This Calculator Will Tell You If You Can Afford to Become a Digital Nomad
During the pandemic, the proliferation of telework visas, also called digital nomad visas, has allowed anyone with flexible remote work to work from anywhere , not just from home. A digital nomad is someone who travels outside their own country and the country of their employer, while reporting work remotely. These people can legally live and work in other countries with digital nomad visas, instead of having to face the hassle of immigration and apply for formal residency. Generally, you can stay in the country longer with a digital nomad visa than with a traditional tourist visa.
But how realistic is it to live as a digital nomad? Here’s how you can calculate if you can afford to be a digital nomad in any of the many countries that currently offer remote work visas.
Can you afford to be a digital nomad?
On a tourist visa, you can usually stay in the country for 30 to 90 days. With a digital nomad visa, you are usually set up for a one-year stay. Digital nomads live in 49 regions, including popular destinations such as Cosmos, Greece, Colombia and South Africa.
If you’re wondering if the digital nomad lifestyle fits into your budget, the travel bloggers behind Goats on the Road have created their own digital nomad visa calculator . To use the calculator, all you have to do is enter your salary and it will show you which countries you can afford to live in based on each country’s visa requirements.
I tried it myself by entering an annual salary of $63,000 and found 38 countries whose digital nomad income requests I was eligible for. When I lowered my estimated salary to $20,000, my list was reduced to 16 possible countries. For example, in Spain (one of the latest countries to issue their digital nomad visa), the monthly income is $2,221.77; I had an option with a higher salary, but not with a lower one. However, for Colombia, the monthly income is $684 and remains an option even for digital nomads with a $10,000 annual salary.
If you are serious about living on a digital nomad visa, it is very important that you meet the minimum income requirements of the country of your choice. From there, you can explore the cost of living of each destination so you can make the most of living and working around the world as a digital nomad.