Digital Nomad Visas May Change Where People Live And Work
More and more countries are developing their own Digital Nomad Visas for the new remote workforce. How might this change alter where people live and work, the dynamics of rentals and real estate? Where might you want to travel and work from as a real estate wholesaler?
Digital Nomad Visas
Now that the workforce has changed to being remote first, more and more people are wanting to flex their new found freedom to travel and work from new places.
With other recent economic changes, many individuals are also being forced to find friendlier and more affordable places to live and work too.
According to one list, at least 58 countries now have some form of Digital Nomad Visa. A type of immigration visa which allows you to go live and work there remotely. Often for between 6 months and 3 years.
The entry requirements and fees for these visas are far lower than for traditional visas and residency programs. You normally just have to prove you make a minimum amount of income each month, or have enough money in the bank to sustain you while you are there. This can range from a few hundred dollars a month to several thousand Euros.
Countries are seeing this as a way to boost their revenues, popularity, and to attract great talent.
Why You Should Try It
While there may be some perks of wholesaling properties in your own backyard, travel is a common thread linked to success in entrepreneurship. It is also completely unnecessary to restrict yourself to only operating locally anymore. If not highly risky.
Travel can give you new perspectives on things, and great new ideas. It can broaden your network and contact database. Then you might just find somewhere you love more for the weather, culture, and which allows you a better quality of life, at far lower costs. Taxes are complicated, but there may also be benefits there too.
Where To Go
In reality, most countries will allow you in on a tourist visa, or just as a tourist without a visa for 3 to 6 months anyway. So, you don’t have to restrict yourself to countries offering Digital Nomad Visas. The US does not currently offer one.
You may want to explore:
Croatia
The Bahamas
India
The UAE
Nicaragua
Cyprus
Greece
Spain
Portugal
The Impact On Real Estate
The current direction of the economy, the AI revolution, and the availability of Digital Nomad Visas all seem to be working together for remote work to have an even bigger impact on real estate.
Even in the US, where we may not see such a visa, we can expect this trend line to impact how cities market themselves and how much of this business they will win. For landlords, it may mean more short to mid term tenants, and professional tenants. Whose needs are also different. They need furnished places with good wifi. They may pay a range of rates from dirt cheap to higher Airbnb prices. Though they are going to pay based on what they can afford in monthly rent, not vacation prices.
Consider how this may influence your real estate wholesaling business, your pricing, and where the hot places to flip houses will be next.
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