Türkiye Becomes Even More Attractive

PLUS: The Growing Trend of US Expats Planning Renunciation

Author

Sovereign Mind
June 21, 2024

Good morning, global opportunists! 

Welcome to the 27th 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:

  • Malaysia MM2H Gets An Update 🇲🇾

  • Türkiye Won’t Tax Crypto Gains 🇹🇷

  • China’s Visa Free Expansion Continues 🇨🇳

  • Largest Number of US Citizens Considering Renouncing Citizenship 🇺🇸

Let’s go!

UPDATE

Malaysia's Tourism Ministry has revamped the Malaysia My Second Home (MM2H) program, targeting high-net-worth individuals. The updated rules, aimed at making the program more attractive, have removed the pathway to permanent residency.

What’s New:

  • Residency Permits: Platinum tier now offers a 20-year permit instead of PR, with reduced fixed deposit amounts for the Gold tier.

  • Property Restrictions: New minimum property values for each tier and limitations on reselling properties.

  • Residency Requirements: Applicants must stay at least 60 days annually in Malaysia.

UPDATE

In a bold move, Turkey announced it won't tax profits from cryptocurrencies, aiming to attract more digital investors. Finance Minister Mehmet Simsek revealed this decision at a press conference, mentioning a potential small transactional tax instead. This policy positions Turkey as a crypto-friendly hub, leveraging its dynamic economic landscape.

Key Points:

  • Tax-Free Gains: No taxes on crypto profits, encouraging investments.

  • Regulatory Framework: New rules for security and operational standards.

  • Citizenship by Investment: Opportunity to obtain Turkish citizenship through investment.

UPDATE

China has expanded its visa waiver program to include more countries, enhancing its appeal as a travel destination. The new rules extend the 15-day visa-free entry to additional European nations, bringing the total to 14 countries.

Key Updates:

  • Expanded List: Austria, Belgium, Hungary, Ireland, Luxembourg, and Switzerland join France, Germany, Italy, the Netherlands, Spain, and Malaysia in the visa-free program.

  • Duration: The policy is valid from March 14 to November 30, 2024, with the possibility of extension through 2025.

  • Purpose: Visa-free entry applies to business, tourism, family visits, and transit.

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UPDATE

Nearly 1 million American expats are contemplating renouncing their U.S. citizenship due to complex tax filing requirements. Despite living abroad, U.S. citizens must file taxes on worldwide income, causing frustration and financial strain.

Key Points:

  • Tax Burden: Expats face dual taxation and intricate reporting rules, including FBAR and Form 8938.

  • Government Discontent: Many expats disagree with U.S. government policies, particularly its handling of COVID-19.

  • Growing Trend: An increasing number of Americans have renounced their citizenship since 2013.

MARKET REVIEW OF THE WEEK

Montenegro 🇲🇪

Rental Yields

Montenegro's real estate market offers attractive rental yields, particularly in tourist-heavy coastal areas. In 2024, the average gross rental yield is around 5.95%, with net yields approximately 1.5% to 2% lower after taxes and costs​​. Cities like Budva and Kotor are hotspots due to their tourist appeal.

Best Niches

  1. Airbnb Investments: Short-term rentals in areas like Budva, Kotor, and Becici are highly profitable, leveraging high seasonal demand from May to October​.

  2. Luxury Properties: High-end apartments and villas with Adriatic Sea views and amenities such as pools and gardens are in high demand among tourists and foreign buyers​​.

  3. Urban Developments: Modern apartments and family homes in cities like Podgorica attract urban populations and expatriates seeking convenience​.

Demand and Trends

  • Tourism: Coastal regions, especially Budva and Kotor, see high demand for rentals due to their popularity with tourists​​.

  • Foreign Investment: Rising due to potential EU membership and appealing landscapes​.

  • Urbanization: Increasing urban populations boost demand for city housing​​.

Permanent Residency through Real Estate Investment

Buying real estate in Montenegro can lead to a temporary residence permit, renewable annually. After five years, you can apply for permanent residency. Requirements include a legal property registered in the Katastar, a clean criminal record, proof of financial stability, and local health insurance​​. There is no minimum investment amount in order to qualify.

Montenegro's real estate market provides notable opportunities, especially in tourism and urban sectors, along with a pathway to permanent residency for property owners.

BOOK OF THE WEEK

Make No Small Plans by Elliot Bisnow is an inspiring narrative that delves into the ambitious journey of the Summit Series founders. The book recounts how a group of young entrepreneurs, including Bisnow, transformed their vision of connecting influential leaders into a global community. It highlights the power of bold thinking and perseverance, showing how their unconventional approach led to the creation of impactful events and initiatives that have shaped the entrepreneurial landscape.

The narrative captures the highs and lows of building Summit, emphasizing the importance of embracing risks and learning from failures. Bisnow shares personal anecdotes and insights, offering readers valuable lessons on leadership, collaboration, and innovation. Ultimately, the book serves as a testament to the idea that dreaming big and taking audacious steps can lead to extraordinary achievements.

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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