VisaGuide.World, an online free information guide to worldwide visas, ranked the countries based on various factors that directly impact the lifestyle of a digital nomad.
The Digital Nomad Visa Index ranked the countries based on the following factors:
- Active visa availability
- Internet speed
- Taxation policies and tax-free length
- Income requirement for visa applications
- Cost of living in Euros
- Global Health Score (GHS)
- Tourism popularity
Portugal has already announced several policy changes coming in 2024 that can be viewed as unfriendly to digital nomads, including an end to its non-habitual resident regime, which allowed a tax reduction for 10 years to new residents regardless of nationality.
Spain is the best country for digital nomads next year with a score of 4.50 out of 5.
As of 2023, Spain's remote work visa allows people to live in the country for up to a year as long as they have an income of at least double Spain's minimum wage, more than €2,600, or $2,750, a month.
Applicants must have no criminal record in Spain or anywhere else for five years before applying, private health insurance, a one-year employment contract with a company outside of Spain and at least three years of work experience or a college degree in their field, according to Spain's Ministry of Inclusion, Social Security and Migration.
Earlier this year, Spain announced that it was allowing spouses and families to join successful applicants of the digital nomad visa as they have higher wages than the minimum amount required.
The applicant must show an additional $1,000 more per month in income for one family member. After that, applicants must have an additional $335 per person per month.
For example, for a family of four to move to Spain, the applicant must show earnings of $4,350 per month, or about $52,200 per year.
Argentina ranked as the second-best country for digital nomads in 2024.
The South American country's digital nomad visa allows remote workers to stay for six months with the option to renew their stay in Argentina for up to a year. To apply, you need to have a remote job and a passport from a country that doesn't require an Argentine visa, according to The National Directorate of Migration.
When the digital nomad visa was announced in 2022, the Argentine government stated that applicants would receive discounts on airport transfers, transportation, hotel stays and co-working spaces.
It's still unclear what the income requirements are for remote workers to apply for a digital nomad visa in Argentina. According to the VisaGuide. World report, nomads with an Argentine visa can live tax-free throughout their stay.
Argentina's high Internet speed and popularity with tourists are two factors that make this visa a much sought-after one.
DON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter!
Get CNBC's free Warren Buffett Guide to Investing, which distills the billionaire's No. 1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook.