Personal finance and corporate services for business owners are a global business with local constraints. A common misconception is that financial products and services obtained in a home country, can be used abundantly and without limitation in other countries. Unfortunately, this is not how things work these days. Financial institutions are subject to home state and host state regulation when they operate in different jurisdictions. Consequently, local establishments must comply with capital requirements as imposed by their respective central banks. Non resident deposits and international companies have a distinct risk profile. The difficulties for financial institutions to quantify this risk justifies relocation of such clients to an alternative business unit.
Perpetual travelers and digital nomads require corporate and financial services to support their global lifestyle. Even though the financial services ecosystem provides online banking services and payment cards, most of these services are tailored to a local market and not for current era travelers and nomads. Fintech and neo-banking solutions are more fit for this purpose but have their challenges as well.
Tailored insurance products for world travelers protect risk and expenses one cannot cover out of pocket. This is convenient to know before new adventures start. Especially health insurance for expats, permanent or perpetual travelers and nomads is often necessary since standard health insurance does not cover hospitalization in other countries when the insured person exceeds the terms of a holiday.
Alongside the standard payment facilities, expats, travelers and nomads must consider income opportunities and the legitimacy of running their foreign business in a new country. Company formation and bank account opening is not as easy and straightforward as one might think. Several domestic and international rules, as well as standards in home and host countries must be considered. Therefore, solutions have a more tailored than one-size fits all character.