The COVID-19 pandemic has dealt a heavy blow to many economies. With tourism and travel coming to a screeching halt, with countries scrambling to find new ways to bring in revenue. Enter the digital nomad. Could this breed of worker be the key to jumpstarting a struggling economy? Let’s take a closer look. 

In recent years, there has been a growing trend of digital nomads – people who are able to work remotely, often from anywhere in the world. This trend is likely to increase, even with pandemic restrictions being lifted, as more and more companies allow their employees to work remotely indefinitely. There are many implications of this trend, but one of the most significant is the impact it will have on countries’ economies.

The positive impact of digital nomads on a country’s economy has been well documented. For example, a study by Payoneer found that in 2018, digital nomads contributed an estimated $30 billion to the global economy. This figure is expected to grow to $50 billion by 2023. Furthermore, research has found that digital nomads tend to spend more money than other tourists – an estimated $1250 per month, compared to $700 for other tourists. 

There are several reasons for this. First, digital nomads are usually highly educated and have high disposable incomes. They are also more likely to be younger and single, meaning they have less commitments and more money to spend. Second, digital nomads tend to stay in a destination for longer periods of time – an average of 2-3 months, compared to 1-2 weeks for other tourists. This allows them to really get to know a place and experience all it has to offer. Finally, digital nomads often have a positive impact on local communities through their spending and involvement in local activities and initiatives.

While the positive impact of digital nomads on a country’s economies is clear, it’s important to note that there can also be some negative consequences. For example, if too many people move to a city or region in search of the “perfect” digital nomad lifestyle, it can lead to problems such as overcrowding and overdevelopment. It’s also important that countries do not try to attract digital nomads at the expense of their own citizens or residents – for example, by offering tax holidays or other incentives that only apply to non-residents. 

The UAE a Digital Nomad Destination?

The UAE is an attractive destination for digital nomads for a number of reasons. First, it offers a high quality of life. With its world-class infrastructure and abundance of amenities, it has everything a digital nomad could want—and then some. Second, it is home to a large number of multinational corporations. This provides digital nomads with ample opportunities to find work that suits their skillset. Finally, it is centrally located, making it easy for digital nomads to travel to other parts of the world when they want or need to. 

What are the benefits?

There are many potential benefits of the UAE welcoming digital nomads recently with its visa and residency reforms. For starters, they provide a much-needed boost to the country’s economy. With more people working and spending money in the UAE, businesses would thrive and unemployment would decrease. In addition, digital nomads tend to be highly educated and skilled individuals. By bringing their talents and skillsets into the country, the UAE would further solidify its position as a leading global hub for business and commerce. 

Now they are here, now what Since the UAE started to position itself as a digital nomad go-to destination, the next step was how to ensure to retain this talent as to benefit long-term from their presence in terms of economical factors. This ushered the next government policy of creating a system to keep them here or make them vested in the UAE. Welcome to the scene the 10 year UAE Golden Visa.

The Case for the UAE Golden Visa or Talent Based Visas

There is no question that the UAE is a global hub for business and talent. It has emerged as a top destination for businesses and professionals from all over the world. In order to attract and retain this world-class talent, the government has implemented a number of visa reforms designed to attract and welcome highly skilled workers from all over the globe. One of these reforms was the 10 year Golden Visa.

The 10 year Golden Visa is a talent based visa designed to attract highly skilled workers in specific industries or with specific skill sets that are in high demand. This visa offers a number of benefits to both the individual and the business.

Why Talent Based Visas Matter for Nations

There are a number of reasons why talent based visas matter. First, talent based visas offer businesses access to a pool of highly skilled workers that they would not otherwise have access to. This is especially important in industries where there is a shortage of qualified candidates, such as in the STEM fields. By attracting top talent from all over the globe, businesses can remain competitive on a global scale.

Second, talent based visas provide an opportunity for individuals to live and work in some of the most vibrant and exciting cities in the world. The UAE is home to some of the best schools, hospitals, and lifestyle amenities in the world. By attracting top talent from all over the globe, the country can continue to offer its residents a world-class standard of living.

Third, talent based visas help to diversify the economy. By attracting top talent from all over the globe, businesses can tap into new markets and create new products and services that appeal to a global audience. This diversity helps to create an environment where innovation can thrive. 

Fourth, in the UAE the 10 year Golden Visa allows for talent to be vested in the country for the long run bringing much needed stability for people to establish their lives, families & careers. This allows the UAE economy to transition to a stabilized non-transient talented workforce, here to stay, just like any developed economy.

Overall, the impact of digital nomads on country economies is largely positive. They are typically young, single people with high disposable incomes who are willing to spend money and stay in a destination for extended periods of time. However, it’s important that countries manage this trend carefully so that it does not lead to negative consequences for permanent residents and citizens in terms of markets and economical gains.

The UAE’s Golden Visa is a prime example of a Talent Based Visa program that offers a number of benefits to both businesses and individuals. By attracting top talent from all over the globe, businesses in countries can remain competitive on a global scale while individuals can enjoy a world-class standard of living. The program also helps to diversify the economy of any country by attracting top talent from all over the globe. Finally it makes the UAE economy a mature developed one with an abundance of talented workforce.

For more articles like this by ‘Subscribe’ to Omar’s Newsletter on Linkedin or visit his website www.theintellect.ae

Self Development