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Savory & Partners sparks migration surge with Digital Nomad Visas

Saturday, December 9, 2023

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Digital nomad visas, characterized by their simplicity and relaxed requirements, have become easily attainable. Countries such as Portugal and Spain, known for their excellent infrastructure, robust internet connectivity, and high living standards, are attracting a growing number of digital nomads, as per insights from Savory and Partners, a Dubai-based advisory firm specializing in citizenship and residency by investment.

A recent study referenced by the company indicates a significant surge in the global population of digital nomads, reaching an estimated 16.9 million. This marks a remarkable 162% increase from the figures recorded in 2019, a mere four years ago.

Since the launch of its digital nomad visa in October 2022, Portugal has witnessed a substantial influx of applications. Although the government has not disclosed the exact number received, the Labor Minister confirmed the approval of 550 applications within the initial six months.

Greece, having introduced its visa in September 2021, experienced a rapid response with 2,918 applications within two months and an impressive approval of 1,693 applicants. While current statistics are pending, the initial success suggests continued widespread interest.

Germany, having introduced its visa in 2018, reported issuing 3,638 visas within a year, showcasing the program’s popularity. Meanwhile, Residency Malta, responsible for the digital nomad visa, reports issuing 1,041 visas to date with a commendable average approval rate of 78%.

Croatia, an early adopter of the digital nomad visa in 2021, has approved 680 applications, while 672 are awaiting approval.

Beyond Europe, Barbados’ digital nomad visa, known as the Welcome Stamp, has gained considerable traction, receiving 3,511 applications between 2020 and 2022, according to experts at Savory & Partners.

Digital nomads, who often rely on visa-free access or short-term visas, find a sense of security and stability in digital nomad visas. These visas align well with their lifestyle, providing ample time to explore and enjoy a country before moving on.

The increasing demand for digital nomad visas can be attributed to their straightforward application process, swift processing times (ranging from days to a few months), and the absence of requirements for business establishment or investment. Portugal’s digital nomad visa, for instance, only mandates proof of a monthly income of €3,040, while Spain’s threshold is set at €2,160.

Savory & Partners, an accredited agent for multiple governments offering citizenship by investment, operates in over 20 jurisdictions, including Europe. With a presence in three continents, seven countries, and a diverse team of over 60 experts, the company has processed second passports for over 4,000 citizens with a 100% success rate. Their advisors assist clients in English, Arabic, Farsi, French, Spanish, and Hindi.

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