Perpetual travelers and digital nomads are not outlaws hiding for justice. On the contrary. They strive for ultimate freedom and seek an environment where their creativity and independence can flourish. In general, people built their life around their residence and citizenship, and limit their activities to an easy and convenient proximity to their home-base. Such a narrow approach to life management does not fit with the PT philosophy. The PT identifies and isolates different important aspects of life in sectors with a tailor made approach.
The PT strategy is unconventional. Society has rules for permanent establishment and therefore different ideas require planning and diligence to avoid irreparable mistakes and even illegal conduct. A PT has nothing to fear when individual sectors are managed appropriately. Therefore, preparation is mission critical for a stress-free lifestyle.
Although a PT strategy is distinct and based on individual preferences, there is overlap and there are several commonalities for the needs of the PT or digital nomad. The most important and appropriate are listed below:
- Business: Countries differ in their approach to global commerce. Sometimes this approach creates advantages for foreigners. As such regulatory arbitrage allows business people from all around the world to focus on building and growing their professional activities. Read more…
- Company formation: Traditionally, entrepreneurs and start-ups limited incorporation to their home country. In a global setting where borders slowly fade away and appropriate information is available online, business can be incorporated anywhere. Virtual entrepreneurship provides opportunities. Read more…
- Education: Globalization and the availability of IT and internet facilities provides access to international education. Students can choose from a variety of courses and academic resources worldwide. The challenge is whether there is universal recognition a diploma. Read more…
- Finance: Common misconceptions by travelers and nomads relate to the use of banking facilities and insurance. Domestic products are made for local use and regular activities. The length of a journey potentially disqualifies financial services in a home country and therefore needs preliminary research. Read more…
- Passport: A passport identifies the holder. Therefore it can be used for travel purposes and to enter into contractual agreements. For digital nomads and perpetual travelers, a passport is closely connected with trust and reliability to support their lifestyle and needs. Read more…
- Remote work: People willing to travel the world and work simultaneously no longer have to rely on the local market place in the countries they visit. The internet and specialized websites offering freelance gigs and co-working enable remote work. However, there are often local rules one needs to follow. Read more…
- Residence: Living abroad differs from vacation. Not only the host state where a nomad or traveler wishes to stay has rules for residence, also the home country might impose restrictions on those leaving the country. This can include limitations on social services, consular assistance and healthcare coverage. Read more…
- Taxation: There is a difference between personal and corporate taxation. Perpetual travelers and digital nomads can benefit from several possibilities not available to locals and utilize regulatory arbitrage. However, a distinct difference between tax avoidance and tax evasion needs close attention to avoid serious legal implications. Read more…
- Travel Visa: Countries are free to impose entry restrictions and limitations on foreign visitors. A travel visa may be connected to a passport and the mutual relation between home and host countries. Several countries in Africa, Asia and Latin America also require vaccination passports from visitors. Read more…