The Nomad Economy is Real, and Most People are Reading the Map Wrong

By Anatoliy Letaev

A $400,000 tax surprise in the United States sent one entrepreneur on a decade-long search for the right country to run a business and raise a family.

When, 13 years ago, my tax adviser told me I owed roughly $400,000 on the sale of a company I had built in Ukraine — a business with zero connection to the United States — I did what most people in that situation would do: nothing. I didn’t sell. A few months later, my family and I left the country. That phone call, and the term “worldwide taxation” I heard for the first time during it, rearranged the way I think about where to live.

The question nobody puts on the spreadsheet

The 2025 Family Office Investment Insights Report from Goldman Sachs found that 61% of respondents cited geopolitical conflict as their top investment risk, ahead of inflation and recession. But here is what surprised me: the same families who stress-test their portfolios against war rarely stress-test their home address.

I have held residency in six countries. My two children carry different passports. And after living in the United States, Portugal, and now Brazil, I can say with some confidence that the country you sleep in affects your business more than most operational decisions you will ever make. Tax jurisdiction, banking access, visa restrictions on travel, even the time zone you occupy relative to your clients — all of it compounds.

Tax jurisdiction, banking access, visa restrictions on travel, even the time zone you occupy relative to your clients — all of it compounds.

In early March 2025, Iranian missiles and drones struck targets across the UAE. Friends of mine who had moved to Dubai for its zero income tax and stability were suddenly looking at six-figure private-jet evacuations. The 2025 Global Peace Index confirms the pattern: global peacefulness has declined for the thirteenth consecutive year, and several indicators that historically precede larger conflicts are at their highest levels since World War II.

Geography is a business decision. Treat it like one.

Three countries, side by side

I lived in each of these places long enough to file taxes, enroll children in school, and open a business bank account. Here is what I found.

United States (Miami, Florida)

The U.S. taxes its residents on worldwide income regardless of where that income originates. Federal rates for an entrepreneur clearing $500,000 can exceed 37 percent — the top bracket under the Internal Revenue Code, applicable to taxable income above roughly $609,000 (2024 tax year, per IRS Revenue Procedure 2023-34). Florida has no state income tax, but that does not exempt you from federal obligations, FICA, or the net investment income tax. The infrastructure is world-class with fiber internet, 24-hour logistics, and English as a working language. But the cost of that infrastructure is real: a one-bedroom apartment in central Miami now averages roughly $3,000 a month, and private kindergarten runs close to $1,900 (Numbeo, March 2026). On safety, the Global Peace Index ranks the U.S. 127th out of 163 countries — below every Western European nation and below several Latin American ones.

Portugal (Lisbon / Cascais)

Portugal became the darling of the remote-work crowd around 2019, and for good reason. The Non-Habitual Resident (NHR) tax regime offered a flat 20% rate on Portuguese-sourced employment income, and for years, certain foreign income was exempt entirely. The original NHR closed to new applicants in 2024. Its replacement, IFICI (Incentivo Fiscal à Investigação Científica e Inovação), keeps the 20% flat rate but limits it to specific categories: scientific researchers, startup employees, and professionals in occupations classified as “high added value.” For a typical remote entrepreneur, the preferential rate is no longer available. The country shut its real-estate-based golden visa in 2023, and the immigration backlog at AIMA is running into 400,000 pending cases. A one-bedroom in central Lisbon averages about $1,530, and the D8 digital nomad visa requires proof of income at four times the Portuguese minimum wage, around €3,500 a month. Internet speeds in Lisbon are strong, and the time zone is compatible for working both with the USA and Europe. The Global Peace Index places Portugal at number 7 in the world.

Brazil (Florianópolis)

Brazil taxes residents on worldwide income too, but the rates are lower: a top marginal bracket of 27.5% kicks in at roughly $20,000 a year in equivalent income, and a new law effective in 2024 tightened rules on offshore holdings. The real advantage is cost. A one-bedroom apartment in central Florianópolis averages $579 a month. A mid-range dinner for two costs about $40, compared to $120 in Miami or $57 in Lisbon. Permanent residency through real estate starts at approximately $185,000, with a path to citizenship and a passport after four years of residency. Florianópolis has 42 beaches, reliable fiber broadband in urban areas, and a growing number of international schools. Brazil ranks 82nd on the Global Peace Index — middle of the pack, and the country has not fought an external war since 1870. The main safety concern is property crime in specific neighborhoods, which locals navigate with the same common sense you would apply in any mid-sized American city.

The numbers at a glance

 Sources: Numbeo (March 2026); Global Peace Index 2025; IRS (U.S.); Portuguese Tax Authority; Brazilian Federal Revenue.

A checklist before you move

After helping more than 2,000 families relocate through Migronis and going through several relocations myself, I keep a short list of questions I ask before any move.

1. Does this country tax income earned elsewhere? The answer determines whether your existing business becomes more or less profitable overnight. Before you commit to a country, find out how it taxes foreign income today, and look at which direction the policy is moving.
2. Can I open a business bank account, and how long will compliance take? The answer sometimes depends on your passport. For some nationalities, the process wraps up in days; for others, enhanced due diligence can stretch it to months.
3. What does the residency path look like in five years? A visa is permission to stay. A passport is permission to leave. If a country does not offer a realistic route to citizenship, your options shrink the moment the political weather changes.
4. Where are the nearest conflicts? Look at the map the way a logistics company would. Dubai is 150 kilometers from Iran across open water. Florianópolis is thousands of kilometers from the nearest border dispute, and that dispute is dormant.
5. What do the hidden costs look like? Miami’s lack of state income tax disappears when you add federal tax, health insurance at $1,500 a month for a family, and property insurance. Lisbon’s reasonable rents disappear under 23% VAT and the cost of navigating Portuguese bureaucracy. Floripa’s low sticker price holds up under scrutiny because the things that cost less (food, housing, childcare) are the ones you spend on every single day.

The luxury of choosing one place and being sure it will stand the test of time for the next 10 years is something we no longer have in our fast-changing world.

We have been in Florianópolis for over a year now. I think it was the right call for this chapter of my life. In a couple of years, we may reassess; the luxury of choosing one place and being sure it will stand the test of time for the next 10 years is something we no longer have in our fast-changing world.

About the Author

Anatoliy Letaev is the founder of Migronis, a citizenship and residency advisory that has helped more than 2,000 families obtain second passports or residencies since 2012, and Borderless, a platform for global mobility. He has held residency in six countries and currently lives in Florianópolis, Brazil.