Good morning, global opportunists!

Welcome to the 31st 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:

• Thailand Expands Visa Free Access 🇹🇭

• Portugal To Start Issuing 10 Year Passports 🇵🇹

• Brazilians Heading To Portugal 🇧🇷

• South Korea’s First Crypto Law 🇰🇷

Let’s go!

UPDATE

Thailand Expands Visa Free Access

Starting July 15, citizens from 93 countries can now enter Thailand without a visa. This policy, expanded from the previous 57 regions, allows visitors to stay for up to 60 days, aimed at boosting tourism.

New Visa Options:
Thailand also introduced the Destination Thailand Visa (DTV), targeting digital nomads, freelancers, and those interested in learning local skills. This visa permits stays up to 180 days and is valid for five years.

Tourism Boost:
This initiative is part of Thailand's strategy to attract more international visitors, with an ambitious goal of reaching 40 million tourists in 2024.

UPDATE

Portugal To Start Issuing 10 Year Passports

Portugal will start issuing passports with a ten-year validity period, doubling the current five-year term. This change, effective soon, is part of the "More simplification, less bureaucracy" program to streamline administrative processes.

Simplification Measures:
The new policy also includes unified allocation of identification numbers for public services like tax, social security, and health.

Enhanced Security:
Authorities aim to improve security and reduce passport forgery risks, responding to a rise in high-quality fake documents.

UPDATE

Brazilians Going To Portugal

Portugal has seen an 89% increase in visa applications from Brazilians, rising from 11,686 in 2022 to 22,126 in 2023. This surge is largely due to the new work-seeking visa introduced in November 2022, which accounted for nearly 8,000 applications, or 36% of the total.

Primary Drivers:

• Work-seeking visa: Most popular, introduced in November 2022.

• Family reunification visas: Second most common.

Context:
Portugal is addressing workforce shortages in sectors like hospitality and construction, which face a significant lack of professionals.

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UPDATE

South Korea’s First Crypto Law

South Korea's inaugural crypto law, the Virtual Asset User Protection Act, has come into force. This regulation mandates virtual asset service providers to implement strict anti-money laundering measures and secure insurance to cover hacking losses.

Key Provisions:

• AML Measures: Enhanced anti-money laundering procedures are now required.

• Insurance Mandate: Providers must secure insurance against hacking incidents.

Implications:
The law aims to protect investors and create a safer crypto trading environment in South Korea, marking a significant regulatory milestone in the country's crypto landscape.

MARKET REVIEW OF THE WEEK

Phnom Penh, Cambodia 🇰🇭

Phnom Penh's real estate market offers attractive rental yields, niche markets, and promising investment opportunities. Rental yields in the city range between 5% to 7%, with well-located condominiums and serviced apartments providing the highest returns​​.

Niche Markets:

• Luxury Properties: Demand for high-end condos and villas is growing among affluent locals and foreign investors, with developments like Norea Cove Residences redefining luxury living​​.

• Eco-friendly Homes: There is increasing interest in sustainable housing, driven by environmental awareness among younger buyers​​.

• Co-working Spaces: The rise of digital nomads and remote workers is boosting demand for co-working spaces and flexible office solutions​​.

Current Opportunities: After a major correction in 2023, Phnom Penh's real estate market is stabilizing. This has created favorable conditions for investors, with lower property prices and a more balanced supply-demand dynamic. Growth potential is notable in the residential sector due to urbanization and in the commercial sector as economic activities expand post-pandemic​.

BOOK OF THE WEEK

Global Flag Theory

Global Flag Theory by Scott Smith explores the concept of diversifying one's life, assets, and residencies across multiple countries to maximize freedom, privacy, and financial benefits. The book outlines the strategy of spreading different aspects of one’s life, such as citizenship, banking, business, and residence, across various jurisdictions to leverage the most favorable laws and regulations. This approach aims to reduce dependency on any single government and protect against political or economic instability.

Smith provides practical advice on how to implement Global Flag Theory, discussing the benefits of obtaining multiple passports, establishing offshore bank accounts, and choosing optimal countries for business operations. He emphasizes the importance of legal and ethical compliance while navigating international laws. The book also includes case studies and examples to illustrate how individuals can achieve greater liberty and financial security through strategic global diversification.

THAT’S ALL FOR THIS WEEK

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