Pros and cons of digital nomad visa

  • Post Category:Tips / Travel
Pros and cons of digital nomad visa

5 countries have announced the launch of the Digital Nomad Visa (DNV) this summer. You may have heard already about Barbados, Bermuda, Estonia and Georgia. Now Croatia joins the list and we are excited for the moment when they publish more details.  It seems that countries will be fighting for the attention of Digital Nomads, offering better living and working conditions. 

Digital nomads have been changing the way we think about daily lifestyle, and perhaps the course of history. And the whole world thought that nomads were crazy. Until the pandemic happened… When many companies opened up to an idea of building remote teams. Today countries see remote workers as an important part of an economy and are attempting to attract nomads to their countries with better offers. 

For now we are going to tell you more about the first four options. About their pros, cons and how much it would cost you.

Pros:

  • You should not be afraid that your tourist visa will be canceled due to illegal work
  • Good infrastructure for work and life
  • In all countries with Digital Nomad visas, the Covid-19 infection rate is low
  • These are good bases, with beautiful nature and people

Cons:

  • It is necessary to have an employment contract with a company registered outside the country of origin
  • Digital Nomad visa does not exempt from paying taxes in the Estonia
  • High minimum income threshold — mandatory requirement
  • High cost of living in countries that offer visas
  • Spend the whole year in one place without moving

Let’s compare the conditions for obtaining visas in different countries.

Barbados

It costs $2,000 for an individual visa, or $3,000 if you want to take relatives with you.

Unlike visa holders in Estonia, in Barbados Digital Nomads do not have to pay income tax.

You would need to sign a declaration that you expect to make at least $50,000 USD per year. You also need to prove that you work for a company outside of Barbados.

Bermuda

The cost of a Bermuda visa is only 263 dollars. It is much cheaper than a visa from Barbados, but… Bermuda is the most expensive place to live. So, uh, think about whether this economy will pay off.

The application page does not mention the minimum required income, but it will take a lot of money to secure a life on the island.

Estonia

In order to obtain a Digital Nomad visa in Estonia, you need to confirm that:

  • you can work regardless of your location and use telecommunications technology for it
  • you are working for an employer or company registered abroad, or as a freelancer or consultant primarily providing services to clients with a foreign representative office
  • you are working for an employer or company registered abroad, or as a freelancer or consultant primarily providing services to clients with a foreign representative office

The visa review process lasts from 15 days, as opposed to 6-8 days required for e-residence approval.

If a DNV owner stays in Estonia for more than 183 days for 12 consecutive months, he will be considered a tax resident of Estonia and must declare and pay taxes here.

The cost of the visa is €80 for a short-stay visa (Type C) and €100 for a long-stay (Type D).

Georgia

The Georgian government has published a list of 95 countries whose citizens can apply for a digital nomad visa.

For this you will need:

  • confirm that your minimum monthly income is from $ 2,000
  • medical insurance for the entire stay
  • a valid passport with more time left on it than you intend to stay
  • undergo a 12-day quarantine in one of the special hotels in Georgia at your own expense

Short-stay visas usually force us to move faster than we want. But this new type of Digital Nomad visas, on one hand, give an opportunity to slow down, on the other hand don’t allow us to settle down for a long term.  However, after the pandemic will these visas be so popular when the restrictions are over and everyone starts to travel again?