The title of the post may look strange, even unreal and I can understand the feeling. You may have heard of Digital Nomad Visa, unless you've been living under the rock. It's a real thing and it's getting more and more importance. Countries are trying to attract digital nomads as it's a very good investment short term and maybe long term as well.
Digital Nomads
Digital nomads are people who use telecommunications technologies to earn a living and conduct their life in a nomadic manner. Such workers often work remotely from foreign countries, coffee shops, public libraries, co-working spaces, or recreational vehicles. It is often accomplished through the use of devices that have wireless Internet capabilities such as smartphones or mobile hotspots. Successful digital nomads typically have a financial cushion or need to develop high levels of self-reliance and self-discipline. source
As you can see in the quote above, digital nomad is someone who uses telecommunications technologies to earn a living and conduct their life in a nomadic manner. If you think of it, crypto traders can also be included in this category as basically they can work remotely from everywhere. A crypto trader's work station is where the laptop and the internet connection is. That is all you need to trade. Let's exclude the rest, like knowledge and capital now as it's not important in this case.
Digital Nomad Visa
In order to work remotely in another country, you need a visa. Even if you're a citizen of the European Union, moving from one country to another as a digital nomad, you need a visa. Individuals on tourist visas are not allowed to work.
Most of the European countries have a digital nomad visa program and a lot of countries outside Europe as well. You can apply for a digital nomad visa if you meet the requirements and this is where things get interesting.
The requirements can vary from country to country, but the main idea is for the applicants to be able to sustain themselves so they don't become a burden to the country. Health insurance is a must and I can understand the importance. Proving they have funds in their bank accounts is another requirement. Some countries like the Czech Republic require proof of accommodation for at least 1 year.
The other thing that is required for obtaining a visa in most of the cases is proof of employment (working for a foreign, not local company) or self employment and evidence of availability of income.
Photo by Peggy Anke on Unsplash
Crypto Nomad Visa
As far as I know there's no such thing yet, at least my search came up empty. I bet there are crypto nomads everywhere in the world, but not legally or should i say, not with a crypto nomad visa.
Portugal is know as the tax heaven for cryptocurrency. According to this article, in February there were already 250 digital nomads installed on the island of Madeira, 4,200 people registered and interested in experiencing the new Digital Nomad Village, still waiting for approval.
Crypto adoption is going slowly and volatility makes it even worse, when it comes to accepting it as wealth. You can literally earn millions just by trading, quite many are already millionaires but that doesn't mean they can get a crypto visa as there isn't one. If you're at that level, you can work your way around and get a tourist visa, stay 3 months, exit the country and go back again, or buy a property in the country and do other tricks, but this option is not available for everyone.
Things need to change as soon as possible. Crypto is the future and governments should think of accepting crypto nomads as well. With unemployment rising high in every country, the tourism industry struggling or even dying, crypto nomads could help a lot. Real estate and the hospitality industry could also benefit from welcoming them.
Things are moving slowly in this are. Many countries have no idea what to do with crypto. Those who will be first to facilitate welcoming crypto nomads will have a lot to gain. In time, the majority of the population will be crypto educated and crypto user, as it's available 24/7 and it's the easiest way to make a living. In a few years I can see some major changes in this area.
What do you think, is it too much to ask? Would you move to another country for a year or two if you'd earn enough crypto?
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I wish there was the crypto nomad visa. Man it will help many Nigerians exit this our situation and move to better place that will even make us more productive.
Imagine having millions in staking and various liquidity pools that earns thousands of dollars per month and then one country will tell you that you can't relocate there because you're earning in crypto. That sucks.
DO you think Portugal will be the first to create the provision?
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I don't know if Portugal will be the first country to create this visa, or not. Portugal is very gentle with crypto, when it comes to taxing, that's why many decide to move to Portugal.
Hold on, because if that's the case, you have other options. If you have millions (USD value) in crypto, you can convert some into USD or EUR or any other currency, buy a property in that country and then you have other rights. If you are at that level, things change.
This crypto nomad visa would be important for the small players, that can afford to live off crypto and still have enough staked to earn more.
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Oh I'm part of the small players. I was just fantasizing when I said "imagine having millions in staking" lol
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We may get there if we keep staking and don't spend any of it. Maybe one day ... :)
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!ENGAGE 20
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ENGAGEtokens.It would be dream to live like a digital nomad doing crypto trading. I think that the laws of these countries you mentioned need to be updated as soon as possible to the current crypto- times because as you say it would be a win-win situation for everyone.
You mean the laws of EVERY country need to be updated. It's not just about a few countries, it's about the whole world.
!ENGAGE 20
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Good point. Exactly, I think financial technology in crypto is going way faster than the laws from every country in the whole world, this needs to change before they get completely obsolete.
We need to onboard the lawmakers too I guess, dont you think?
Good luck with that!
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ENGAGEtokens.I love Portugal and have considered relocating there. It's also one of the places where you can obtain a passport by spending 250,000 euros on real estate.
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Portugal is a welcoming country and it looks like the legislation is adapted or in the process of being adapted for new needs. I know in Malta you can get residency if you buy a property.
Smart countries, those who recognize where the money is coming from will make a move soon. The rest will miss out. It's that simple.
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!ENGAGE 20
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ENGAGEtokens.What's to stop you from going to Portugal, for example, on a tourist visa and working from there, staying domiciled in your own country and paying tax there. Then moving on to another country on their tourist visa.
Seems the only problem would be if you wanted to stay somewhere for longer than 3 months at a time.
Obviously it depends on your country of origin but I think you could do this with a UK passport.
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Hi @gillianpearce
I think that is a good idea. I would like to try that one day.
I have never been to Europe, but I hope that when European restrictions on the US are relaxed I will go.
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If you make it to the UK give us a shout and we'll organise a local meet up in honour of your visit. 😊
!ENGAGE 20
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Wow!
That would be great!
Your very kind!
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ENGAGEtokens.As an EU citizen I don't need a tourist visa to Portugal or any other European country, plus have double citizenship, I can use the on favorable to the circumstances. But that's not the point.
US citizens on the other hand, or Africans or South Americans can't afford to fly back and forth every three months though.
The question is why can't I go and stay legally as digital nomad, doing crypto. Why can't they recognize crypto as wealth or trading crypto as a job?
You need proof of employment, as they see that as a source of guaranteed income. Once your contract is terminated, you can go home.
While in crypto, if you have a substantial stake, it can 2x, 5x, even 100x in time and you can guarantee you have more than enough to pay the bills comfortably. You could even buy some property if things go well.
Actually it's quite stupid. If you go as an employee, you have your monthly salary, which is a fixed amount. While in crypto, if your assets 2x, or 5x, you can spend more.
!ENGAGE 20
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ENGAGEtokens.a new landscape for work, countries should definitely look into attracting these people as it should be good for their economy, and they bring skills and knowledge. I'm fortunate to live in Canada and have recently come home from a nearly 2 month trip out east, this country is huge! and I love the ability to work from anywhere from coast to coast without visa (born citizen). Europe with it's smaller countries and many borders could develop a nomad visa, unless they want to discourage this movement...
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Interesting that you are traveling your own country and are you living off crypto?
I think that’s a good idea. I plan to travel a bit across the US when traveling is safer here.
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Yeah all I need is a laptop and a hot spot! I have a beefy data plan on my cell phone so I can make hotspots there plus the friend I was staying with for a while had good wifi. Unfortunately they did close some of the provincial borders, but thankfully it was after I had driven 2000 km's to the area I wanted to stay in. Mind you I did have to fill out online forms to register as a traveler to those provinces for "contract tracing" purposes.
It's pretty safe here, all in all only 3% of population got covid, and majority was within institutions so actual community is probably closer to 1%. I'm not going get vaccinated or stay home because of a virus 1% of the population has.
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ENGAGEtokens.sweet fanks!
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That's exactly the point. They need to recognize the possibilities and act fast. Money is money and I don't see why they can't find a solution.
Most of the European countries already have nomad visa, but as i said in my post, crypto doesn't count as a job. They need proof of employment. That's the problem.
!ENGAGE 20
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I wonder why it doesn't count as a job. If you're day trading it counts as business income and you should have a business registered. Yeah I dont see why a registered business wouldnt count as a job..
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I want to be a Crypto nomad, this is most likely what I’ll eventually do when I finally grow my wallets to a substantial amount, travel the world as a digital/crypto nomad, perhaps by then there will be considerations for crypto nomad visa. It’s def going to be really cool. My Raggeajahm tokens will be put to use!
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They need to do something sooner or later. Let's see which country is going to go first.
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A place like Jamaica will have been the first as they already had a program through raggaejahm, a tribe on here which you can use it’s token to book vacations and stuff, ‘‘twas supposed to be something awesom but COVID happened and tourism was halted,they would have crazily expanded and developed by now if COVID didn’t happen, perhaps it will kick back into action once the restrictions are lifted. That’s one way to go about it
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So do you hold this token?
Where do I get more information?
Thanks
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Yes I do hold the token.
You can find it on Hive-Engine...
It’s called Jahm
The front end is reggaejahm.com
This is where the community is on Hive https://peakd.com/@reggaejahm
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Thank you.
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Thank you
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You could use the token to pay for hotel reservations and spend in restaurants! It was a super cool project
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Then you'd rather start building your Jahm token stake as you're going to need it and get vaccinated as well as it helps when you travel.
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All being worked on, thanks
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What is the price of this token now? Are the devs still active?
Are you accumulating it?
Do you post on their home/front page?
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Err...I’m not sure, I haven’t checked in a while, you can check on Hive engine....and yes I’m still accumulating it...
There’s not been much dev work to do but the site is still running people are still posting. I hardly post there since the pandemic began
Check it out on reggaejahm.com
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Thanks!
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Exactly...and by the time some govts make the first move, they will have more advantage over those that don’t, for example, Miami, their openness to Bitcoin tech is probably what fostered the Bitcoin conference to be held in Miami this year, it’s recorded to be the largest Bitcoin conference yet, im sure there will be some sort of revenue generated for the govt of Miami through it. It’s just like hosting the Olympics, though it’s not that big yet, but you get the scope
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Hi @erikah
This is an interesting post.
I often fantasize about traveling like this all over the world. I am learning to make very good daily income from DeFi, and hopefully I don’t get wrecked by a rug pull or hack.
Do you live in Europe?
Are you allowed to travel between countries now?
I am from the US and I think we were barred from entering any European countries for a while due to Covid.
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I live in Europe and am allowed to travel without being quarantined as I'm vaccinated.
That is excellent as we need to get rid of the virus and not import it from other continents. Safety and health always comes first!
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You are of course correct, and I agree.
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I am then a crypto nomad but settled in my country, and although I would like to leave my country and settle in another one with better benefits and better internet, that would be very good.
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:)
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Maybe one day. If you're living off crypto and spending what you earn on hive blockchain, you'll have to wait a long time till it's going to happen though. I don't see authorities ease the rules soon. They need certainty that you have enough to cover all your expenses and don't become a burden to the new country.
Right now I don't think you can earn enough on hive to both live off of it and save enough in your account, without investing fiat or other crypto massively.
But good luck with it though.
ENGAGE 20
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Well, you need to make a lot of plans and follow them to the letter for everything to go smoothly.
But even though it's impossible, I know that many people are making it right now and that's more than proof that I can do it too.
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This is good information.
Thanks
💋
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I'm glad you liked it. Thanks for stopping by.
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Lol Portugal here we come
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Nice article 👍
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Spam comment.
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