e-Residency programs are a new craze with nations around the world that are prospering both currently and aiming to be expanded upon into the future. Many nations are taking up the concept of creating e-residency programs. Let’s quickly look at what e-residency programs are. We’ll be aiming to shine a light on them as a whole.
What Are e-Residency Programs?
E-residency programs at their core are essentially digital residency. They allow you to gain an online and virtual identity within a country to create and conveniently manage an online business. In 2014, Estonia set the standard with its creation of the world’s first e-residency program.
E-residency programs are perfect for people who are not stuck to providing a location-dependent service. This means it would be a fantastic option for jobs such as consultants, freelancing, or solopreneurs.
Benefits to Being Part of an e-Residency Program
E-residency programs offer a variety of special benefits to those who are interested in joining them. Below we have decided to list just some of the main perks to being part of an e-residency program:
The ability to start up an online company allows you to run your dream business from the remote comfort of your home. E-residency programs offer a wide range of tax assistance without having to enter the nation physically. Once you’ve been passed by the nation’s embassy, you’ll be issued a smart card. This card can allow you to sign documents digitally from anywhere you wish. Lastly, e-residency programs provide a sense of community. You’ll find yourself instantly connected with similar minds to yourself all over the world.
What Do You Need To Join an e-Residency Program?
Becoming an e-resident at its core is quite easy. However, requirements are different between programs. This means that it all depends on which nation’s program you aim at applying for. For example, in Estonia, you’re required to agree to a background check while having a completely flawless criminal record to be considered.
Which Countries Do Provide e-Residency Programs
E-residency is on the rise. Since Estonia broke the mold, many countries have started or are planning on starting their programs shortly. Below we have listed just some of the nations that have already begun their programs with a few details on how they work.
Estonia e-Residency Program
As mentioned, Estonia is seen as the pioneer of the e-residency programs world since beginning in 2014. Being a member of Estonian e-residency means you’ll be starting as part of one of the most digitally advanced nations. Some of the benefits of Estonian e-residency include:
1-) The opportunity to start your own EU company and work entirely online
2-) Small maintenance funds and incredibly low costs
3-) No tax payment is required on profits that are reinvested into your company
4-) Taxation within the Estonian e-residency program is extremely open
5-) Estonia has membership within the European Union, OECD, and NATO
Lithuania e-Residency Program
Lithuania is one of the more recent countries to launch its e-residency program. Their program began in January of 2021. The program is still being worked on, however, here are some of the known benefits as of now:
1-) Ability to start a company in a European Union nation.
2-) The ability to conveniently pay taxes.
3-) Having convenient access to both bank accounts and the European business market.
Ukraine e-Residency Program
Ukraine has also been one of the latest countries to start its e-residency program. Their program was launched only in July of 2021. Some of the benefits of their program are listed below:
1-) Free sign-up to the program if done as of the publishing date of this article
2-) The ability to access banking anywhere
3-) A completely flat tax rate of just 5 percent
4-) Gain professional and quality assistance from English speaking managers
Countries That Have Plans To Launch e-Residency Programs
Many countries are intending on beginning their e-Residency journey at some point soon.
For example, Portugal announced in 2020 that they planned on starting their e-residency program shortly. It is expected to be similar to Estonia in many ways. We have listed some features of the intended program below:
1-) The ability to create an online business without being a taxpayer toward Portugal.
2-) The ability to have access to company and personal banking.
3-) The ability to avail of Portugal’s national health services if needed.
4-) Be able to pay taxes and sign documents digitally.
This is just one of the countries that have intended on starting their e-Residency program in the future. Many other nations intend to do the same such as Dubai, Singapore, South Africa, Thailand, Brazil, Japan, and the United States of America. The growing popularity of e-residency programs is becoming ever more obvious when you look at just how many nations are putting plans in place to start their own since Estonia started the trend years ago.
So, there you have it. We hope that as GoVisaFree, we’ve highlighted the perks of being involved within an e-residency program of a country. Hopefully, all this information provided can give you a clear insight as a user as to which one will be best suited to your own needs. Best of luck with your search!
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