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The hunt for digital nomads and the benefits for the economy

According to the Massachusetts Institute of Technology, if Greece manages to attract 100,000 digital nomads in one year, and they stayed in the country for 6 months, the benefit to the economy could reach 1.6 billion euros a year.

Greece is looking to secure economic benefits of up to 1.6 billion euros with the submission of the draft law from the Ministries of Immigration and Asylum and Citizen Protection last week in Parliament regarding digital nomads.

According to the Massachusetts Institute of Technology, if Greece manages to attract 100,000 digital nomads in one year, and they stayed in the country for 6 months, the benefit to the economy could reach 1.6 billion euros a year.

It is estimated that before the pandemic there were 4 million digital nomads worldwide, while the number has skyrocketed in the last year due to coronavirus and may reach even 1 billion people by 2035.

Greece is now entering the race for digital nomads in a market that is considered highly competitive.

The bill introduces a series of criteria for the issuance of a Digital Nomad Visa, giving the right to residents of third countries to live in Greece for up to 18 months, under certain conditions.

Specifically, it is possible for a residency permit to be issued to foreign nationals (self-employed or employees) working for employers or with clients outside Greece remotely for a period of up to twelve (12) months, with the possibility of extending it by six more months.

In addition, they can be accompanied by their family members (who are not allowed to work in the country). Interested parties are required to submit supporting documents proving that they meet income criteria, such as:

  • A declaration stating his intention to reside in the country with the national entry visa for the provision of distance work and his commitment not to work or provide services to an employer based in Greece,
  • Provide an employment or work contract or proof of employment with an employer, natural or legal person, who is established outside Greek territory, for an indefinite period or in case of a fixed-term contract during the period relating to the visa
  • Evidence that he has sufficient resources to cover his living expenses during his stay in the country, without burdening the national social welfare system. The amount of sufficient resources is set at 3,500 euros per month and is proven i) by the employment contract or project or employment certificate, in case of dependent work, services or project or ii) by bank account statements
  • If sufficient resources come from paid employment services, services or work, the above minimum amount refers to net income after payment of the required taxes in the country of employment. The above amount is increased by 20% for the spouse or cohabitant and by fifteen percent (15%) for each child. The amount of sufficient resources may be redefined by the joint ministerial decision.

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