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Residence

Holiday makers can stay in a country for a limited time. Sometimes a travel visa is needed to enter the country. Several countries in Asia, Africa and Latin America even require a vaccination of visitors before they can visit. Those willing to stay longer in a country need a residency permit. Residence and domicile is granted to those who comply with the rules of the country they prefer to stay in. Traditionally and for most people, residency, domicile and nationality are in the same country.

Digital nomads and perpetual travelers stay in countries where they feel most comfortable. Holiday visa are a good start but face limitations when one needs local services such as telephone numbers, residential rentals, and even transportation. Residence permits provide for security and legitimacy but are not always necessary. It is recommended to look into the rules of the country of your preference.

Local residency comes at a price. By becoming a resident, governments are allowed to impose income tax on earnings and wealth. Depending on the nature of the earnings and a variety of directives, tax treaties and other regulation, governments may include earnings on a world wide income and even corporate holdings. Violation of domestic regulation can have severe repercussions. Therefore, a residence is something to choose with utmost care.

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