Top Destinations for Digital Nomads in 2023
Posted by Sophie Grosvenor on June 7th, 2023.
24 years after authors Tsugio Makimoto and David Manners proposed advances in technology would soon allow people to work from anywhere, the pandemic supplied the catalyst to their vision. Digital nomads went from an exception to an established demographic, with the term gaining traction in 2021 as the Economist heralded ‘a growing brigade of digital nomads in Europe.’
In terms of logistics, some countries are more eager to embrace travelling freelancers than others: yet by November 2022, a staggering 49 countries offered specific digital nomad visas. Prices vary depending upon the likelihood of repercussions from increased tourism, such as overcrowding and disruption to local services.
Emerging favourites
A survey conducted in 2021 ranked cities in Thailand, India, Portugal, Spain and Argentina in the top five for their suitability as remote working destinations, taking into account internet availability, co-working spaces, the average price of buying a coffee, average price of taxi services, after-work drinks, accommodation, food, climate and tourist attractions. After all, digital nomads will be spending their downtime in their chosen location, too.
Into this year, Portugal, Spain and Thailand remain popular, joined by the likes of Greece and Australia. Priorities for digital nomads have also grown to include picturesque surroundings and a welcoming community.
At the more economical end of the spectrum are Portugal and Spain: a D7 visa in Portugal costs a mere €83 in addition to a €72 residency permit. Spain, meanwhile, boasts reliable infrastructure and a growing startup scene: the application for the Digital Nomad Visa costs around €75, although prerequisites include proof of having worked remotely for at least one year.
The city of Chiang Mai in Thailand is another favourite – not least due to its laid-back vibe and lifestyle perks. Chiang Mai boasts mountains, lakes and temples aplenty; although visa options are rather more expensive. A popular option for foreign freelancers is the LTR (Long-Term Resident) visa, which requires applicants to work for an international company and costs approximately $1,333.
Nevertheless, the comparatively low cost of living in Thailand is one of its main draws. Rent is generally much lower than in many Western countries, meaning more money to spend on travel and other experiences. Additionally, a cheaper ‘Smart-S Visa’ is available to foreign entrepreneurs in the tech sector.
New in 2023
The spotlight has settled on Greece this year: a destination that has historically welcomed outsiders given the economy’s reliance upon the tourism sector.
The country combines a low cost of living with world-renowned architecture and culture; as with Spain and Portugal, the cost of a digital nomad visa is relatively cheap at roughly €75. Furthermore, Greece offers foreign freelancers a 50% tax reduction for seven years in the hope they will stay longer and contribute to the Greek economy.
Finally, Australia represents a popular remote-working destination for digital nomads from the UK and US, given the lack of a language barrier. The country’s second-largest city – Melbourne – is touted as the ideal hotspot, having scored the highest ranking in a survey conducted by Nestpick following the Covid-19 pandemic.
The country doesn’t have a specific digital nomad visa, but prospective remote workers from abroad can qualify for a tourist eVisitor visa, or a working holiday visa which allows applicants to remain in Australia for 3 years.
Making your money go further as a digital nomad
Cost is a key consideration for many new digital nomads. Alongside variable visa costs, budgeting for travel and visa costs requires a careful negotiation between earnings and expenses.
However, there are some simple steps digital nomads can take to help make their money go further.
Many digital nomads receive renumeration in the currency where their employers are based. This can lead to their wages being eroded when transferring it into the local currency as they face additional fees and unfavourable exchange rates.
With TorFX, you could save, time, money and hassle when transferring your wages.
TorFX’s Regular Overseas Payments allows you to arrange for recurrent transfers to be made automatically, at a competitive rate of exchange and without you having to pay transfer fees.
With some banks charging upwards of £30 per transfer, you could save up to £360 a year in transfer fees alone, not to mention the savings you’ll make every month by securing an excellent exchange rate.
To conclude
There is no universal answer to the question of where may be the best place to relocate. Instead, those considering the digital nomad lifestyle must address their personal needs and priorities to establish the best place for them.
The countries listed above are intended to provide a starting block for anyone looking into working from abroad; but in reality the possibilities are endless. Open-minded research and careful planning are key to finding the ultimate solution: once found, it’ll be the adventure of a lifetime.
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