3 Digital Nomad Hotspots

In 2020, Barbados introduced its Welcome Stamp, a visa which permits remote workers a one-year stay in the country provided they earn a foreign sourced annual income of at least $50,000.

A few months later, Estonia introduced its digital nomad visa. At launch, the visa required holders to have a monthly foreign sourced income of €3,504 (today that figure has risen to €4,500/$5,260). It too permits a one-year stay in the country.

That same year, the global pandemic changed the way much of the world worked and led to an explosion of digital nomad visa options across the world—today’s remote worker has more than 70 to choose from.

And, they keep coming… Last month Slovenia announced theirs is in the works and set to launch this November.

Digital nomad visas offer opportunity… if you meet the criteria. For some countries, the income requirements are high.

The highest is Iceland which requires €7,075 ($8,270) per month (around €84,900/$99,000 per year) to qualify.

The Cayman Islands option, known as the Global Citizen Concierge Program (GCCP), requires a minimum annual income of $100,000 for individuals, $150,000 for couples, and $180,000 for families.

At the opposite end of the spectrum, countries including Argentina, Barbados, and Uruguay have no set minimum income requirement. Generally speaking, you just need to show you can support yourself for your time in the country.

If you’ve got the right knowledge or the right income, you have your pick of countries competing for you right now.

With a more senior remote worker in mind (like myself, perhaps), here are three digital nomad destinations worth a closer look.

Spain

Spain is a beautifully diverse nation, brimming with culture and tradition. You can also take your pick of climates and landscapes, with thousands of miles of coastline, beautiful mountains, and an abundance of enchanting towns and cities to explore.

Some of the benefits of settling on Spanish soil are low living costs, affordable housing prices, abundant sunshine, top-notch health care, and solid infrastructure.

Spain’s Digital Nomad Visa launched in 2023. It allows remote workers to live and work in Spain for up to one year initially, with renewals available for a stay of up to 5 years.

To qualify, solo applicants must show that they have a minimum income of €2,760 ($3,210) per month. For couples, a combined minimum monthly income of €3,797 ($4,415)  is required. The income threshold per dependent adults is €1,035 ($1,203) per month and €346 ($402) per month for minor dependents.

You will also need to show you hold a university degree, professional certificate, or proof of at least three years of relevant work experience. You will also need to obtain private health insurance from a provider authorized to operate in Spain.

You can apply for the Digital Nomad Visa at a Spanish consulate in your home country or enter Spain as a visa-free tourist and apply for a residency permit from within Spain before your 90-day stay expires.

Taking the in-country option typically results in a three-year residence permit being granted whereas consulate applications generally issue a one-year visa.

The fee for Spain’s digital nomad visa is around $90.

Thailand

Thailand is a veritable playground for expats offering the opportunity to stretch your dollars and enjoy a lifestyle upgrade. You can make your home in secluded mountain villages, bustling beach towns, or booming cities. In popular spots like Bangkok, Chiang Mai, Koh Samui, Koh Phangan, and Phuket, you’ll find well-connected communities of remote workers as well as co-working spaces with solid Wi-Fi.

Thanks to the large expat communities and its thriving tourism trade you won’t have issues getting by in English in the aforementioned locales.

Launched in 2024, Thailand’s digital nomad visa is called the Destination Thailand Visa (DTV).

To qualify, you will need to prove you work remotely for a company located outside of Thailand or are self-employed and receive income from non-Thai sources.

You will also need to show sufficient financial assets of at least 500,000 THB ($15,000). This requirement can vary depending on the embassy through which you apply as can the method of proof—some will require a fixed deposit certificate, bank statements, evidence of regular income, tax filings, contracts, and/or recommendation letters.

The DTV is a multiple-entry visa allowing for stays of up to 180 days at a time and is valid for 5 years.

After 180 days, you can apply for an extension and stay in Thailand for up to 360 consecutive days. For the extension, there is a fee—1,900 THB ($60)—and you will need to provide updated proof of your financial stability, show health insurance, and complete a form.

After a 360-day stay in Thailand you will need to leave and re-enter to reset your stay period.

Under the terms of the DTV, the primary holder can bring dependents to Thailand providing they are your legal spouse or dependent children younger than 20 years old and unmarried. ach dependent must apply separately and pay an additional visa fee.

Applications can be made at the Royal Thai Embassy or through the Thai e-Visa website. The application fee is around $400.

Panama

Panama is blessed with beautiful islands, palm-fringed beaches, mountain retreats, and colonial towns. The locals are welcoming, the climate is tropical, and your dollars really stretch here.

It’s also home to some of the best and most modern hospitals in Central and South America and is ideally located for travel to the United States and Canada.

In 2021, Panama launched the Remote Worker Visa. Among the criteria required to qualify are an employment letter and a letter of responsibility issued by your contracting company (a non-Panamanian company).

You’ll also need a clean criminal record, a certificate of good health, and proof of at least $36,000 a year in income.

The Remote Worker Visa is valid for nine months and can be renewed once, for a further nine months. As Panama has a territorial taxation system, digital nomads are not taxed on any income from outside the country.

The fee is $250 payable to the National Treasury plus $50 for the visa card.

Stay diversified,

Lief Simon
Editor, Offshore Living Letter