WFH From Barbados

Automatic TRANSCRIPT

Global tourism as you might expect, has been way down this year the number of people going overseas on vacation declined by a massive sixty, five percent in the first half of the air. But this hit was especially bad for Barbados the Caribbean island nation has built its economy around tourism, and normally this is a really great business more than a million tourists typically visit. Barbados. And they're all these businesses that depend on these tourist hotels and restaurants and local farms that supply the restaurants and all of these people count on the tourism sector. It makes about a third of Barbados's GDP as people started to halt their plans for trips to places like Barbados those jobs and businesses, they took a huge hit. So the country's Prime Minister Mia Motley. She had an idea and I spoke to UC skeet about this. He's the US director at the organization that promotes tourism to Barbados Prime Minister Recognize that we have an opportunity to welcome these individuals who are working. Remotely to come to Barbados enjoy all that the Allen has to offer and stole be able to work. So what it did is it allowed us to look beyond short-term visitor and create lungs. The visitor is on the island and the government developed a special new visa twelve months long, and they're just a few conditions you have to work for your employer back home ending at least fifty thousand dollars a year that is, you know you're not getting a job in Barbados also, you pay two thousand dollars application fee and you need your own health insurance which travel insurance can typically cover. Application is approved Bam. You can sit up let up in a hammock overlooking the Caribbean on horseback. Emiko horseback take your pick and you know probably not very surprisingly daring after having seen this ad over two thousand people like, Sean. Have applied for the welcome stamp visa and it doesn't sound like a ton but using explained why this is actually a really important economic boost, they have to find a place to live. They have to eat this hurtling going to participate in a lot of the attractions and activities in addition to that. Then no become because I can guarantee you want to come into the welcome stamping Barbados they're not gonNA WANNA leave. So they're also become a part of the voice that tells their friends and families at that. You must visit Barbados and I think that then has even longer term benefits and I. Think that's certainly a win win. But of course, this question comes up in my head, right like, could it really be this easy I? mean if it is maybe the entire population of the world is going to end up in the Caribbean. But to check this out, we went to talk to Tim Burgess. He's the CO founder of an international workforce company called Shield Jimbo he's working internationally is not always so simple. There's there's a whole lot of compliance and I guess I. Sort of administrative issues that people don't think about in this context. Tim says, there are two main obstacles to international working from home. So first of all, if you're going for a long length of time like at least six months, you have to start thinking about taxes. If you're for example going to Mexico you might become tax resident in Mexico, your employment say hold on now where liable for having employees Mexico, and of course, this is not just income tax right? Example, Hanshin State health insurance. Yeah. All the different components of social security a few moved from the US. To Franz the employees accost goes from about fifteen percent on top of the salary to forty seven to fifty percent on top of the summer. So it's not as easy as just going to a we work in Paris. It's a very gray area. Barbados got around this particular snag. They said, you do not need to pay taxes in Barbados with this particular visa just keep paying your taxes and social security to home country but Tim. Raises a second issue, which is if you'll say working for an American company but want to work overseas the company you work for start to need to comply with your new countries, regulations and labor laws like say, maybe you'll be forced to take the minimum twenty four vacation days required by Jim. Laurie. If you relate to Berlin, which would be sad. Yeah. I mean that would be a struggle, but I would be up for tackling that. So Barbados, really turned this gray area into a very simple and clear invitation to remote worker. They saw this. And so Darian you know we started talking about this and we were wondering like, is this the wave of the future? I really hope and my hope is that people take it up. It would be a really wonderful initiative and a great model that people could follow and a lot of other countries have realize there is a huge opportunity here Estonia has launched its own visa. So has Bermuda and so Shaun the business intelligence analyst from Charlotte she's a tastes case company said, yes, and to visa was approved and the horses in hammocks wait exactly excited I I couldn't believe it. I was like Oh my God he's actually going to happen. I'm excited to Sean paid her two thousand dollars visa fee, and she now has her flights booked for just a couple of weeks from now what are you looking forward to most about? Barbados the food. The food tasting. Some new flavors there flying fish is like their. Go to national dish it's something called flying fish, which I have no idea

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