Best countries to move to as a digital nomad that is crypto and tax-friendly

1. Dubai

Dubai has Vara, Virtual Assets Regulator Authority, that governs crypto. It issues licenses for those dealing with crypto in the country and gives virtual assets service providers clear rules on the operation.

Dubai is tax efficient as there is no tax on personal income or capital gains. Businesses making more than 375 000 Dirham, about $100 000, will have to pay a corporation tax of 9%, which is okay.

Dubai is safe, which is excellent for women and kids.

It has world-class public infrastructure. The broadband speed is perfect for remote workers. There is a high concentration of wealth though the cost of living is high.

The country has a great time zone that works well with other time zones.

Even though it has excellent weather, the heat becomes unbearable 3–4 months a year.

2. Puerto Rico

It’s a territory in the US; hence it is excellent for US citizens or those with a US visa. US citizens living in the territory can be exempted from federal tax, capital gains and dividend taxes. US citizens get tax residence status when they live on the island for 183 days a year. It is an excellent option for US citizens as they can legally enjoy zero tax.

In terms of crypto, the country is subject to US laws and thus could be challenging to do a crypto startup.

There is natural beauty, great beaches and an incredible temperature. The only con is the hurricanes.

It has poor infrastructure and electricity problems. For Example, during Hurricane Maria, the island did not have electricity for weeks. They also need reliable internet hence may not be great for those who rely on online work like trading.

The cost of living there is lower than in the US and other Caribbean islands.

There is a fair amount of crime though it is lower than in the US.

3. Portugal

It is a favourite destination for many digital nomads.

For a long time, Portugal has been the only country in Europe offering tax-free capital gains for crypto. Last year, the government introduced a 28% capital gains tax on crypto gains made within one year.

Portugal is the most affordable country in western Europe. It has an excellent climate as it is warm most of the year. The more you head to the south of Portugal, the warmer it gets.

Portugal is safe, with low crime rates compared to other European countries.

Most Portuguese speak some English; hence it will still work for you if you don’t speak Portuguese, but it will be great to learn it.

There is a lot of bureaucracy when dealing with the government.

If you are from the EU, you can move to Portugal easily. If not, there are various options, e.g. the freelance visa, which is ideal for digital nomads.

When it comes to crypto regulations, Portugal follows the EU regulations.

4. Costa Rica

It has some of the most breathtaking natural beauty in the world, with many biodiversities. There are beautiful beaches, forests, mountains etc. It has excellent weather with temperatures of about 22–26 degrees Celsius year-round.

It is forward-thinking when it comes to crypto regulation. Bitcoin and crypto are regarded as regulated payment methods in the country. It is easier for companies and individuals to do businesses related to crypto. Bitcoins in cold storage and mining get tax exemption.

It is a tax-friendly country; you are exempted from taxes if you live in Costa Rica but earn income outside Costa Rica.

Costa Ricans are very friendly, and most of them speak basic English.

Costarica is affordable by European or American standards.

Costa Rica is one of the safest countries in Central America.

The infrastructure in the country can be unreliable, that is, the internet.

There is a digital nomad visa for remote workers.

5. Malaysia

Malaysia is an excellent option for those who want to live in Asia but can’t afford the high entry barriers in Singapore or the high cost of living.

The tax regime in Malaysia is like that in Costa Rica, i.e. foreign sourced income is not taxed. There is no capital gains tax unless it is Malaysian property.

Malaysia is affordable compared to other countries in the region.

Nearly everyone speaks English.

Malaysia is tropical though there is monsoon and high humidity.

Regarding safety, it is safer than most but less secure than Singapore.

Malaysia is known for crazy drivers leading to high accident rates.

The main disadvantage is the high tax on imported goods; if you prefer western goods, they will be expensive.

When looking for the best countries to move to, it is also essential to consider the most sustainable banks to work with. Triodos Bank from the Netherlands is one of the most sustainable banks operating in most European countries. If you are considering moving to Portugal or another European country, it may be a great option to bank with.

The Netherlands boasts several sustainable banks, such as Rabobank and ING bank.

The Standard Chartered UK bank is long-serving many countries and aims to balance financial performance while caring for the environment.

Other sustainable banks include Nordea and Swedbank from Sweden, KFW from Germany, DBS Bank in Singapore, and BNP Paribas and Crédit Agricole from France.

The best part of working with sustainable banks is that you are sure that environmental, social and governance (ESG) factors are prioritized in their operations and investments.

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