Good morning, global opportunists! 

I hope your Christmas was enjoyable. We enter 2024 next week! 🤯 Let’s make the new year a time of residency/citizenship stacking for everyone. Welcome to the second 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:

• Fast-track Citizenship in Cyprus for Techies

• UAE’s Newest Residency Program: Ras Al Khaimah

• Spain’s Digital Nomad Visa: Worth It?

• Hong Kong’s Commercial Real Estate RBI

Let’s go!

UPDATE

Cyprus' Bold Move: Knowledge for Citizenship

In a strategic move to become a hub for technology and innovation, Cyprus has amended its Civil Registry Law to ease citizenship rules for foreign nationals working in the 'research and innovation' sector.

A New Focus on Knowledge and Innovation

• This initiative is not another investment-for-citizenship scheme but is centered around attracting qualified specialists.

• The aim is to bolster the country's future through investments in research and innovation.

• Titled a "golden knowledge program," it focuses on bringing expertise to Cyprus.

Key Features

• Applicants need to demonstrate a working knowledge of Greek, financial self-sufficiency, a clean criminal record, and good character.

• Family members of eligible applicants can also qualify for citizenship upon 12 months of continuous residency.

• Citizenship applications will be processed within eight months.

Real Ties to Cyprus: Currently, Cypriots make up about 70% of employees in research and innovation companies in the country.

A New Trend?: Japan has also had a strong push in recent years to attract skilled workers & startups in exchange for residency. One can apply for Japanese citizenship after 5 years with these options. Could this be a new trend? Rather than seeking investment capital, human capital could be the next big thing in the RCBI world.

UPDATE

Ras Al Khaimah Launches Affordable Investor Visa Program

Ras Al Khaimah, an emirate in the UAE, has introduced a new residency by investment (RBI) visa, targeting foreign investors and entrepreneurs. This initiative aims to boost the local economy and compete with neighboring emirates for talent and investments.

Key Features of the Program

• The visa requires setting up a company in the Ras Al Khaimah Economic Zone (RAKEZ) with an investment of only AED 16,500 (approx. $4,923).

• Applicants must have pre-approval for a business license, a clean criminal record, and pass medical tests in line with national health guidelines.

Benefits of UAE Residency:

• Inclusion of family and dependents.

• Ability to open local bank accounts and get high-quality health insurance.

• Visa-free entry to select countries and freedom in business activities.

A Strategic Move for Ras Al Khaimah:

• With a population under 500,000, the emirate is diversifying, recently announcing the GCC's first casino.

• Foreign ownership of property is allowed, and there are no income or corporate taxes.

Other RBI Options in the UAE

• The federal golden visa program, launched in 2019, is obtainable upon a real estate investment of $545,000.

• Dubai offers permanent residence for investors in its free economic zone by setting up a company with $7,000-$9,000.

• Abu Dhabi's Green Visa offers 5-year residencies for investors, skilled migrants, and entrepreneurs.

UPDATE

Digital Nomadism in Spain

Spain is embracing the remote work revolution with its new Digital Nomad Visa, inviting global remote workers to experience life in one of Europe's most alluring countries.

The Essentials

• Designed for remote workers employed by non-Spanish companies or self-employed with international clients.

• Income must exceed twice Spain's national minimum wage (€1,070 per month).

• Allows legal work and residency in Spain, without location constraints.

Eligibility and Application

• Applicants need a valid passport, employment with a non-Spanish entity, and proof of income.

• Those working with Spanish clients must earn at least 20% of their income from local sources.

• Applicants should not have been Spanish residents in the past five years.

• Health insurance and proof of accommodation are necessary.

Residency Prospects

• The visa offers initial one-year residency, extendable to longer periods.

• Compliance with conditions, including income stability, can lead to permanent residency after five years.

Financial Benefits

• Spain's Startup Act introduces a reduced non-resident income tax rate of 15% for up to four years, making it financially appealing for digital nomads.

Idea: If you are a citizen of Latin America or the Philippines, obtaining the Digital Nomad Visa in Spain can be a very easy and low tax way to take advantage of the fast track citizenship route without needing to pay high taxes or work a minimum wage job in Spain. Get a Spanish passport in 2 years.

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UPDATE

Hong Kong Revives Investment Migration Program

Hong Kong is reintroducing its Capital Investment Entrant Scheme, which was discontinued in 2015, to regain its position as a leading global financial hub.

Residency by Investment Cost

• Wealthy individuals can attain permanent residency by investing over HK$30 million ($3.85 million) in non-residential real estate, equities, and other assets.

• The revised scheme, starting mid-2024, opens up to foreign nationals and mainland Chinese with foreign residency status.

Background and Challenges

• The original scheme contributed to Hong Kong's real estate becoming one of the world's most expensive markets.

• Geopolitical tensions and China's tightening grip have diminished Hong Kong's appeal to foreign investors.

• The city is also facing a talent shortage, with three out of four companies struggling to hire skilled workers.

MARKET REVIEW OF THE WEEK

Niseko, Japan 🇯🇵

With an average snowfall of 12-15 meters each winter, many recognize Niseko as the only international-class ski resort in Asia. Niseko continues to see land prices rise, it is arguably best investment market in Japan.

Market Dynamics:

• Properties priced at $2 million+ USD account for 11% of the total real estate supply.

• Vacant land & detached houses at the $2 million+ mark account for 23% of supply.

• The trend of luxury villas continues. Hanazono & Kutchan lead in popularity, account for 34% of all developments slated for 2024. The majority of investments are for long term holding of condos, apartments, & boutique hotels.

• The Shinkansen between Hakodate & Sapporo via Kutchan is expected to be completed by 2031, possibly sooner.

Regional Highlights:

• Notable Developers: Developers like NISADE, Muwa Niseko, and Uchi lead the way in the development scene of the region.

• While the average gross rental yield in Niseko is at 5-6%, property values have increased by as much as 34% in the last year. It is expected that prices will increase

Related Opportunities: With the explosive growth of luxury ski resorts, hotels, condos, and the planned Shinkansen there are also massive opportunities to develop commercial real estate for hospitals, restaurants, shops, etc. The Sapporo area (1 hour away) is also experiencing growth with manufacturing. If you’re looking to get residency/citizenship in Japan, now is the best time to apply for the startup visa in Hokkaido. You can learn more here.

BOOK OF THE WEEK

The Emperor’s Handbook

At its core, The Emperor's Handbook is an exploration of how to live a life of virtue, self-control, and peace of mind, amidst the chaos of external events and internal emotions. Aurelius emphasizes the importance of understanding the transitory nature of life, the value of living in the present moment, and the significance of fulfilling one's duty with dignity and integrity.

The Emperor's Handbook remains relevant today, offering guidance on how to navigate the complexities of life with composure and wisdom. Its themes of resilience, personal ethics, and the pursuit of inner peace continue to resonate with readers seeking philosophical guidance on living a meaningful life.

THAT’S ALL FOR THIS WEEK

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