Where’s the best place to be your own boss?
Given the high cost of living in many of the world’s major business cities – and advancing technology that allows many to work from just about anywhere in the world – digital nomads have made a life working for companies in one city while enjoying the lifestyle of another.
It’s an especially popular concept in Prague, which has historically been a expat hotspot due to the relatively low cost of living. In recent years, coworking venues such as K10 have been thriving in the Czech capital.
And while the cost of living is rising in Prague, the Czech capital is still a great location to live while working for yourself or companies abroad.
In a new study by global business services website Expert Market, 57 countries across the world were rated according to eight factors to determine the top countries to “be your own boss.”
Those factors included criteria like each country’s cost of living, income tax, access to credit, average internet speed, transport networks, free wifi availability, ease of starting a business, and even the cost of a coffee.
Hong Kong led the list, thanks to its low income tax, ease of starting a business, and good credit scores. The USA, South Korea, UAE, and UK rounded out the top five.
But just cracking the top 10 was the Czech Republic. Individual scores were not revealed, but our guess is that Prague’s great public transport system, good internet ratings, and low income taxes were a factor, while rising a rising cost of living may have kept the country from scoring higher.
In what might be a surprise, two Eastern European countries rated just ahead of the Czech Republic: Estonia and Bulgaria, with the latter noted for having the cheapest cappuccino in the world.
At the other end of the list, South American countries (Uruguay, Argentina, Ecuador and Peru) rated among the worst for digital nomads, along with the Philippines and Israel.
1. Hong Kong
3. South Korea
5. United Kingdom
7. New Zealand
10. Czech Republic