Good morning, global opportunists! 

Welcome to the 32nd 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:

• Portugal GV Now Open To Russians 🇵🇹 🤝 🇷🇺

• Portuguese Citizenship via Bitcoin 🇵🇹

• Spain Wants to End Their GV Program 🇪🇸

• EU Wants Even More Surveillance 🇪🇺

Let’s go!

UPDATE

Portugal GV Opens Up To Russians

After a two-year ban, Portugal has discreetly reopened its Golden Visa program to Russian applicants. The ban, which was initially imposed following Russia's invasion of Ukraine, has been lifted following a series of lawsuits challenging the legality of the restriction. The lawsuits argued that the ban was never legally enforceable, leading to its quiet removal.

Legal Hurdles Cleared The lifting of the ban follows significant legal challenges from Russian applicants who argued the restriction was not legally sound. This legal victory has implications for similar bans in other countries, potentially setting a precedent for future cases​.

Market Impact The reopening to Russian investors is likely to have a substantial impact on the Golden Visa market, which has seen fluctuating interest levels due to geopolitical and economic conditions. With Portugal remaining a popular destination for investment migration, the influx of Russian applicants may bolster the program's numbers​​.

Outlook and Implications The return of Russian investors could also influence the types of investments seen in the program, particularly in sectors like real estate and funds, which have traditionally attracted high-net-worth individuals​.

UPDATE

Portuguese Citizenship via Bitcoin

In an innovative twist, investors can now secure a Portuguese Golden Visa through Bitcoin investments, thanks to Unbound Fund's new offering. This approach combines the stability of Portugal's residency program with the burgeoning appeal of cryptocurrency.

Bitcoin's Unique Appeal Bitcoin's fixed supply and decentralized nature make it an attractive hedge against inflation and a tool for portfolio diversification. As of mid-2024, Bitcoin ETFs held approximately $157 billion, underscoring the growing institutional acceptance of this digital asset​​.

How It Works Unbound Fund, regulated and transparent, allows investors to deposit fiat currency to gain exposure to Bitcoin via investments in BlackRock ETFs. The fund also complies with stringent Portuguese regulations, ensuring investors meet the Golden Visa criteria​.

Strategic Benefits This hybrid investment offers a dual advantage: potential financial gains from Bitcoin's growth and the lifestyle benefits of European residency. It's an attractive proposition for high-net-worth individuals seeking stability and new opportunities​.

UPDATE

Spain Wants to End Their GV Program

Spain is poised to phase out its Golden Visa program, a popular residency-by-investment scheme, not just for real estate investments but across all categories. This development comes as the Spanish government seeks to shift its focus away from attracting capital purely for property investments and towards fostering sustainable, long-term economic contributions.

Key Changes in the Proposal The proposed amendment targets all forms of investment under the Golden Visa, signaling a comprehensive overhaul of the program. This move is part of a broader effort to regulate and refine Spain's approach to foreign investments and residency programs​.

Implications for Investors The discontinuation of the Golden Visa program could significantly impact high-net-worth individuals considering Spain for residency. Potential investors might now look towards other European programs, such as Portugal's Golden Visa, which remains a strong alternative despite recent regulatory changes​.

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UPDATE

EU Wants To Know Everything You Own

The European Union has proposed a new initiative to establish a centralized asset register database to track the financial holdings of its citizens across member states. This proposal aims to enhance transparency and improve tax compliance by allowing authorities to monitor assets like bank accounts, real estate, and other financial interests.

Purpose and Scope The primary goal of the asset register is to combat tax evasion, money laundering, and financing of terrorism. By providing a comprehensive view of individual and corporate assets, the EU hopes to close loopholes and ensure equitable tax collection across its member states.

Privacy and Implementation Concerns While the initiative is seen as a positive step toward financial transparency, it has raised privacy concerns. Critics argue that such a database could lead to misuse of personal data if not properly safeguarded. The EU has emphasized that strict data protection measures will be in place to ensure the security and privacy of the information collected.

MARKET REVIEW OF THE WEEK

Madeira, Portugal 🇵🇹

Madeira, Portugal, is currently experiencing a vibrant real estate market, offering attractive opportunities for investors. Rental yields in Madeira, particularly in Funchal, range from 4.5% to 6%, making it a lucrative option for property investors. The island's appeal is bolstered by its mild climate, scenic beauty, and growing popularity among tourists and retirees.

Top Investment Niches

1. Luxury Villas and Quintas: High-end properties like bespoke modern villas and traditional Madeiran quintas are in demand, especially in scenic locations like Ponta do Sol and Ribeira Brava. These properties can generate substantial rental income, with potential weekly yields of around €1,000.

2. Tourist and Short-term Rentals: With a thriving tourism sector, properties geared towards short-term rentals are particularly profitable. The steady influx of tourists ensures high occupancy rates and strong returns on investment​.

Current Opportunities Funchal, Madeira's capital, is a prime location for real estate investment due to its well-developed infrastructure and vibrant local economy. Additionally, the area's lower cost of living compared to mainland Portugal adds to its appeal for expatriates and retirees seeking a relaxed lifestyle.

BOOK OF THE WEEK

Atatürk

Ataturk: The Biography of the Founder of Modern Turkey by Andrew Mango delves into the life and legacy of Mustafa Kemal Atatürk, the architect of modern Turkey. The book chronicles Atatürk's rise from a military officer in the Ottoman Empire to a revolutionary leader who played a pivotal role in the establishment of the Republic of Turkey. Mango provides a detailed account of Atatürk's military achievements during World War I and the Turkish War of Independence, highlighting his strategic brilliance and unyielding determination.

The biography also explores Atatürk's profound influence on Turkish society and politics, emphasizing his ambitious reforms aimed at secularizing and modernizing the country. These reforms included the adoption of a new legal code, the replacement of the Arabic script with the Latin alphabet, and significant advancements in education. Mango's portrayal of Atatürk is nuanced, acknowledging both his accomplishments and the authoritarian measures he sometimes employed to achieve his vision. The book offers a comprehensive view of a complex leader whose impact on Turkey continues to be felt today.

THAT’S ALL FOR THIS WEEK

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