Crypto Nomad Visa vs Digital Nomad Visa

almost 3 years ago

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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