakes Balancing Act

Greece is set to make significant changes to its Golden Visa program, a move that could reshape the landscape of property investments in the country. Greek Finance Minister Kostis Hatzidakis recently hinted at a potential hike in minimum property investment requirements.

Rising Investment Thresholds

Following the recent increase from EUR 250,000 to EUR 500,000 in key municipalities, the government plans to further raise the bar for property investments. Peripheral areas around Athens are particularly impacted.

Real Estate Market Dynamics

Despite doubling investment requirements in some areas, application volumes for the Golden Visa remain high. This resilience points to factors beyond mere pricing influencing demand. Comparisons with Portugal, where long wait times and unfavorable terms prevail, suggest Greece's allure remains strong.

The Chinese Dominance

Chinese nationals dominate the program, followed by Turkish, Russian, Lebanese, Iranian, and Egyptian investors. However, new visas for Russians have ceased, reflecting the geopolitical shifts impacting global investment patterns.

UPDATE

Cyprus Sets a New Standard in the Golden Visa Arena

Cyprus is revolutionizing the Golden Visa landscape with its latest amendment to the Civil Registry Law, enacted on November 30, 2023. This game-changing legislation not only modernizes the naturalization framework for foreign nationals but also places Cyprus at the forefront of the investment migration industry in the EU.

A Leap Towards Efficiency

What sets Cyprus apart is the newly codified processing time for naturalization applications, capped at a mere eight months, making it the only EU country to officially set such a deadline.

Accelerated Pathways for Skilled Non-EU Nationals

The new rules are particularly advantageous for highly skilled non-EU nationals, offering the shortest naturalization timeframe in the EU—just three years. Eligibility criteria include continuous residency, character assessment, and modest proficiency in Greek, among others. The reduction in residency period needed for naturalization eligibility marks a significant shift, particularly for those able to demonstrate language proficiency at the A2 or B1 levels.

Why Cyprus Stands Out

• Streamlined Processing Time: Cyprus now promises a faster, more efficient citizenship process compared to the lengthy procedures in Portugal, Greece, Italy, or Spain.

• Economic and Cultural Appeal: With its growing economy and rich cultural tapestry, Cyprus presents itself as an attractive destination for affluent immigrants seeking a new home in the EU.

• Strategic Location: Situated at the crossroads of Europe, Asia, and Africa, Cyprus offers unique economic opportunities and strategic advantages.

• Inclusivity and Flexibility: The new legislation offers greater inclusivity and flexibility in qualifications, especially for skilled workers and their families, setting Cyprus apart from other EU countries.

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UPDATE

St Kitts & Nevis CIP: Navigating Through Controversy

St Kitts & Nevis has officially launched its Public Benefit Option (PBO) for citizenship by investment, marking a significant evolution in its offering amidst a backdrop of legal drama and industry challenges.

A Bold Stance on Pricing and Integrity

In a decisive move, St Kitts & Nevis has doubled the price point of its CIP, distancing itself from the "race to the bottom" seen in other Caribbean programs.

Facing the EU's Gaze

The island nation's relationship with the European Union (EU) and its compliance with international standards were also highlighted. Despite rumors of EU investigations into Caribbean CIPs, St Kitts & Nevis officials maintain that they are in good standing with the EU, emphasizing ongoing dialogue and cooperation.

The Future of Citizenship by Investment

The introduction of the PBO and the firm stance on pricing signal a new era for St Kitts & Nevis's CIP. The country aims to attract investment that benefits public projects while ensuring the program's sustainability and integrity.

In essence, St Kitts & Nevis is navigating through its challenges with a clear vision for its CIP, aspiring to lead by example in the investment migration industry.

MARKET REVIEW OF THE WEEK

Yerevan, Armenia 🇦🇲

Armenia's real estate market is bustling, with a record 204,910 transactions in 2022, the highest in 12 years. Despite this, there's a noticeable dip in sales, particularly in urban and rural sale transactions, dropping by 9.5% and 7.9% respectively. Yerevan leads with 31.5% of these dealings.

Shifting Trends in Property Sales

Sale and purchase transactions formed 25.8% of the total. Yerevan and Kotayk are hotspots, collectively accounting for over half of all transactions. Interestingly, land sales topped the chart at 42.8%, but even this sector saw an 8.5% decrease.

Apartments in the Spotlight

Apartments are the prime focus, comprising 32.3% of sales. Yerevan alone recorded 11,466 apartment transactions, a 3.7% increase from the year before. The Arabkir district leads in Yerevan, while Nubarashen trails behind. A significant factor is the income tax refund program for new apartments, which is set to end in 2025. This impending conclusion might be pushing people to invest now, inflating prices and demand.

Foreign Interest Peaks

Foreigners, especially from Russia, are increasingly active in the market, involved in 4,936 transactions (9.3% of the total). In 2022, foreign buyers mainly from Russia, purchased 1,950 units, marking a 22.9% increase from the previous year. This trend represents a shift from the historical pattern of foreigners being more inclined to sell.

Takeaway: The Armenian real estate market shows a complex picture of growth in certain areas, like apartment sales in Yerevan, against a backdrop of overall decline in sales transactions. The imminent end of the tax refund program and increasing foreign investment, particularly from Russian nationals, add dynamic layers to this evolving market.

BOOK OF THE WEEK

Blue Ocean Strategy

Blue Ocean Strategy by W. Chan Kim and Renée Mauborgne introduces a groundbreaking approach to strategic thinking that diverges from traditional competition-based models. The authors argue that instead of competing in existing markets (red oceans) where rivals fight for market share, businesses should seek uncontested market spaces (blue oceans) ripe for innovation and growth. By creating new demand and rendering competition irrelevant, companies can unlock untapped market potential and achieve sustainable success.

The book presents a systematic framework for identifying and capturing blue ocean opportunities, emphasizing value innovation as the key driver. It outlines tools and methodologies for reconceptualizing industry boundaries, redefining market focus, and reimagining value propositions to break away from the constraints of conventional thinking. Through a series of case studies spanning various industries, Blue Ocean Strategy illustrates how companies have applied these principles to transform their businesses and unlock new avenues for growth in today's competitive landscape.

THAT’S ALL FOR THIS WEEK

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