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Sri Lanka first in affordable destinations for ‘Digital Nomads’

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Among the 50 countries offering digital nomad visas, Sri Lanka stands out as the best value for money, boasting an average monthly cost of living at USD 624.0. This represents a 14% savings in disposable income compared to the second most affordable country on the list.

A digital nomad visa is a temporary residence permit that allows remote workers and freelancers to live and work in a foreign country for an extended period while conducting their work online.

The availability of digital nomad visas in numerous countries worldwide, along with the substantial remote workforce,

Nethmi Fernando and Tharusha Fernando

Nethmi Fernando and
Tharusha Fernando

including over 5 Mn Brits and 16 Mn Americans, offers an invaluable opportunity for flexible and location-independent work.

The USA is one of the most expensive countries for day-to-day living, with costs exceeding USD 2,000 per month. Their healthcare system is notably the most expensive, with citizens spending over 40% more per person compared to other countries.

The UK is ranked 16th among the most expensive countries to live in, with an average cost of living exceeding USD 1,800.

In 2022, households in the UK experienced significant increases in fuel and energy bills, along with soaring prices in grocery stores.

During a webinar hosted by First Capital Research, experts Tharusha Ashokgar and Nethmi Fernando who shared their insights into the resurgence of Sri Lanka’s tourism industry said that Investor confidence in Sri Lanka’s tourism sector is on the rise, with 95 projects involving 5,424 rooms currently under construction and expected to be completed by the end of 2023.

Rising global trends in tourism helped Sri Lankans to surpass monthly targets and welcome 1 million tourists within a year.

Factors contributing to this recovery include increased air connectivity, the lifting of travel restrictions by key source markets, favourable weather conditions, and multiple tourism promotion campaigns targeting markets in India, Europe, and China.

Sri Lanka’s earnings from tourism have seen substantial growth, reaching USD 1 billion by July 2023, representing a 43% year-on-year increase compared to the previous year.

The country is now considered one of the world’s fastest-recovering destinations, with 2022 arrival figures almost reaching pre-pandemic levels.

Year-to-date figures for 2023 already stand at approximately 1.3 million arrivals, indicating a strong likelihood of further growth in the coming months.

India and China stand out as key source markets, with India currently being the largest contributor to Sri Lanka’s tourism industry.

Factors such as proximity, affordability, and a growing middle-income population drive India’s influence. (TP)

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