South Korea introduces ‘workation’ visa. What is it?

Are you a digital nomad?Do you enjoy working remotely while travelling to new and exciting destinations?South Korea has introduced a new visa for those wishing to enjoy a working holiday or ‘workcation.’But what is the ‘digital nomad’ visa? Which other countries have it?Let’s take a closer look:What is it?The visa is being issued by South Korea’s justice ministry, as per Business Standard.Foreign nationals who earn double South Korea’s s per capita gross national income of $33,000 (Rs 27 lakh) can apply for the visa.They must also have a medical insurance cover of Rs 63 lakh and must be able to meet medical treatment and repatriation fees.Families of such individuals will also be granted such visas.The people who are awarded this visa cannot be hired by any company in South Korea to work or undertake any profit-making activity.

While the visa will be issued for one year, it can be extended for another year.

Those in South Korea on temporary visas are also eligible.However, those on this visa cannot be employed by any company in South Korea or engage in any for-profit work.As per Mint, to be eligible for this visa you must have worked in your field for at least one year.You must also be above the age of 18 and have no criminal record.You can apply for this visa at South Korean embassies around the world.[caption id="attachment_13484292" align="alignnone" width="640"]

Those on this visa cannot be employed by any company in South Korea or engage in any for-profit work. Representational Image. Pixabay[/caption]This scheme is being implemented on a trial basis.The authorities will later take a final call on whether it is made permanent.The outlet quoted the ministry of justice as saying that the new visa would make it easier for foreigners to remote work while on vacation.Remote workers earlier had to apply for tourist visas or keep their stays to 90 days.Which other countries have it?Nearly half the countries in the world now offer visas for ‘digital nomads’ for up to one year, a new study by the UN World Tourism Organisation (UNWTO) shows.Khaleej Times, quoting from the study, revealed that:

• 47 per cent of nations offer visas one year visas
• 39 per cent exempt digital nomads from taxes
• 17 per cent have no requirements for a minimum income
• 76 per cent of destinations have online application programmes
• 80 per cent of destinations process applications within one-month period
• Only six per cent of destinations have zero visa fees
• The study looked at such programmes in several areas including application process; duration of visa; taxation; insurance; accommodation; minimum income requirements; and criminal records check.

It also examined the background and current state of digital nomadism trends.Which are the best places to go for digital nomads?As per CNBC, the Digital Nomad Visa Index ranked the top 10 countries for digital nomads as

• Spain
• Argentina
• Romania
• UAE
• Croatia
• Portugal
• Uruguay
• Malta
• Norway
• Andorra
• Spain allows digital nomads to stay in the country for up to one year.

This, as long as they earn double of the country’s minimum wage per month – which works out to around Rs 2.30 lakh.

As per Timeout, you can apply for temporary residency after getting the digital nomad visa.

Portugal, which has been a go-to destination for years for digital nomads, has made several changes that have hurt its reputation.These include bringing its non-habitual resident regime, which allowed a tax reduction for 10 years to new residents regardless of nationality, to a close, as per CNBC.As per Timeout, Dubai has a long-term visa scheme for remote workers and their families.This lets you remain in the city for a year while employed with a firm abroad.The visa itself costs $611 (Rs 50,000) – not including medical insurance.Digital nomads must make at least $5,000 (Rs 4.16 lakh) per month.Croatia, meanwhile, is another exotic destination.To apply for a digital nomad visa, you must make  ($2,520) Rs 2 lakh per month, be able to show proof of employment and health insurance.Your country must also not be a member of the EU or EEA.Digital nomads can stay in Croatia for up to a year.With inputs from agencies