Digital Nomads – Challenges and opportunities, navigating the EU regulatory considerations for financial services firms

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COVID-19 has changed the way financial services firms and their staff work. As “Working from Home” has become widespread, many firms and staff have considered whether remote working could be rolled out to staff being based further afield and possibly more permanently. Certain countries and tourism operators have begun to court those that can and who are looking to swap their home working arrangements for temporary “workcations” and/or longer-term Digital Nomad arrangements. While some of this might be welcome for financial services firms, employees as well as a breadth of new host state countries, it also poses some new types of risks. This Client Alert assesses some of those risks and considerations for firms and staff alike.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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