April 2025 SC Q&A

Sovereign Confidential

Monthly Q&A

  • Malta, Mexico, Panama, Singapore, United States, Uruguay, Uzbekistan
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This month’s report covers key developments across the citizenship and mobility landscape, including major changes that significantly increase the value of Uruguayan citizenship, the launch of Uzbekistan’s new (and costly) Golden Visa—along with a lesser-known real estate route that may offer better value—and a pivotal European Court of Justice ruling against Malta’s Citizenship By Investment program.

In the Q&A section, we address your top questions—from how Panama’s citizenship affects your tax profile compared to residency, to which self-directed IRA custodians allow you to store gold abroad. We also touch on the practicality of passports without citizenship, and unpack Mexico’s updated tax ID and driver’s license rules.

Here’s a full list of topics in this month’s Q&A roundup:

World Events and Updates

  • Two changes have just made Uruguay’s citizenship a lot more valuable
  • Uzbekistan launches pricey Golden Visa — but a different real estate option is marginally better
  • The EU Court of Justice Rules Against Malta’s CBI Program.

Questions & Answers

  • Self-Directed IRA custodians allowing storing gold overseas
  • Does Panamanian citizenship increase your tax burden vs. being a resident?
  • Safety deposit boxes in Singapore and Hong Kong
  • Mexico’s new tax ID rules and driver's license exchange
  • Are passports without citizenship worth pursuing?

World Events and Updates Two changes Have Just Made Uruguay’s Citizenship a Lot More Valuable A couple of recent developments boosted Uruguay’s attractiveness as a naturalization option. As we’ve previously discussed—and rightly anticipated—Uruguay has finally addressed a long-standing and somewhat baffling flaw in its passport system: the outdated and controversial practice of listing a naturalized…

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