Good morning, global opportunists! 

Welcome to the 43rd 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:

• Uruguay Working to Update Passport Laws 🇺🇾

• Dutch Gov. Is Implementing Exit Taxes 🇳🇱

• Malaysian Citizenship Amendments 🇲🇾

• Bermuda RBI Has Quietly Been Raking In Millions 🇧🇲

Let’s go!

UPDATE

Uruguay’s Passport Becoming More Attractive For Naturalized Citizens

Somos Todos Uruguayos is pushing for improvements in the treatment of legal citizens in Uruguay. Uruguay currently has laws in place that make it difficult if not impossible for naturalized citizens to travel on a Uruguayan passport due to nationality statements on passports. They proposed four major reforms, like updating biometric passports to properly reflect Uruguayan nationality and eliminating discriminatory language.

• Key proposals: Adopting OACI standards for passports and fair treatment at airports.

• Next steps: The government is now moving forward with administrative solutions to implement these reforms.

UPDATE

Dutch Government Implementing Exit Taxes

The Dutch government is working on a potential exit tax to prevent high-net-worth individuals (HNWIs) from avoiding taxes by moving abroad. The motion, passed by Parliament on October 8, targets emigrants who shift to low-tax jurisdictions, aiming to ensure they continue contributing to the Netherlands’ public good.

• Main concern: Prevent wealthy Dutch citizens from dodging taxes by relocating.

• What’s next: The government will present its findings by year-end, though no concrete measures have been implemented yet.

UPDATE

Malaysia Moves to Amend Citizenship Laws

Malaysia's Parliament is reviewing a proposed amendment to the Federal Constitution’s citizenship laws, aimed at addressing long-standing issues concerning the rights of children born abroad to Malaysian mothers. The changes seek to grant these children the same citizenship rights as those born to Malaysian fathers.

• Key change: Equal citizenship rights for children of Malaysian mothers born overseas.

• What’s next: The bill is expected to pass following debate, ensuring greater legal protections for affected families.

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UPDATE

Bermuda’s RBI Nets $500M

Bermuda’s Economic Investment Residential Certificate (EIRC) has attracted over $500 million in investments since its launch in 2021. The scheme, which offers permanent residency to individuals investing a minimum of $2.5 million, has approved 58 applications. These investments span real estate, new businesses, local enterprises, and government bonds. Officials credit the program for boosting economic development and long-term opportunities on the island.

• Breakdown: $231 million went into real estate, $212 million into businesses.

• Future potential: Investors contribute not only capital but community support.

MARKET REVIEW OF THE WEEK

Almaty, Kazakhstan 🇰🇿

The real estate market in Almaty, Kazakhstan, presents promising opportunities currently, particularly for investors focused on rental properties. Here’s some key highlights:

• Rental yields: Almaty offers attractive rental yields, averaging around 7.96% in the city center and 7.73% in outer areas. It’s a strong market for rental property investors, especially with a rising demand for both short- and long-term rentals.

• Best niches: Luxury apartments in upscale neighborhoods like Esentai Park are a prime focus for high-net-worth individuals. These areas command higher rental rates and have seen increasing demand from expatriates and business travelers. Another niche to consider is commercial real estate, with Almaty being Kazakhstan’s largest business hub.

• Current opportunities: The city’s economic growth and ongoing urbanization are driving property values. Investors can find opportunities in both residential and commercial sectors, with new developments boosting returns. The mortgage market is still evolving, with interest rates around 17.73%, so cash buyers have an advantage.

BOOK OF THE WEEK

Never Eat Alone

Never Eat Alone by Keith Ferrazzi is a guide to building lasting relationships for personal and professional success. Ferrazzi emphasizes the importance of generosity and helping others without expecting anything in return. He outlines strategies like connecting with people before you need them, staying in touch regularly, and finding ways to offer value to others as keys to nurturing meaningful connections.

The book also highlights the value of networking as a long-term, mutually beneficial process. Ferrazzi stresses that success comes from collaboration and support, not from working in isolation. He shares practical tips for making authentic connections, overcoming shyness, and creating opportunities to build a network that supports personal growth and business development.

THAT’S ALL FOR THIS WEEK

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