Italy Makes Citizenship By Descent Easier 🇮🇹

PLUS: One of the few countries in the EU with a growing SME industry

Author

Sovereign Mind
July 05, 2024

Good morning, global opportunists! 

Welcome to the 29th 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:

  • SME Opportunities in Portugal 🇵🇹

  • 1.4 Billion People Will Require ETIAS for EU Travel 🇪🇺

  • Talent = Saudi Arabian Citizenship 🇸🇦

  • Italian Citizenship By Descent Just Got Slightly Easier 🇮🇹

Let’s go!

UPDATE

Portugal's economic resurgence, driven by tourism and a supportive business environment, makes it a prime investment destination. Family-owned SMEs, which comprise 99.9% of the country's enterprises, are central to this growth.

Why SMEs?

  • High Growth Potential: Portugal’s SMEs lead in innovation, outpacing EU averages.

  • Underdeveloped Market: Low competition in private equity offers attractive entry points for investors.

  • Demographic Shift: Many founders are nearing retirement, presenting acquisition opportunities.

UPDATE

Starting mid-2025, 1.4 billion people from over 60 visa-exempt countries will need ETIAS authorization to enter 30 EU/Schengen countries.

Application Process

  • Easy Access: Apply online or via a mobile app.

  • Quick Turnaround: Takes around ten minutes to complete.

  • Cost: €7 per application

Why the Change?
The European Travel Information and Authorization System (ETIAS) “enhances security” by screening travelers in advance, aligning with systems in the US, New Zealand, and Canada. While the cost is low, this money grab will give EU bureaucrats more accurate, personal data about yourself simply to travel within EU member states.

UPDATE

Saudi Arabia has awarded citizenship to a group of distinguished researchers, innovators, and specialists in fields such as science, medicine, and technology.

Key Highlights

  • Royal Decree: The decision aligns with Vision 2030 to attract and retain top global talent.

  • Diverse Expertise: Recipients include experts in law, medicine, science, culture, sports, and technology.

  • Previous Grants: Similar citizenship grants were awarded in 2021, emphasizing the Kingdom’s commitment to fostering innovation.

Strategic Move
The initiative aims to attract global competitiveness and drive economic growth through diverse, high-caliber human capital.

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UPDATE

A New Path to Citizenship
Italy has abolished the birth certificate requirement for descendants of Italians seeking citizenship, following a landmark court ruling.

Key Details

  • Inclusive Documentation: Baptismal, marriage, and death certificates, along with sworn testimony, now accepted.

  • Beneficiary Case: Change initiated by a descendant unable to provide a birth certificate for an ancestor who emigrated in 1895.

Broader Impact
This reform is part of Italy's broader efforts to streamline citizenship processes, aligning with proposals to grant citizenship to children of non-EU parents who complete schooling in Italy.

MARKET REVIEW OF THE WEEK

Belgrade, Serbia 🇷🇸

Rental Yields and Opportunities
Belgrade's real estate market in 2024 offers notable opportunities with average rental yields around 4.7% in prime areas like Vračar and Upper Dorćol. Renovated historical buildings in these areas are particularly profitable due to high demand and premium locations​.

Promising Niches

  • New Developments: New Belgrade features modern properties with ample amenities, making it popular among families. However, the continuous addition of new developments can impact the rental appeal of older properties.

  • Luxury Projects: The Belgrade Waterfront is a high-end development offering luxury apartments with top-notch amenities. Early investors benefit most, with expected yields of 3-4%​.

Key Considerations
Foreign investors should be aware of local legal and tax compliance requirements, including a 10% VAT on new buildings and a 2.5% transfer tax on secondary market purchases. Hiring an experienced Serbian property lawyer is crucial to navigate these complexities​​.

Investing in Belgrade's real estate market offers substantial returns, particularly in well-chosen niches and prime neighborhoods.

BOOK OF THE WEEK

In Be Your Own House Contractor, Carl Heldmann provides a comprehensive guide for individuals looking to take control of their home building or investment projects. Heldmann simplifies the often complex and daunting process of home construction, breaking it down into manageable steps. He emphasizes the importance of careful planning, budgeting, and scheduling, offering practical advice on how to effectively manage subcontractors and suppliers to ensure a smooth and cost-effective build.

The book also highlights the financial benefits of acting as your own general contractor, including substantial savings on construction costs. Heldmann shares his personal experiences and insights, making the content relatable and easy to understand for readers with varying levels of construction knowledge. Through detailed explanations and real-world examples, Be Your Own House Contractor empowers readers to confidently oversee their home building projects from start to finish.

While specialized skills are running low in the West, the need & demand for creative home builders and developers has never been greater. This is true of the US especially, and a great place to learn these skills that can be taken with you anywhere you go in the world.

THAT’S ALL FOR THIS WEEK

Thank you for your support, I’ll see you next Friday with more global updates.

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If you’d like to get in contact with me, please reach out to me by sending a DM on Twitter: @sovereignatlas

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