With just more than 10,000 digital residents, Palau has raised a significant amount in fees since the country launched its digital residency program in 2022.
Since costs range from $248 to $2,039 for a digital residency of one, five or ten years, the program is a continued source of revenue for Palau, and an attraction for the cash-strapped country as it waits for its major source of revenue – tourism – to return.
The idea clearly has fiscal potential. Estonia was the first country to launch a digital residency in 2014. Since then, the country has attracted more than 100,000 e-residents from around the world.
Portugal’s model – launched in 2020 – is open to European Union and non-EU residents, requires a minimum income of 3,040 euros a month, but also offers a temporary digital stay visa that can lead to residency. The Portuguese digital residency allows its digital citizens to use government services online, and after five years offers citizenship, bringing with it the ability to visit close to 200 countries visa-free.
The Palau digital residency offers a government-issued ID. As such – and like other digital IDs, it can be used for any purpose requiring a government-issued ID. In addition, 90% of cryptocurrency exchanges offer the Palau residency program and ID – opening it to a wide market of digitally-tuned people around the world, to include digital nomads. A digital residency allows individuals to start and manage a business on-line. Digital residencies typically offer networking and business opportunities.
While the digital residency is clearly not a passport citizenship, it does offer an extension of tourist visas to Palau by 180 days. The Palau ID does not require its digital residents to visit Palau but mails a physical card.
Palau is fully invested in the digital movement, emphasizing that with its recently hosted blockchain summit, that drew around 60 people to visit Palau – also not a bad number of visitors for a highly specialized event. And each of the 60 will have required lodging, and meals and no doubt made some discretionary spends during their days in Palau. mbj
Since costs range from $248 to $2,039 for a digital residency of one, five or ten years, the program is a continued source of revenue for Palau, and an attraction for the cash-strapped country as it waits for its major source of revenue – tourism – to return.
The idea clearly has fiscal potential. Estonia was the first country to launch a digital residency in 2014. Since then, the country has attracted more than 100,000 e-residents from around the world.
Portugal’s model – launched in 2020 – is open to European Union and non-EU residents, requires a minimum income of 3,040 euros a month, but also offers a temporary digital stay visa that can lead to residency. The Portuguese digital residency allows its digital citizens to use government services online, and after five years offers citizenship, bringing with it the ability to visit close to 200 countries visa-free.
The Palau digital residency offers a government-issued ID. As such – and like other digital IDs, it can be used for any purpose requiring a government-issued ID. In addition, 90% of cryptocurrency exchanges offer the Palau residency program and ID – opening it to a wide market of digitally-tuned people around the world, to include digital nomads. A digital residency allows individuals to start and manage a business on-line. Digital residencies typically offer networking and business opportunities.
While the digital residency is clearly not a passport citizenship, it does offer an extension of tourist visas to Palau by 180 days. The Palau ID does not require its digital residents to visit Palau but mails a physical card.
Palau is fully invested in the digital movement, emphasizing that with its recently hosted blockchain summit, that drew around 60 people to visit Palau – also not a bad number of visitors for a highly specialized event. And each of the 60 will have required lodging, and meals and no doubt made some discretionary spends during their days in Palau. mbj