The Daily Valet. - 6/26/23, Monday
✔️ What's a Golden Passport?
Monday, June 26th Edition
By Cory Ohlendorf, Valet. Editor
What’s the farthest you’ve ever run? I once ran a marathon. But only once, and never again.
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Today’s Big Story
What’s a Golden Passport?
A few hundred thousand dollars can buy You an Extra citizenship, which can come in handy
I've always been fascinated by passports. As a kid with big dreams of travel, that little navy blue booklet held the key to new cultures, knowledge and experiences. As an adult, it's allowed me to see the world, but also—and sometimes even more importantly—return home. But now I've learned there's a whole new level of passport to achieve. Have you heard of the “golden passport”?According to Vox, the ultrarich are collecting not one, but sometimes two or three passports and multiple citizenships, and all the privileges they confer. “These passports, often issued by nations particularly welcoming of cash, can be a kind of collector's item, a status symbol luxury good to show off at bougie soirees.” It also cracks open the door to a possible escape, should things go south for the holder in their personal life or in their country of origin.Or perhaps you simply want easy, visa-free travel throughout Europe. The small Mediterranean island of Malta was offering up simple dual citizenship for those willing to buy it, for that very reason. The European Union wasn't such a fan, and took Malta to court over the controversial program last year.All it requires is money. And a few background checks and a short wait for approval. These so-called “golden” passports don't even actually require you to reside in your newfound home. Ex-Google CEO Eric Schmidt applied for Cyprus's citizenship-by-investment program a few years ago, allowing him to travel to the European Union amid pandemic lockdowns. Harlan Crow, the embattled billionaire GOP donor, procured citizenship to the noted Carribean tax-haven Saint Kitts and Nevis. Sometimes, you don't even have to formally apply—Snapchat founder Evan Spiegel gained French citizenship for an exceptional contribution to the nation.About 22 countries have a legal provision in place that would allow citizenship by investment, according to Kristin Surak, a political sociologist at the London School of Economics, who has a book coming out on the topic soon. And once a person becomes a citizen, its hard to get kicked out, she says. That's why golden passports are so attractive. Interestingly, the U.S. has no policy limiting dual citizenships. Which means as long as the other country allows it, an American can theoretically hold as many passports as they want.
Ready to Buy?
Entrepreneur has rounded up the 10 cheapest countries where you can buy citizenship or residency, some for as low as $19,000
Ukraine Could Capitalize on Chaos
After its march toward Moscow, what's next for Russia's Wagner Group?
Did you catch the craziness happening in Russia over the weekend? The dust has now settled, but some were calling it the “most serious challenge in decades to Russian President Vladimir Putin's authority.” Mercenary forces marched within 120 miles of Moscow on Saturday, then abruptly turned back after their leader, Yevgeniy Prigozhin, agreed to stand down and go to Belarus for an uncertain exile.The mood in Russia appeared to be calmer on Sunday, but Prigozhin's weekend rebellion makes it unclear whether his Wagner Group will be disbanded and what impact such a move could have in Ukraine and other conflict zones where Wagner mercenaries have been operating.According to the New York Times, the Ukrainian military may be able to capitalize on the chaos and weakening morale to try to make some gains as it pushes forward with its counteroffensive—especially considering that Wagner Group was regarded to be much more formidable fighters than the regular Russian military.
Dig Deeper:
Who is Yevgeny Prigozhin, and what’s next for him? The Wagner mercenary group founder has one of the most varied biographies.
Partner
MR PORTER celebrates the relaxed elegance and craftsmanship of Italian menswear.
The Office Real Estate Crisis
Workers want to stay remote, and our Empty Office Buildings Have Become a Debt Time Bomb
Many companies—particularly those in major cities—have been struggling to get their workers to return to the office full-time, while others have relented and let team members go fully remote. But the trend is catching up with the owners of office buildings in the form of rising vacancy rates and declining property values, reports Bloomberg.Earlier this month, real estate data provider Trepp reported that an estimated $270 billion in commercial bank loans are coming due in 2023—and warned of the potential for defaults. According to The Atlantic, the consequences for landlords, banks, municipal governments, and even individual portfolios, will be far-reaching. In some cases, they will be catastrophic. But this crisis, like all crises, also represents an opportunity to reconsider many of our assumptions about work and cities.Despite the public debate over return-to-office mandates, experts agree that office occupancy will never return to the levels experienced before 2020. In February, workplace data company Kastle Systems estimated that half of workers in the United States had returned, but that figure has stagnated since. So that pretty much means those big gleaming towers will never be worth as much as they once were, right?
Dig Deeper:
Some plans for empty offices include converting them to living spaces to help solve the housing crisis? But it's not as simple as it may sound.
A Real-Life Forrest Gump
A 22-year-old set out to run coast to coast, gaining some running buddies along the way
Here's a nice story to start off the week: Timmy Zhou, a 22-year-old student, just ran from Los Angeles to New York in hopes of raising awareness, and some money, for wildlife conservation. Inspired by vegan ultramarathoner Robbie Balenger, but with little running experience, he trained for more than two years, tackling multiple ultramarathons to build up his endurance.Then he started running the more than 3,000 miles it would take to traverse the country. It took Zhou 88 days. On his final day, he laced up his Topo sneakers and crossed a makeshift finish line in the middle of Central Park surrounded by runners who had been following his journey—from training to end—on TikTok.Inspired by Zhou's drive and cross-coastal journey, some followers actually flew out to join in for some of the run. Others just decided to donate. In total, he ended up raising over $24,000 for VetPaw, an anti-poaching nonprofit organization. His journey may well prove that good things can still come from social media.
FYI:
After achieving success in the music industry, Mike Posner embarked on a six-month journey walking alone across America.
In Other News
The worst may be yet to come, with extreme weather to persist into next weekend.
Have you heard about ...
Partner
Al Fresco Summer Style
MR PORTER celebrates the relaxed elegance and craftsmanship of Italian menswear
When it's hot and sunny out, your best bet is to try dressing like an Italian. These are guys who know how to pull together a look without sacrificing any style. There's just something about the old-world charm and relaxed elegance these gentlemen bring to the table. Opt for lighter fabrics and loose layers, embrace the slip-on shoe, and suddenly you're in a Florentine state of mind. This is the vibe that MR PORTER was after when they decided to curate a collection of goods from the team's favorite brands that have the quality, craftsmanship and design expertise you expect from a Ümade in Italy” label.
Gingham linen polo shirt, $370 by Barena
Chambray drawstring short, $220 by De Petrillo
Linen and cotton overshirt, $1,795 by Brunello Cucinelli
Suede-trimmed woven elastic belt, $180 by Anderson's
Leather loafer, $1,250 by Loro Piana
Alice Luisa glass tumblers, $90 by R+D.LAB
Want more?
Shopping
What We’re Buying
A throwback watch
What could make Hamilton's classic Boulton watch ($695) even cooler? Perhaps if the world's most famous fictional archeologist was spotted wearing it? First introduced in 1941, the Boulton was one of Hamilton's most popular timepieces. The Swiss-made American watch was revived and reintroduced in the 1980s, and it now boasts slightly larger proportions and better water-resistance than the original. Not to mention a cosign by Indiana Jones, who wears it in the final installment of the iconic franchise.
Want more?
The five stylish items you should be buying this week.
Morning Motto
Hang in there.
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