Turkey raises CBI price, Hungary launches Golden Visa early

PLUS: Kenya removes all visa requirements!

Author

Sovereign Mind
December 22, 2023

Good morning, global opportunists! 

Merry Christmas!🎄🎅 Welcome to the first issue The Sovereign Atlas! Every Friday we publish quick updates that benefit your global sovereignty lifestyle. 

Here’s what we’ve got this week:

  • Turkey’s CBI Increase

  • Hungary Launches Golden Visa in January 2024

  • Malaysia Eases Price & Requirements for MMH2

  • Kenya Goes 100% Visa Free

  • This Week’s Real Estate Market Review & Book of the Week

Let’s go!

UPDATE

In a notable shift in policy, Turkey is poised to raise the minimum investment requirement for its Citizenship by Investment Program (CIP) from $400,000 to $600,000 starting in 2024. This change, reported by major Turkish news outlets, marks the program's third price adjustment in just five years.

Key Points:

  • Increased Investment: The hike from $400,000 to $600,000 in the real estate option underlines Turkey's evolving strategy to attract foreign investment.

  • A Trend of Changes: This isn't the first time Turkey has adjusted its CIP investment thresholds, reflecting a dynamic approach to managing foreign investments and CIP.

  • No More Land: Turkey has also taken land off the table as an investment option to qualify for citizenship.

  • Broader Impacts: The new regulation could have implications for the real estate market in Turkey, potentially affecting both domestic and international stakeholders.

Notes: Turkey's CIP has been a popular route for foreign investors seeking citizenship. The program offers various benefits, it is not expected to deter or kill demand for the country’s citizenship. While the price hike is high, demand will still be there.

UPDATE

Hungary is making a significant move in the investment visa landscape by expediting the launch of its 'Guest Investor Visa.' Originally slated for September 2024, the program is now set to begin in January 2024, offering a new avenue for investors to gain a foothold in Europe.

Hungary's Golden Visa Highlights:

  • Early Launch: The program is being introduced earlier than expected, offering investors a quicker path to the EU.

  • Investment Diversity: Three investment options are available: real estate funds, direct real estate purchases, and contributions to public trusts.

  • Affordability: Starting at €250,000, it's a budget-friendly option for gaining EU access.

  • Schengen Zone Perks: Provides visa-free travel within the Schengen Area for investors and their families.

  • Security in Uncertain Times: Offers a stable alternative during global turbulence.

  • Efficiency: The process promises ID card issuance within 6-8 weeks, with pre-approval before capital commitment.

  • Inclusivity: Open to all nationalities, including those from Russia, Belarus, and Iran.

  • No Residency Requirement: A notable advantage is the lack of a mandatory stay period.

Zooming Out: Hungary's program stands out in the European landscape for its affordability and the flexibility it offers, making it a compelling option for those seeking a European Plan B. Compared to Portugal & Greece, this is now the best EU Golden Visa in my opinion.

UPDATE

Malaysia is transforming its 'Malaysia My Second Home' (MM2H) program, introducing significant revisions that include a new three-tier structure: Silver, Gold, and Platinum.

What’s New:

  • Three-Tier System: Silver, Gold, and Platinum tiers, each with different fixed deposit requirements (RM 500,000, RM 2 million, and RM 5 million respectively) and visa durations (5 years, 15 years, and permanent residency).

  • Lower Age and Broader Inclusion: The minimum age for applicants is now 30 (down from 35), and the program includes provisions for dependent parents and children up to 34 years old.

  • Flexible Physical Presence: For those under 50, the main applicant or their spouse/dependents need only stay 60 days per year in Malaysia.

  • No More Minimum Income Requirement: The earlier contentious offshore income requirement has been dropped.

Market Response: The new program has garnered mixed reactions. While some laud its simplicity and inclusivity, others note the higher financial barriers compared to other Southeast Asian residency programs. Yet, Malaysia's lower cost of living remains an appealing factor.

Looking Ahead: As a trial for one year, the program remains open to adjustments, reflecting Malaysia's adaptive approach to global residency trends.

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UPDATE

Kenya is set to become a global welcoming hub with President William Ruto announcing the end of visa requirements for ALL visitors starting January 2024. This brilliant move positions Kenya as one of the most accessible countries worldwide.

Key Highlights:

  • Visa-Free for All: From January 2024, no visitor, regardless of nationality, will need a visa to enter Kenya.

  • Digital Advancements: The introduction of an electronic travel authorization platform ensures a smooth entry process.

  • Boosting Tourism and Investment: This policy aims to enhance Kenya's appeal as a tourist destination and promote foreign investment in infrastructure, real estate, and business.

  • Global Trend: Kenya joins a growing list of countries simplifying entry processes, akin to Europe's visa-free travel among 27 countries.

Ruto's Vision: Emphasizing a foreigner friendly environment and ease of access, the move is seen as a strategic step to position Kenya as a leading destination in Africa.

REAL ESTATE MARKET REVIEW OF THE WEEK

Tbilisi, Georgia

Tbilisi’s housing market is witnessing robust growth, driven by strong demand and limited supply. The latest statistics show a significant rise in property prices, signaling a thriving real estate sector in this Eastern European country.

Market Dynamics:

  • Strong Price Growth: Residential property prices surged by 10.7%.

  • Inflation Adjustment: When considering inflation, there's a slight decline of 0.8%.

  • Variation by Property Type: Flats and detached houses saw varying price increases, with notable growth in specific districts of Tbilisi.

Regional Highlights:

  • Tbilisi's Diverse Market: Districts like Mtatsminda, Vake, and Nadzaladevi experienced significant price rises in flats, while Didube led in detached house prices.

  • Mtatsminda: The most expensive district with average prices for flats and houses at GEL 4,931 and GEL 3,208 per sq. m. respectively.

  • The average gross rental yield in Tbilisi stands at 9.86% (Q3, 2023)

What Lies Ahead: Tbilisi’s real estate market is poised for continued growth, backed by a strong economic recovery and increasing demand in both flats and detached houses.

BOOK OF THE WEEK

Spiderweb Capitalism delves deep into the clandestine world of offshore finance, a realm unveiled by the 2015 Panama Papers leak. Author Kimberly Kay Hoang takes readers on an investigative journey, exploring the covert channels through which the ultra-rich maneuver their wealth globally.

This book is a revealing exploration of the complex and sometimes morally ambiguous networks that facilitate the movement of wealth, challenging our understanding of global finance and its impact on economic growth.

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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