South Korea launches digital nomad visa to boost remote work options in 2024
techsauce.co
techsauce.co
Please let me know if I was given bad legal advice, because I don't want to get thrown in jail in the future.
For example if you own any stocks and become tax resident, then leave and break tax residency, you may often owe an "exit tax" on your unrealized stock gains.
Even stocks in your retirement accounts like IRA may not be treated as tax advantaged by another country.
I regularly stay somewhere for 90ish days, then go home for a while to do anything I need to back home days and then somewhere else.
This is also why a digital nomad visa for a year or more doesn't make much sense. I know very few true digital nomads who even have a desire to stay the same place for more than a few months. At that point you're not a digital nomad anymore.
This model sounds pretty appealing to me as something to consider doing in the future, but I'm not sure on just how much hassle this would introduce.
this is the crux; what is reasonable for a tech worker can be a whole paycheck for someone in the community they are moving to
> how much hassle this would introduce
this is controversial; you are no doubt injecting capital into the local economy, but what are the ultimate consequences?
nyc has a saying: no such thing as a free lunch (the economics always balance out in the end, even if you can't see the scales working)
Example: right now I'm somewhere in the middle of a 90 day stay. We also were somewhere else just before for the holidays for ~30 days, but mostly for vacation. I plan to go back home at the end of March for ~2 months or so to get things straightened out there before then heading out for another 4-5 months afterwards. I've already booked that trip. Usually just as one trip is starting I book the next one for 6 months later.
I travel with my wife so we either book private rooms in a hostel or AirBnB's, though we've been trending away from this.
To be fair, we're both software devs so our salaries together make living basically anywhere "reasonable" depending on how you look at it. We know we're paying a premium but since we can afford it we don't really look at it as unreasonable. Most places we stay come out to ~$2000 USD per month for AirBnB's, and much less for most hostels.
I also keep a cheap studio apartment back in the US for when I'm back for a while, so I don't have to plan where to stay when I'm back. But I know many digital nomads who just use their parents places or another close family member.
Though this is just my experience, many digital nomads I know don't have things planned out as far as we do. And literally just plan things on a whim less than a month out.
dude.
I think most tourist entries are ok with working for a company abroad, especially if some jobs might require to step-in while on vacation.
UAE’s Remote Work visa is the only one I’ve been tempted to use so far.
I'd be very careful about this.
https://www.linkedin.com/pulse/digital-nomad-visa-dilemma-ma...
Most digital nomads still don't use them as other Commenters have outlined, they are cumbersome, expensive & don't address the taxation elements well.
Digital Nomad entrepreneurs can often work under standard 'tourist' visas in any case if they stick to the 'business' rules attached to those visas in any case.
While Permanent Establishment rules scare many employers off permitting much remote work for their employees.
With competition between countries to attract tourism the current version 1 DN visas will need to change to become attractors.
I'd suggest removing the 30/90 limit from tourism visas is an easy way to improve tourism economics.
Changing taxation policies will take longer but are also needed as the remote worker world grows so strongly & favour 'tax friendly' nations.
When will the demographic time bomb racial supremacist countries learn that people want to ACTUALLY IMMIGRATE to countries? Become a part of the society and live their the rest of their lives? Like you can do in Canada, the UK, Australia, New Zealand, USA (if you get off H1B).
Too little, too late. Sit back and watch their population pyramid implode and enjoy the popcorn.
The sneaky trick that SK is doing with its maximum term of 2 years is ensuring that no one on this arrangement will be eligible (which apparently requires residing there for 5 years at least: https://en.wikipedia.org/wiki/Immigration_to_South_Korea).
This makes the program entirely pointless for intended audience, ie. people dead set on living in South Korea (not just have fun for a year).
The same applies to South Korea. You want to live there, you need to apply for a visa like everyone else.
It's an asymmetric relationship. The nomad doesn't care if SK runs this program. But SK does care if people don't come.
Unfortunately, they don't particularly care. The whole driver behind this program is optics. Both to domestic voters "Look at how global and modern the current government is and how much we're doing", as well as to international headline-readers "Look at how progressive Korea is".
How is that a loss?
I think people are realising that the 'grow your way to success' model doesn't work for countries any more, unless you're the US, which is in a fairly unique position simply due to having a geography that no other country shares.
But perhaps they have another path. I guess it's good to have someone else run that experiment. We can observe and duplicate or avoid.
If you're the US, you can't. The US never learns from others' example: there's many examples of things other developed nations do far better than the US, but the US refuses to learn from their example. The US only makes big changes when it's their own idea, not because they saw it working well someplace else. Some examples: healthcare, the metric system, high-speed or even regular passenger rail, walkable cities, good zoning laws, etc.
The kinds of optics South Korea can buy from virtue-signalling, but not actually implementing, progressive immigration policy are limited. You can't clickbait immigration law.
[0] Complicating South Korean immigration desirability are two competing factors:
- People from poorer countries tend to not be picky about what country will give them a visa, but,
- South Korea, like Japan[1] has racism and sexism problems that uniquely impacts immigrants from southeast Asia
[1] Korean and Japanese nationalists really hate it when you compare the two countries.
Just prove you have 100k and you get to stay this many days.
It's not to accommodate people who might actually want to live there (for whatever crazy reason)
Further, I think these countries are aware that people would immigrate given the chance. They simply don't want the immigrants, and it's not really your place to demand they take them.
Nice, <5 years old, fully furnished, two-bed room apartments in central, well-connected areas of Seoul are <$1000 per month.
And that's places that are suitable for 2 people to live in - the large majority of digital nomads live on their own, in which case it's even cheaper.
The last one is 2 bedrooms for about $1000/month, fully furnished. Sure, it's stretching it, but a world of difference with your claim of $1800 for a small apartment in the context of digital nomads.
- Random building here https://fin.land.naver.com/articles/2402864693 Last March, 2 contracts at 2,000/63 and 2,000/80 respectively.
Still too high of a deposit? https://fin.land.naver.com/articles/2402982978 @ 1,000/90, building is less than 2 years old.
Need 2 bedrooms? Here: https://fin.land.naver.com/articles/2356138769
With the advancement of technology, robotics, AI and so on I don't see how manpower is going to be absolutely necessary in the future either.
If the problem is retirement and how to finance it, don't worry, alternative ways exist to fix that, fearmongering isn't necessary.
No, you are not a "racial supremacist" if your goal is to keep social peace and prevent the society you live in to crumble with millions of individuals who don't share the same values as you. Death to the merchants.
Funny joke. Everybody laughs.