The Benefits of Being a Digital Nomad
Freedom of choice and flexible schedule. You can freely choose the country to live in, as well as a suitable place to work – be it your own home, coworking or a cafe. At the same time, you manage your schedule and the number of working hours yourself.
Improved standard of living. With earnings comparable to those in Switzerland ($6,270) or the United States ($4,635), moving to Vietnam or Portugal can significantly improve your well-being. The freed-up funds can be invested in the future, accelerating your retirement.
Variety and novelty. Changes in the environment help to avoid boredom and fill life with bright impressions. When the familiar environment becomes monotonous, you can always change the country and find new sources of inspiration.
Cultural adaptation: Traveling to different countries enriches el salvador mobile database the digital nomad’s inner world, allowing him to understand other cultures more deeply.
The Downsides of Living as a Digital Nomad
Loneliness . New acquaintances can rarely replace old friends and loved ones, providing the same degree of emotional support. Video calls are only a partial solution to the problem.
Work-life balance issues. Time zone differences, a constant stream of new experiences, and a desire to explore can make it difficult to focus on work, reducing productivity. Or, conversely, you risk becoming too immersed in your work, especially if other areas of your life are challenging.
Mismatch between expectations and reality. There are many inspiring stories of successful digital nomads on the Internet, but the stories of failures remain in the shadows. A place that seems ideal to one person can be a real challenge for another.
Burnout . Even Stephen Roberts, the famous digital nomad, stopped his nomadic lifestyle after 60. Imagine that after 20 years of traveling, you will finally get tired of this pace of life, and there will be nowhere to return.
Which countries are ready to issue visas to digital nomads
Rich and highly developed countries are not eager to open their doors to digital nomads. They prefer to focus on attracting highly skilled workers through programs like the U.S. O1 and O2 visas, which are designed for people with exceptional abilities. Meanwhile, for developing countries, welcoming digital nomads is an opportunity to boost economic growth, increase tax revenues, and attract educated and wealthy people.
Georgia
Georgia has made significant progress in attracting digital nomads thanks to its open policy. Citizens of 95 countries can freely enter the country and stay there for a year with only a passport. After 183 days of stay, you must register as a tax resident and pay 20% tax on your income. This explains the increase in the number of registered individual entrepreneurs, as the tax rate for them is reduced to 1% for annual incomes up to $155,000.
Portugal
Since 2007, Portugal has had a D7 visa, designed for those who earn passive income. This visa not only grants the right to reside in the country, but also allows free movement throughout Europe, and after five years of use, a residence permit can be requested. The main requirements include an annual passive income of €10,000, the same amount in a bank account, owning real estate or a 12-month rental agreement. In addition, it is necessary to stay in Portugal for at least 16 months in the first two years of the visa and obtain health insurance.
Estonia
Estonia was the first country to introduce a “digital nomad visa” at the height of the Covid-19 pandemic – in the summer of 2020. This visa allows you to live in Estonia for a year, but to obtain it you must have health insurance, housing, and a minimum monthly income of €3.5 thousand. The visa is not available to Russians and Belarusians, but if you have dual citizenship, you will be issued a visa.
Other EU countries
The requirements for digital nomads in various countries are largely similar to those in Estonia, and the main condition is a regular income received abroad. In Croatia, the minimum is set at €1,750 per month, in Greece – €3,500, in Spain – €2,200, and in Hungary – €2,000, but Hungary only allows single people to participate in the program, family relocation is excluded.