Good morning, global opportunists! 

It’s been nearly two weeks since New Years. This year will be one of the biggest opportunities for citizenship & residency acquisitions. Welcome to the 4th 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:

• Socialist Party of Greece Hates Prosperity & Success 🇬🇷

• Bolivia Joins MERCOSUR 🇧🇴

• Portugal Speeds Up Naturalization 🇵🇹

• Fighting for Russia = Citizenship? 🇷🇺

Let’s go!

UPDATE

Greece's Golden Visa: Boon or Bane?

Despite raking in over $1.3 billion through its golden visa program in 2023, Greece is at a crossroads; with Socialist party leader Nikos Androulakis pushing for its end. Androulakis labels the program a detriment to the Greek identity. His views clash with industry experts like Mary Tsiganou, who argues for the program's economic benefits.

A Balancing Act

In an attempt to mitigate housing market pressures, Greece doubled the investment threshold to €500,000 in key areas, paralleling Portugal's recent reforms. However, Androulakis demands a more radical approach, akin to Ireland's complete shutdown of its program.

The debate intensifies with data showing significant property price hikes in regions like Attica and Thessaloniki. Yet, Tsiganou highlights the program's positive ripple effects on tourism and urban rejuvenation, especially in Athens.

The Future of Golden Visas: With a new immigration law set to be implemented in April 2024, significant changes to the golden visa program seem unlikely for now.

UPDATE

Bolivia Joins Mercosur

Bolivia's long-awaited entry into the Mercosur trade bloc, finally approved by the Brazilian Senate, marks a significant shift in South American trade dynamics. This decision, culminating in an eight-year journey, now only leaves out Venezuela.

A Strategic Expansion

Brazilian President Luiz Inacio Lula da Silva, currently leading Mercosur, celebrated this expansion, recognizing its potential in strengthening regional integration and economic opportunities. Bolivia's inclusion opens doors to its rich natural resources, notably natural gas, lithium, and other strategic minerals, offering new markets for member countries.

However, Bolivia's entry isn't without its challenges. Concerns about its democratic institutions and a worrying deforestation record pose potential hurdles, especially in light of ongoing EU-Mercosur trade negotiations.

Mercosur and EU Negotiations: The expansion of Mercosur comes as Lula pushes for a free trade agreement with the European Union. These negotiations have been prolonged by the EU's additional environmental commitments.

As Bolivia steps into the Mercosur fold, its impact on the bloc's trade dynamics and environmental responsibilities will be closely watched.

UPDATE

Portugal Simplifies Naturalization Process

Portugal's Parliament has approved an amendment to its citizenship law, a move that streamlines the path to Portuguese nationality for golden visa investors. Starting from the date of residency application, investors can now count the five-year requirement for citizenship eligibility, significantly shortening the overall process.

Implications for Current and Future Applicants

This change is beneficial for both existing and future golden visa holders. Those who faced extended waiting periods for residency approval can now expect earlier eligibility for citizenship, potentially reducing the wait by years.

Clarification Needed in Wording Despite the positive development, Sousa Rebolo, a legal expert, points out potential ambiguities in the law's language, particularly regarding the exact starting point for counting the five-year period. She anticipates that for golden visa holders, this period might start from the payment of the analysis fee, part of the visa application process.

Awaiting Presidential Approval The amended law is pending the President's sanction, which could take up to 90 days, before coming into full effect.

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UPDATE

Russia Offers Citizenship to Foreign Fighters

Vladimir Putin has taken a significant step to bolster his military forces in Ukraine by easing the path to Russian citizenship for foreign fighters. A new decree allows foreigners who enlist in the Russian Army or volunteer for military operations in Ukraine to fast-track their citizenship application.

An Expedited Path to Citizenship

Under this decree, foreigners can bypass the standard five-year residency requirement and language or legal knowledge tests typically needed for Russian citizenship. The decision process for these applications is reduced to just one month, reflecting the urgency of Russia's recruitment efforts. This decree also allows spouses, children, and even grandparents to obtain citizenship.

Extension to Specific Nationals Besides targeting army recruits, the new decree also provides a fast-track citizenship process for Ukrainians from Crimea, as well as nationals from Afghanistan, Iraq, Syria, and Yemen with Soviet-era ties.

MARKET REVIEW OF THE WEEK

Tulum, Mexico 🇲🇽

With an average property price of $4,500 per square meter, Tulum offers diverse options from beachfront condos to jungle cabins. However, it's important to note that prices are 13% higher than in Cancún and vary significantly across neighborhoods.

A Mixed Economic Picture

Mexico's stable economy and anticipated 8.3% growth over the next five years paint a promising picture for property investment. However, a -3.6% change in GDP per capita over the past five years casts a shadow of uncertainty.

Navigating Potential Risks

Investing in Tulum isn't without its challenges. From ejido land issues to zoning changes and the impact on local indigenous communities, buyers must tread carefully. Water scarcity and construction quality are additional factors to consider.

Rental Yields and Taxation With rental yields hovering below 5%, investors might find returns less attractive compared to other markets. Also, rental incomes face a 25% tax, aligning with the average.

BOOK OF THE WEEK

The Millionaire Fastlane

The Millionaire Fastlane by MJ DeMarco critiques traditional approaches to wealth, proposing a more dynamic path to financial success. It contrasts three financial lifestyles: the unpredictable Sidewalk, the conventional Slowlane, and the entrepreneurial Fastlane. The Fastlane strategy emphasizes creating a business or innovation that can rapidly generate wealth, rather than the slow accumulation of assets over a lifetime.

DeMarco advocates for value creation, innovation, and smart risk-taking, challenging readers to reject mediocrity and take control of their financial destiny. The book dispels common money myths, promoting an abundance mindset and emphasizing the importance of business and financial education. The Millionaire Fastlane encourages a departure from deferred-life plans, advocating for a life of immediate financial freedom through entrepreneurial action.

THAT’S ALL FOR THIS WEEK

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