Why is digital nomadism on the rise? (Dixcart Domiciles – November 2021) – Company / Commercial Law


Worldwide: Why is digital nomadism on the rise? (Dixcart Domiciles – November 2021)

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As another year passes, we see many clients taking the time to reflect and reconsider their priorities for 2022. The past two years have been a time of uncertainty and disruption, but some normalcy is starting to return to our minds. lives.

As we prepare for the New Year, many of you may be considering changing your residency and / or alternate citizenship – as a way to make travel easier. You might think it’s time to move and that a better destination may be right for you and your families, now the priorities have changed and the lifestyles are different than they used to be.

One particular trend that we have observed over the past 12 months is the rise of “digital nomadism”. Working from home has shown us that in reality we can work anywhere. And anywhere could be any destination in the world. This edition considers Cyprus, Malta and Portugal as popular destinations for entrepreneurs, business owners and start-ups, who have no connection elsewhere and a lot of freedom. These countries have specifically introduced Digital Nomad visas that allow individuals to work and live abroad while still being employed in their home country. Professional advice should be taken on all aspects of a possible move of residence in such circumstances, as there could be tax consequences for both the individual and the company they work for, as a result of this move of residence. In the case of a “nomadic employee”, one must ask whether the functions performed by the employee in his new country of residence would modify the tax residence of the employing company, or create a permanent establishment for the employing company, in the employee’s new country of residence.

We also take the opportunity to remind our readers of the temporary cost reduction of the St Kitts & Nevis Citizenship by Investment program, which is available until December 31, 2021. The program is extremely popular as it allows applicants to apply for a second passport for them. and / or their family, without needing to travel to Saint Kitts and Nevis or commit to visitation requirements during the year once they have received the passport. In addition, citizenship can be passed on to future generations, which is a unique benefit and very appealing to any family that takes this path.

We end this edition by looking at two ever-popular jurisdictions: Switzerland and the United Kingdom. Both rank among the best in terms of places to live, both offer advantageous tax systems, high quality of life, health and education systems, and benefits for businesses that are also relocating or starting up.

More Dixcart Group news will follow next month, but from the Dixcart Domiciles team, we wish you all happy holidays and a happy new year.

Why is digital nomadism on the rise? (Dixcart Domiciles – November 2021)

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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