The exceptional rise of telecommunication, access to (wireless) internet and the disruption of traditional employment and job opportunities allows the more adventurous to travel the world whilst living a location independent, flexible and liberal lifestyle. Digital nomads and perpetual travelers adopt such a lifestyle.
Digital nomads choose to live and work remotely in places that are most beneficial to them. Temporary and often unofficial residence within the scope and limitations of local rules determine the needs of the nomad to live, work and enjoy life at different locations. Important and relevant affairs include residence permits, nationality and passport, and the rights to work remotely. Distinct jurisdictions allow International Business Companies (IBCs) to take on assignments where they see fit. As such, the IBC can act as a conduit for business activities in the preferred hubs supporting the nomad lifestyle. However, one should consider and obey to the local employment and corporate laws to avoid legal challenges.
Nomad hotspots and playgrounds for perpetual travelers often combine low cost of living with a reasonably high quality of life. Since nomads and perpetual travelers either stay in a country under a tourist visa or a tax residence permit, income tax can sometimes be avoided. Yet, not all countries allow income to be earned inside the country even when the assignment takes place abroad.
To support the lifestyle, a nomad needs several tailor made services. Some of these products were designed initially for perpetual travelers, who advocate personal freedom and flexibility to ensure their lifestyle. The similarities between digital nomads and perpetual travelers clarify the need for legal and financial services such as banking, (health) insurance, asset planning and protection, company formation, administration and tax advice.