Just as the global race to the bottom in corporate taxation is ending, a new threat to governments’ tax revenues is emerging in the form of countries competing to lure high-earning remote workers.

Governments recently agreed a deal to introduce a minimum rate for the world’s largest corporations but, as officials hammer out the details, the pandemic has turned many well-paid individuals into transient nomads.

Many professionals are already merging work with holidays — joining Zoom calls as they quarantine in foreign villas before taking leave with their families. Others are expats who are working remotely back home to stretch out the time they can spend there.