Not so long ago, working from home was a dream for many of us. And, if we really wanted to get fanciful, we’d imagine ourselves on an island paradise, working for a few hours a day from a laptop.
Of course, working from home became a reality for many of us, almost overnight. But the latter scenario has gotten more plausible, too. Those tropical islands were dependent on a steady influx of tourist trade. With all that having dried up, they’re suffering – and thus they’re inviting the world’s online workers to take the trip there and prop up the economy for a year or so.
How does it work?
The exact mechanics of these schemes vary from country to country. In Barbados, they’ve launched a scheme called the Barbados Welcome Stamp, which is open to applicants from around the world. You’ll need to pay $2,000 to be considered, and be earning more than $50,000pa, too.
Bermuda has been reasonable quick to offer a scheme of its own, which launched at the start of august. The country’s economy has been shifting toward remote work for some time, and the arrival of the pandemic merely helped to accelerate the trend. A residential certificate is cheaper, here, at just $263, and visitors to the island will be able to leave and re-enter the country at will, provided that they’re able to meet the fairly strict rules for testing.
Finally, Jamaica is also opening its doors to foreign travellers, and the rules concerning anti-contagion are similarly stringent.
What else is worth researching?
Before committing to a lengthy stay in a foreign country, it’s worth first doing your research and ensuring that the place is going to be suitable for your professional needs. This might mean having stayed at the country in question before, or it might mean having an exit strategy in place in case you get cold feet. Since you might decide later that you’d like to return to the UK, it’s worth getting an expert legal advice from a reputable immigration-specialising law firm like Withers.
How does taxation work?
If you’re working in another country, how does your taxation work? The short answer is that it will depend on your precise circumstances, and that there may be means through which you can optimise your tax bill. To ensure that you’re paying as little as possible, and that you’re meeting all of your legal obligations, hire a competent accountant.