The requirements for Portugal's new digital nomad visa have been released.
The minimum wage for remote workers can be four times higher. About $2,750 a month is how much it costs.
For one year recipients can live and work in Portugal.
The requirements for Portugal's "digital nomad visa" allow remote workers who make four times the minimum wage to live and work in the country. It adds up to $2,750 a month.
Remote workers will be able to apply for a temporary stay visa of up to one year or a residency permit that can be renewed for up to five years.
You can apply at the Portuguese Consulate in your country of residence. Tax residency documents and a contract of employment are required for applicants to show proof of self-employment.
The biggest selling point of the program is that recipients are able to travel visa-free throughout the Schengen Area, a region of 26 European Union member countries.
Many foreign residents have used the D7 visa to set up shop in Portugal since the Pandemic.
The D7 visa requires applicants to make 7,200 a year in order to qualify. Unlike the digital nomad visa, the income must be the result of passive investments, such as real estate or equity in a company.
Portugal's low cost of living, mild weather, abundance of co-working spaces, connections to major European cities, and the country's ability to speak English make it popular among remote workers.
One of the most in-demand "golden visa" programs for wealthy American investors is Portugal, according to Ezzedeen Soleiman.
He said thatPortugal is the next California.
Mendona told Insider that Spain and Italy are in the process of setting up similar digital nomad visa schemes with income requirements between 2,500 and 3,000 per month. It adds up to $2,434 to just over2,900.
Hungary's digital nomad visa has a slightly lower monthly income threshold of 2,000 and also allows for visa-free travel through the Schengen area.
The minimum monthly income required for a remote work visa in Malta is 2,700. One of the most tax-friendly digital nomad visas is that participants are completely exempt from local income taxes.
One of the more difficult European visas to get your hands on is the Netherlands self-employed person residence permit, which is only open to people who make at least 2,634.30 in gross profit per year.
Critics worry that the influx of foreign remote workers will raise housing prices in areas that are already struggling with inflation.
Digital nomad visas are not a cause for alarm because they are not necessarily looking to work in large cities, according to Mendona.
She said those who work remotely don't look for large urban centers that have high rental prices. Most of them are interested in exploring other parts of the country
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