With the coronavirus outbreak, the world has started to change. Due to the restrictions, everyone had to adopt new lifestyles and find new ways to work. Then, not surprisingly, companies and organizations have adopted new work models, such as remote or hybrid. And these new work models have shown how advantageous they can be. Not just for one party, but both. It has been a great option for both employees and employers.
Also, with these new work models, there have been new terms that are used among or/and for these remote workers. Such as geo arbitrage. So what does this word mean? Geo arbitrage is the practice of profiting from the cost discrepancy between two geographical places. So, these locations are seen as treasures for digital nomads where they can benefit from exchange differences. Most people think about South American countries or little-known islands for currency exchange opportunities.
However, there are some hidden gems considering geo arbitrage, and Turkey is one of that places. With cozy cafés, beautiful nature, low cost of living, and many other things, Turkey has much to offer for digital nomads. Not to mention that in the last two years, its Lira has lost its value considerably. Let’s see what Turkey has to offer to digital nomads.
Why Turkey Might Be Ideal for Digital Nomads?
1- Perfect Geoarbitrage Opportunity (Currency Difference)
Turkey should be seen as a treasure for location-independent employees for several reasons, but currency depreciation may be the most significant one. Since 2018, the Turkish Lira has lost considerable value due to the currency devaluation. Even though the cost of living has risen for citizens of Turkey, the devaluation led to great opportunities for digital nomads. And this is what they call this geo arbitrage, which offers affordable health care options, lower cost of living, and increased living standards.
According to NordLayer Remote Work Index, the economic conditions of a location plays a significant role for the remote workers. To this end, Turkey might be a great geo arbitrage opportunity, especially when you are paid in strong currencies like euros, US dollars, or British pounds. You can live for under $1100 a month in Turkey including all expenses and save the rest.
2- Social and Daily Life
And when it comes to daily life there is a wide range of social events in Turkey. You can always find something that you like, especially in major cities in Turkey. Let’s take Izmir as an example, a beautiful city situated along the Aegean coast where you can enjoy great natural scenes while working. Or in Istanbul, you can feel the historical background while wandering in the city and experiencing the rich culture. These cities offer a lot of options to choose from museums to cocktail bars, historic areas to festivals, natural sites to concerts.
Another benefit of these cities is well-connected public transport. But most importantly, you can find several remote working areas such as silent libraries, coworking spaces, and cozy cafés. It is easy to find Wi-Fi connections all around the city and SIM cards are easy to obtain. Also, Wi-Fi download speeds in Turkey on mobile and fixed broadband average 26-32 Mbps which is lower than Europe’s average but still higher than the world average.
3- Visa Policy — Easy, Fast and Affordable Visa Process
Being a digital nomad has its difficulties too; obtaining a visa might be the most difficult one. The paperwork and bureaucratic hoops can be exhausting. However, Turkey offers easy visa application processes. For example, Canadian and US citizens can apply for a visa online, which takes only hours with a considerable price ranging from $50 to $70. All you need to do is gather the necessary documents to travel to Turkey, your new work location.
Also, after the Turkish government declared that visas will no longer be necessary for passport holders from Austria, Belgium, Croatia, the Republic of Ireland, Malta, the Netherlands, Norway, Poland, Portugal, Spain, and the United Kingdom the number of visa-exempted countries increased to 91. This visa policy of Turkey allows for an easy visa process, saving you a lot of effort, time, and energy.
Remote work models may seem boring for some people, and it is a controversial subject. However, you can truly understand its value only when you start to take advantage of it. The number of digital nomads and remote workers is increasing each day and the world is becoming more mobile. With this mobility, you don’t need to choose between “either/or” no more. A good remote work location can offer you various opportunities which may last for a lifetime.
While working remotely, a stable internet connection is probably the most important requirement, the rest is easy. You can experience many different things that you would never encounter in the office. With this flexibility, without sacrificing anything particular, you can enjoy your time abroad and save money by taking advantage of the low cost of living in different countries. Give Turkey a chance as your next location, its advantages are significant for remote workers.