4 Island Nations Offering Digital Nomad Visas in 2022
Cayman is the most developed place in the Caribbean, and its lack of taxes attracts both wealthy individuals and corporations. Tourism is a key economic mainstay, accounting for about 70% of the country’s GDP, and 75% of its foreign currency earnings. So to encourage longer stays, Cayman introduced the Global Citizen Concierge Program in late 2020. The program offers a generous 2-year residency. But featuring high income requirements, it is not accessible to all digital nomads and remote employees. (Plus, you’ll pay annual fees of $1,469 for two people, and $500 for each dependent.) And it’s not a cheap destination. We found a 166 square meter (1,790 square foot), furnished three-bedroom townhouse on Grand Cayman Islands’ South Sound for $2,800 Cayman Islands (CI) Dollars (~$3,363, per month). Rentals on Grand Cayman’s Seven Mile Beach will generally be more expensive. There, a 1,600 square foot, furnished two-bedroom apartment with canal views that’s close to shopping malls and Seven Mile Beach will cost around CI$3,200 (~$3,844) per month. In terms of internet connectivity, if you’re on Grand Cayman, you’ll probably enjoy decent internet download speeds (around 50 Mbps). For more information, browse the Global Citizen Concierge’s About and FAQ pages, and apply here. Nomad Visa # 3: The Mauritius Premium Visa
Mauritius is situated east of Madagascar, approximately 2,000 kilometers from Africa’s southeast coast. Starting in late 2020, the island launched its 1-year Premium Visa Program for remote workers. This residency visa is very easy to obtain. Its income requirements are really reasonable, and visa processing is free — a rarity among Digital Nomad Visa Programs. But in Mauritius, you need to be mindful of the tax implications… Once you spend 183 days in Mauritius, you’ll become a tax resident and be liable for taxes on income that you bring to the island, AND income derived there. The top income tax bracket is 15% for earnings above 650,000 Mauritian rupees (MUR) (~$15,000). Mauritius is the only country featured in this list to tax its digital nomads. If you want to legally avoid local taxes, you’ll need to leave again within six months. Or, if you prefer to stay for longer, we suggest that you consult with a local tax advisor regarding your tax situation. Internet speeds in Mauritius range from 20-39 Mbps, which is not great, but not a deal-breaker either. As for where to base yourself… In the Trou-aux-Biches area, in the north of the island, we found a furnished, two-bedroom apartment with communal pool access near Mont Choisy Beach for just MUR 20,000 (~$462) per month. If you prefer a higher-end apartment, you could also opt for a 110 square meter (1,184 square foot) two-bedroom furnished apartment in the upscale Grand-Baie neighborhood for only MUR 30,000 (~$693) per month. You can apply for the Mauritius Premium Visa here. Nomad Visa # 4: The Seychelles Workcation Program
Situated approximately 1,100 miles (1,750 km) north of Mauritius is The Seychelles, one of the latest countries in the world to launch a Nomad Visa. If you’re more of an ecotourist than a resort dweller, Seychelles might be just the destination for you. And thanks to their new Seychelles Workcation Programme, you can now obtain a 1-year residency there with ease. As a Workcation Programme resident, Seychelles will not tax your income. And while Seychelles’ Internet is not fast by world standards (average 27 Mbps), it ranks among the fastest in Africa. You’ll also enjoy the price of apartment rentals. A 100 square meter (1,076 square foot), furnished two-bedroom, sea-view apartment on the east side of Mahé Island will only cost around $1,125 per month. Or, if you prefer something closer to the capital of Victoria, a furnished 80 square meter (861 square foot) two-bedroom apartment on the north side of Mahé Island, also with sea views, costs only around $1,600 per month, and includes twice-a-week cleaning services. If Seychelles sounds like a good option, you can apply here. (Note that you’ll need to submit your application at least 60 days before your arrival.) The bottomline If you’re looking for short-term residency options, the above programs could be just the thing for you. A relocation abroad could cut your living expenses in half, or even more. If you’re a US citizen, worldwide taxation will always follow you (unless you renounce your citizenship). But a move outside the States will also give you the opportunity to lower US taxes on your earned income through the Foreign Earned Income Exclusion (FEIE), making a stint abroad a no-brainer – at least in our opinion… Yours in freedom, Team Sovereign Man PS: Contemplating a stint overseas? Discover all your best residency and citizenship options — with step-by-step guidance on how to apply — join Sovereign Man: Confidential today.
Simon Black is an international investor, entrepreneur and permanent traveler. His daily letter is both educational and entertaining, and we suggest that those who want unbiased, actionable information about global opportunities sign up for Sovereign Man’s free, actionable newsletter at http://www.SovereignMan.com.
From Simon Black of SovereignMan.com
Source: https://www.sovereignman.com/trends/4-island-nations-offering-digital-nomad-visas-in-2022-34172/
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