Is This Only For Single People?
Contrary to what many think, it is possible to do this as a couple, or even with children. If planned out carefully, you can make it work as a family who are homeschooling, or using online learning resources. Depending on the country you’re in, you might even use some of the savings to get a nanny to assist with children or housekeeping.
Are My Worldviews Out Of Date?
If you’ve grown up in some of the richer western nations, like the U.S., U.K., Australia, Canada, New Zealand, or the richer European or Asian countries, you might look at some of the medium-wealth or poorer countries of the globe in a certain way. But there’s a chance your worldview is “out of date” based on what these countries were like 20 or 30 years ago.
The reality is that the rest of the world has developed rapidly and, unless you’ve traveled extensively, you might not realize just how quickly things have developed. For example, there are ridesharing services, food delivery apps and co-working spaces with fast and reliable internet in many countries around the world. You can find reasonably developed and relatively safe cities or towns that offer good deals in terms of amenities and lifestyle for a better price. If access to healthcare is the thing for you, you could also consider medical tourism, by accessing healthcare in well-known medical tourism destinations such as Dubai, Costa Rica, Singapore or others.
Perhaps there is a lifecycle for countries, states or city states that come up really quickly with smarter rules and governance, creating good times, but then leading to weak people creating hard times. For 27 years, Australia had no recessions and was known as “the lucky country .” I wouldn’t call it that anymore!
Are some of the current “world-leading” nations coasting on fumes, going complacent or even trending the wrong way? Could you instead forge a pathway or life for yourself in some of the more hungry, “up-and-coming” nations, states or cities?
Bitcoin Nomadism Or Bitcoin Expats?
I’ve noticed there’s also a lifecycle aspect to how people pursue Bitcoin nomadism. After an initial period of time, traveling around more regularly, people slow down their pace of travel and perhaps they shift from “nomad” to “expat.” They might live from a different homebase (or multiple home bases). So, whether we call it “Bitcoin nomadism” or “Bitcoin expatism,” I think the point is more about living intentionally given that we live in a world with Bitcoin.
Rather than letting the inertia of life keep us in one place merely because that’s where we grew up, we should proactively select competitive jurisdictions that offer us a better deal.
Additional Resources And Advice
I’m going to list some resources and tips for those of you who are attempting to do this. Some of this has been informed by my conversations with other Bitcoiners, such as my friends CoinsureNZ (see podcast episode “SLP328 ” for more) and Katie The Russian . Readers might also enjoy my interview with Andrew Henderson, aka Nomad Capitalist (“SLP250 ”).
Don’t Actually Work From The Beach
You’ve probably seen pictures of travel influencers “working at the beach” or from a hammock. Don’t do this. This is not practical. What about sand in your keyboard? How reliable is the WiFi? What about your ergonomics and posture from sitting awkwardly? How long can you operate on your laptop battery without charging?
You’ll be far better off working from a co-working space, or from a designated desk in your room. It is important to actually get work done and keep good working habits, which is impractical to do at the beaches and bars. Save that for when you’re proverbially “off the clock.”
Don’t Travel Too Often
At the beginning, you might be tempted to travel really often. I’d recommend against this, as it won’t be practical. Every time you switch locations, you’ll have to figure out a new set of logistics around getting food, supplies, doing washing, transport, COVID-19 tests, etc. This is especially worse in the era of COVID-19 restrictions, when you have to check entry conditions for countries and so on.
Aim to spend a longer period of time in each location to ease the stress, try for two or three months if your visa allows. When you try to set up a new homebase, just be wary that your productivity may initially drop while you figure out how to reliably get things done. But after some time, usually a few weeks, you will adjust to the new location.
How To Research Where You’re Going
One great resource for figuring out what the current COVID-19 rules are is canitravel.net , where you can input your passport, where you are currently and where you’re going. You can then see the relevant COVID-19 entry rules. You can even check which countries are relatively open at a glance. This is much easier than individually trying to figure each country out.
You can budget and do some basic research with sites and resources such as nomadlist.com , numbeo.com and expatistan.com . These sites can give you an idea of living costs, internet speeds, temperature, quality of life and other information.
The Value Of Nomad Friends And Connections
Make nomad friends and join nomad groups. They’re on Facebook and other platforms, and they can be an important source of “on-the-ground” intel on an area before going, or to stay in touch with an area you previously visited. Of course, as a Bitcoiner, you could connect with local Bitcoin meetup groups or startups also. These connections will be valuable for helping you find the right place or way to get things done in the city.
You Don’t Have To Go ‘All In’
Some people think that they have to “go all in” on nomadism. This isn’t the case, you can start small and baby step your way in. If you’re thinking about “flag theory ” for example, you could start by going to a country and attempting to get a residence permit or nomad visa, and setting up a bank account in the country. This might give you some more flags for the next time you come back, or options in terms of P2P bitcoin trade.
Consider Residency Rights
While some nomads use “visa runs” (exiting and re-entering a country), note that you might want to consider formally applying for a residency on the basis of being an investor, entrepreneur, freelancer, etc., as this will give you less issues at the border when entering.
Accomodation wise, one approach is to start with hostels or Selina , while you then figure out longer-term accommodation on the ground. Some local options are not advertised online. Remember, you can “test run” Bitcoin nomadism and simply go back to your original country if it is not to your liking.
Summing Up
Other countries are not what you thought 20 or 30 years ago. In many cases, they can offer you a better deal via geo-arbitraging Western World income with developing country costs of living, new adventures or simply a better deal on taxes. Bitcoin is helping enable a new era of remote working and remote business.
To some extent, we’re seeing the sovereign individual thesis play out, with high-skill workers, entrepreneurs and investors being able to pick from the countries of the world like a diner can pick from a buffet of food choices. More and more people “voting with their feet” helps keep governments just that little bit more honest.
But of course, don’t do it for the vague notion of competitive jurisdictions, do it for the sake of your own goals. Whether that’s increased sat stacking and wealth creation for your family, or the chance to experience different adventures, you owe it to yourself and your family to be intentional with where and how you live.
Credit and thanks to CoinsureNZ and Zender for their feedback on the article.
This is a guest post by Stephan Livera. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
