☁️ Are Golden Passports Getting Out of Hand

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Welcome back to Nomad Cloud. Today we discuss some interesting topics around the infamous golden passports and other fun areas digital nomads are exploring. You’ll enjoy this one a lot.

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• Are Golden Passports unfair?

• Nomads reveal their best (and worst) experiences

• Top 5 South American cities from online communities

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The ultimate score for rich people? “Golden” passports.

International travel now requires careful consideration of passport privileges, and the ultra-rich are capitalizing on citizenship-by-investment programs to obtain multiple passports and privileges. These "golden passports" are sought after for their status symbol value and potential escape routes in times of crisis.

To acquire these passports, individuals invest significant sums, ranging from $100,000 to over $1 million, in real estate, government programs, or philanthropy, depending on the country's requirements. The wealthy are increasingly seeking multiple citizenships, especially in European countries, to gain unrestricted access and mobility. While some passports are granted for extraordinary achievements, others are obtained through formal citizenship-by-investment programs.

These programs have raised concerns, with the European Commission criticizing their security risks and potential for money laundering. However, they offer financial benefits to nations, with some countries relying heavily on revenue from such investments.

The motivations for obtaining multiple passports vary, ranging from geopolitical stability to financial advantages. Some wealthy individuals fear political instability or wish to reduce taxes, while others want to avoid further scrutiny and taxes on their wealth. Regardless of the reasons, having multiple passports offers the affluent greater travel freedom.

This story highlights the geopolitical privilege enjoyed by citizens of wealthy Western nations, emphasizing the controversy surrounding the sale of passports and visas. It notes the potential pitfalls, including the association of these programs with criminals and corruption. While the industry is facing scrutiny, the demand for such passports continues to grow, especially among wealthy Americans.

Our Take

Golden passports are not new. Here’s how it usually works. Most countries that offer these schemes do them to generate a sexy amount of revenue for a few years, and after a while locals get pissed that all this foreign money has come into the country from ‘rich foreigners’ and they are still in the same place. And usually, there’s some corruption involved. Personally, I like it because it allows nomads who can afford it to diversify their mobility and access to different regions if anything ever destabilizes the location they are based. What I don’t like is the fact that most programs don’t last long term, red flag. I truly hope that governments and countries start to learn from the past.

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Freedom, travel and taxes: Digital nomads reveal the best (and worst) aspects of their lifestyle

Flatio's 2023 report on digital nomads reveals key insights about their demographics, motivations, and preferred destinations. Out of 1,200 surveyed nomads, the majority were from the US (37%), followed by the UK (12%) and Germany (5%). Cost is the top consideration when choosing a destination, and Portugal is the most popular spot, with Spain, Thailand, and Argentina close behind. About a third of digital nomads are freelancers, with IT, technology, media, advertising, PR, and marketing being common industries. To sustain this lifestyle, 25% suggest earning between €3,000 and €3,900 per month. Finding accommodation is the most frustrating aspect, while making friends and tax issues also pose challenges. Digital nomad visas are considered beneficial by around 60% of respondents.

Our Take

Great survey with amazing insights we can all learn from. What stands out to me is the sample size. Most “digital nomad surveys” have like.. 43 people lol. This is the first one I’ve seen that has a large sample size of over 1,000 people and makes sense as to it’s accuracy (the population of nomads comes from US, UK, and Germany as per our past events). The fact that cost is the first consideration is not a surprise but I’m surprised that Portugal is popular rather than Bali as that’s traditionally where people who want to save money go. Could it be that Bali is getting too expensive compared to time past (the answer is yes)

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Top 5 South American Cities For Digital Nomads From Online Communities

South America is looking very appealing for digital nomads, considering factors like affordability, favorable time zones, natural beauty, cultural richness, and the presence of digital nomad communities. The main cities highlighted are Buenos Aires (Argentina), Medellin (Colombia), Florianopolis (Brazil), Manta (Ecuador), and Pipa (Brazil).

Buenos Aires is praised for its low cost of living, reliable internet, and vibrant cultural scene. Medellin stands out for its affordable cost of living, good infrastructure, safety, and growing digital nomad community. Florianopolis is known for its beautiful beaches, affordable living, and welcoming locals. Manta offers a slower pace of life, peaceful beaches, and a thriving entrepreneurial sector. Pipa attracts digital nomads with its natural beauty, surf culture, and low living costs.

Each city provides unique advantages, such as visa programs tailored to remote workers, co-working spaces, and networking opportunities. Digital nomads in these cities enjoy a fulfilling work-life balance, immersed in diverse cultural experiences and breathtaking landscapes.

The story also offers on-the-ground advice from digital nomads residing in these cities, providing insights into neighborhoods, transportation options, safety considerations, and local culture.

Overall, South America presents a compelling destination for digital nomads seeking affordability, connectivity, and a rich cultural experience while maintaining a productive remote work lifestyle.

Our Take

It all started with Colombia. I’ve truly glad we can open up the narrative for other regions and have a lot of hope for nomad life outside of Bali, Lisbon, and Chiang Mai. I think the important factor in the success in these areas (for both nomads and locals) is setting a foundation for responsible slow-madding. Creating an environment based on contributing to local populations rather than optimizing everything just for tourists, while the nomads chill and watch from the sidelines. This comes down to leadership on our own side in places where we establish coworking spaces, workations, and more.

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