A rural region of Spain is paying remote workers $16,000 to relocate and operate a business in a lush valley just three hours from Madrid.
And this isn't the only country offering money to workers and entrepreneurs to relocate – list of countries wanting “Digital Nomad” is growing.
Last month, the regional government of Extremadura, an autonomous community located in the central-western Iberian Peninsula, announced its new “Live in Embargo” program, designed to attract remote workers by offering them about $16,620 in grants. If they are committed to living and working there. For at least two years.
“This phenomenon is going to change where people live, and it's going to change the spatial distribution of talent,” Prithviraj Chaudhary, a professor at Harvard Business School in Boston, told Fox News Digital.
Chaudhary has studied innovation, remote work, and the concept of “work from anywhere” for over a decade.
“Many economists thought that talent would flock to big cities and that megacities were the future of the world,” Chaudhary said.
“I think this is changing to some extent now. So, of course, megacities will remain important, but some people will live in communities outside cities, especially if they can work remotely. There will be a variety of places to find talent.”
People with such talents – as well as the ability to work remotely and the desire to see the world – are called digital nomads.
Since the COVID-19 pandemic, they have formed a kind of symbiotic relationship with countries around the world, trading consumption of goods and services for a lower cost of living in a new and often beautiful environment.
Surrounded by mountains, the Ambrose Valley is made up of lush pastures, diverse habitats and charming villages with local artisan cuisine.
But its largest village, Harvas, has a population of just 3,907, and some municipalities have less than 200 residents.
This is an issue known as “Empty Spain” which “Live in Ambrose” aims to combat.
According to a press release from the Regional Government of Extremadura, the main objective is to prevent population loss in rural areas and the Ambrose Valley is one of the areas that suffers from a continuous loss of population and services.
“The obvious benefit to the community is that when digital nomads come and spend time in that community, they spend consumption dollars,” Choudhary said.
“They go to restaurants, they stay in hotels [an] airbnb. But I think an even bigger benefit could be to facilitate relationships between local people and nomads in a way that the community can gain knowledge and even entrepreneurship opportunities.”
Digital nomads are getting their fair share, whether financial or experiential, Chaudhary said.
“Some people are just looking for a place where they can move and live, that is cheaper than their location [currently] Live,” he said.
“You can move somewhere cheaper, and if you're allowed to work remotely, you may have the same income but spend a lot less on housing and other things, and then you have more savings. “
Other people are in it to see the world, he said.
“There are a lot of people who like to make connections in different communities, get experiences from different places, get life experiences,” Chaudhary said.
“In terms of culture, you can build a portfolio of diverse connections and experiences.”
For Dave Williams, an Atlanta entrepreneur, it's a little of both, he said.
“It's not too far to get here from the U.S., it's a nice time zone, the weather is great and it's very affordable,” Williams told Fox News Digital about living in Portugal.
“But it's also about this concept of geoarbitrage, the idea is that you can take your property or your income and live in a country where it is much less expensive. For example, health insurance policies may cost only $1,000 per year, compared to $1,000 per month in the US. “The cost of living is about half or less than half that in the United States.”
He and his wife moved to Portugal in 2017 and now run a business called NomadX, which works with local governments to boost the economy as well as create communities for remote workers.
Chaudhary said that before the pandemic, only two countries, Estonia and Barbados, offered specific visas for remote workers.
Since the pandemic, that number has swelled to more than 60, which Chaudhary highlighted in an article for Harvard Business Review.
According to the press release, the Ambrose Valley program will provide up to 200 digital nomad grants, which can be used for “available housing, arable land and everything else needed to accelerate their arrival.”
Before applying for the Live in Ambrose program, candidates must first obtain a Spain digital nomad visa and official residency.
Applications will go live this month and can be submitted online through the Extremadura General Electronic Access Point.
Many other countries, such as Italy, Switzerland, Ireland, and Chile, offer financial incentives for workers looking to make a global move and even start a company.
“Chile has had a program called Start-Up Chile for more than a decade,” Chaudhary said.
“It was not announced as a digital nomad program because it is so recent, but what Chile offered and is still offering is a one-year program for foreign entrepreneurs to come there and start their companies. Have a visa. Chile also provides $20,000 of free equity capital to each of these foreign entrepreneurs.
Choudhury cited Williams' program in Madeira, Portugal as one of the success stories.
“They have also created a digital nomad village,” Chaudhary said.
“The increased geographic mobility of remote workers is shaping communities and potentially reversing a brain drain in places where talent may have been lost for decades.”
Williams said the experience of being a digital nomad has been life-changing.
“When we moved here to Portugal — or whenever I went through a life change or move — it really helped me try something new and get to the next level,” Williams said.
“I think it's easier to be comfortable and stay in one place and be where your work is or be where your family is. Although governments may not always be able to get along with each other, people seem to generally be able to get along with each other and are very cooperative. It really gives you a lot more faith in humanity,” he said.
