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CNBC
4 days ago
- Business
- CNBC
Croatia just revised its digital nomad visa to last up to 3 years: 'Digital nomadism is here to stay,' expert says
The digital nomad movement experienced a surge after the covid-19 pandemic. Years later, workers are still seeking alternatives to being glued to a desk in the company office, says Dr. Laura Madrid Sartoretto, research lead at the Global Citizens Solutions Global Intelligence Unit. Growth rates have slowed down compared to the pandemic peak, but the total number of digital nomads is still 150% higher than in 2019, according to Global Citizens Solutions. "Remote work is steadily growing, so we think digital nomadism is something that is here to stay. It's not going to grow as it grew during the pandemic, but we see that people like millennials and Gen Zers are more likely to travel and keep traveling and with their families now too," Madrid Sartoretto tells CNBC Make It. "People are thinking about education for their kids when they are in this digital nomad life." A digital nomad visa is a short-term permit that allows individuals to stay in a country for an extended period and work remotely. The length of time a nomad can stay varies from place to place but most countries allow for six months to a year—unless you have your eye on Croatia. Recently, the Balkan country announced it an update its digital nomad visa, which will allow non-EU residents to stay for up to three years. The visa also permits close family members of a digital nomad to join them. Croatia's digital nomad visa website states that close family members also include partners or non-married couples who have been together for longer than three years without children, or for less time if they do have children together. Madrid Sartoretto believes that Croatia's expansion of its digital nomad program is a sign that the country is trying to attract more talent and compete with neighboring countries and their offerings. "I think they are competing with other countries that are in the same region, like Estonia and Romania, that also attract a lot of digital nomads. If you give more benefits to people to come to your country, then you attract more talent. It's all about competition now," she adds. For those looking to apply for Croatia's digital nomad visa, Dr. Madrid Sartoretto says the country offers a low cost of living but still needs to improve its infrastructure, like more reliable internet speeds. "If you compare internet speed and reliability to countries like Romania, which has one of the fastest speeds in the world, Croatia needs to improve its infrastructure," she adds. To apply for Croatia's digital nomad visa online, applicants must provide proof that they work outside of Croatia. Additionally, they must provide a copy of a valid travel document, proof of health insurance, proof of address in Croatia, and a minimum monthly income of 3,295 euros or $3,855 USD. For proof of income, applicants can submit a bank statement showing the total amount required, a bank statement demonstrating regular income, or pay slips for at least six months. Applicants must also send evidence that they have not been convicted of criminal offences in their home country or the country in which they have resided for more than a year immediately before arriving in Croatia.
Yahoo
13-05-2025
- Business
- Yahoo
The Minimum Income You Need To Relocate to These 5 Expat-Friendly Countries This Year
The thought of packing up and moving to another country is tempting for many, but not all countries are the same in terms of welcoming expats. Some countries have very stringent requirements about who can move there, while others just require that you are able to support yourself and, if applicable, your family. In some cases, you'll need to show that you have enough money or income to do so without working, as many countries have strict requirements about hiring expats over citizens. Read Next: Explore More: So how much does it cost to relocate to another country? Here's what you need to know about relocating to these five countries. Moving to Spain interviewed Americans who are living in Spain, and many of them reported Spain to be welcoming to U.S. expats. To live in Spain without working, you'll need a non-lucrative visa. A spouse, children and other related household members can also apply on the same visa application. To apply, you need to show that you have enough money or income to reside for at least the first year. You will need to show that you have 400% of Spain's Public Multiple Effects Income Indicator, or IPREM, for a single person, and an additional 100% for each additional person on the application. In 2025, the IPREM is about $32,000 for a single person. An additional $8,000 per year would be required for a spouse and for each dependent. Find Out: According to Forbes, Portugal has seen an influx of American expats, increasing 239% from 2017 to 2022. The country is safe and inexpensive, and the locals are friendly, Forbes reported. One popular way to live in Portugal as an expat is on a D7 visa. This visa allows those with stable non-work income, such as pensions or investments in real estate, intellectual property or trusts, to live in Portugal. To qualify, you must be able to show that you make at least Portugal's minimum wage of 870 euros in passive income per month, according to Global Citizens Solutions. That comes out to nearly $1,000 in U.S. dollars. You must also provide Portuguese bank statements with a minimum balance equal to one year's minimum wage, per Global Citizens Solutions. According to International Living, Costa Rica is a top destination for expats, as it provides a nice climate, a welcoming culture and an affordable cost of living. As Forbes reported, there are multiple avenues you can take to get a visa in Costa Rica — all of which have different income or financial requirements. Retirees can get a Pensionado residency visa if they can show at least $1,000 per month in retirement income, such as a pension or an annuity. Those who are not yet retired can apply for a Rentista visa if they can show a monthly transfer of at least $2,500 into a Costa Rican bank for two years, or if they deposit $60,000 into a Costa Rican bank and withdraw $2,500 per month. A third option is the Inversionista visa, which you are eligible for if you have at least a $150,000 investment in a Costa Rican business, real estate, stocks or bonds. International Living reported that Mexico is a top spot for North American expats, and there are a lot of communities in Mexico to choose from. You can get a temporary resident visa in Mexico, which allows you to stay up to four years, if you can show that you have a bank account that has had a monthly ending balance for the last 12 months of nearly $75,000 in U.S. dollars. The amount required is based on 5,000 days of the Mexico City minimum wage. Alternatively, you can show that you have had a salary or pension of about $4,400 per month (300 days of the minimum wage) after taxes for the previous six months. For a spouse or dependent parent or child, you must be able to show an additional $1,500 (approximately) per month per person. As William Russell reported, Singapore is a 'city of expats,' with 29% of its population consisting of expats. If you plan to work in Singapore, you will need a work visa. There are a few different types, so choose the one that's right for your situation. If you have a job in Singapore at which you meet the salary requirements (between $5,000 and $10,500 per month based on age), you can apply for an Employment Pass. Higher-income earners (those earning at least $22,500 per month) can apply for a Personalised Employment Pass. If you plan to start and operate a venture-backed business in Singapore, you can apply for an EntrePass. If you are considered 'top talent' in academia, research, business, arts, culture or sports, you may qualify for an Overseas Networks & Expertise Pass. There are several options for skilled workers earning at least $3,150 per month (S Pass), and for migrant workers, domestic workers, nannies and performing artists (Work Permit). Trainees and students can also get work permits or passes. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early 6 Hybrid Vehicles To Stay Away From in Retirement How Far $750K Plus Social Security Goes in Retirement in Every US Region Sources Moving to Spain, 'Living in Spain as an American Expat >> Spain Compared to the US' Forbes, '7 Things Expats Wish They Knew Before Moving To Portugal.' Global Citizen Solutions, 'Portugal D7 Visa: The Complete Guide for 2025.' International Living, 'Live in Costa Rica: Full Guide on Living in Costa Rica in 2025.' Forbes, 'Moving To Costa Rica: A Guide For North American Retirees.' International Living, 'The Best Expat Communities to Live in Mexico as a U.S. Citizen in 2025.' William Russell, 'Expat Guide To Moving And Living In Singapore.' This article originally appeared on The Minimum Income You Need To Relocate to These 5 Expat-Friendly Countries This Year Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
