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As a person who want to work without the geographical and physical boundaries of a brick-and-mortar office, one can find endless possibilities around the globe to work without limiting oneself to one place. However, there are certain rules and regulations pertaining to different countries, their laws, and currencies that may create a few hurdles to one’s nomadic endeavors. As such, e-Residency might hold the answer to the quest of living the digital lifestyle we crave after years spent in the 9-5 grind.
WHAT IS E-RESIDENCY?
e-Residency is a system that allows one to become a location independent citizen of another country. This type of residency has several perks, including but not limited to the option of registering a completely global, digital online company, opening a bank account and managing your business from anywhere in the world. The benefits are multiple. Firstly, e-residency can help bypass business-related restrictions or bureaucracy that is common in your country. Secondly, one can benefit from the policies, infrastructure and business environment of the country you are now an e-resident of.
For this issue, we investigated the existing e-residency programs of several countries around the world to establish the top three.
3 - GEORGIA
2018 proved to be a monumental year for digital entrepreneurs in Georgia with the government announcing plans to introduce e-residency. It is pertinent to mention that Georgia a small but attractive country of strategic importance. Hence, it is a lucrative place to setup a business.
Georgian e-Residency has several benefits, including reduced taxes and a lower cost of living, should you consider making use of their 1-year visa. Getting your citizenship is also easier than in most other countries, while entrepreneurship is actively promoted and encouraged.
2 - AZERBAIJAN
In 2018, Azerbaijan launched its e-Residency (Electronic Residency) and m-Residency (Mobile Residency) programs. Both types of residency allow entrepreneurs, digital nomads or freelancers to establish and run a location-independent business. The application process is broken down into six short steps, of which most takes place online. Azerbaijan is then also the first country in the world to establish a mobile residency program.
1 - ESTONIA
Currently, Estonia is the only country that already has a tried, tested and implemented e-residency program; together with double-tax benefit treaties and ties to several countries. The Estonian e-Residency program launched in 2014, and since then has it been the rage among the freelancer and digital nomad community.
With one of the most competitive tax systems in the world, Estonian e-Residency is the way to go and our number one choice when it comes to establishing a location independent business. If you register your company in Estonia, you in essence gain the benefit of having an European company that can trade in several other European countries as part of the European Union. Banking, infrastructure, digital enterprise and notarial service are top notch.
E-Residency is opening up new doors to e-entrepreneurship, as well as locals in need of capital investment in their countries. With more and more FDNs building global businesses and targeting global audiences, e-residency provides streamlined systems and much-needed flexibility and an ease-of business required by digital entrepreneurs to flourish and succeed in today’s economic environment.