An Estonian initiative catering to digital nomads brought in a record €68 million ($79.2 million) in tax revenue and fees in the first half of the year, according to the government.
The e-Residency program allows entrepreneurs to access the European Union market by digitally registering a company in the Baltic country of 1.3 million people. They can then manage it from anywhere in the world.
Although opportunities for flexible work continue to shrink, several popular destinations in Europe have launched digital nomad programs in a bid to compete for foreign talent. Tech-savvy Estonia, which has drawn international attention for its digital elections and online marriages, launched its initiative in 2014.
Since then, the program has reaped €342 million for the state. One in five companies in Estonia was founded by e-residents.
However, the scheme has not been without local controversy due to concerns about issues such as money laundering.
Businesses from 185 countries have taken part in the program, with those from Spain, Italy and Germany being among the most active.
