Have you always dreamt of working from your marvellous sea view apartment enjoying sunsets every evening with a glass of excellent Spanish wine?
The new digital nomad visa and its start-up law has been finally published.
On the 22nd of December, the Spanish Government officially published this law which has the aim of revolutionizing Spanish legislation related to boosting entrepreneurship and the start-up world.
The main objective of this law is to
- Facilitate and enhance the creation of new fast-growing technology companies.
- Attract foreign investment and new talents to the country
- Convert the Spanish territory into a real hub of reference for international entrepreneurship
In order to reach these goals, the government offers a large number of tax incentives to start-ups and foreign workers and creates a new visa for digital nomads and remote workers relocated in Spain.
If you work remotely for an international company or if you are a freelancer and have different sources of income which you can prove and, what is more important, you are eager to continue working while enjoying the Spanish lifestyle, this new visa is the best option for you!
Benefits for foreign entrepreneurs
The most obvious advantage is that for those who meets the requirements of this new residence permit, obtaining residency in Spain will be much easier than it has been until now.
There are two different scenarios:
- Apply for residence as a digital nomad directly from Spain, during the first 90 days on a tourist visa
- Start the application at the Spanish consulate located in the country of origin.
In the first option, you will get a residence card for 3 years, which can be renewed every 2 years (being able to apply for permanent residency at 5 years and at 10 years’ citizenship).
In the case of initiating the process from your country of origin, a 1-year visa would be obtained first, which could be then modified later to the 3-year residence card.
One of the main features of this visa is that it is contained within the Entrepreneurs Law or Law 14/2013.
- A fast-track application in just 20 working days (vs the 3 months that permits under the general regime experience);
- The applicable administrative silence is positive;
- Possibility to include your family members in the application and they will get the same residence permit as you:
- The time with this residency counts for permanent residency and for Spanish citizenship
- Work for a Spanish company or client is also possible as long as the income you obtain from that company does not surpass more than 20% of your total income.
What is more digital nomad visa applicants can access a completely favourable tax regime; offering greater flexibility to pay and access the non-resident income tax (the type of taxes they must pay since their economic centre of interest is not in Spain).
This means a reduction in the taxes that these remote workers would pay; since up to 600.000€ they would pay 24% of their income derived from work instead of paying a progressive rate that can reach up to 48%.
In addition to all this, for the remaining taxes, they will be considered as non-residents for tax purposes.
- First of all, you have to prove that you are an international remote worker who wants to settle in Spain:
- Demonstrate that there is a continuous employment relationship with an international company (at least 1-year contract). This company must also certify that online working for the applicant is allowed;
- This company or companies with which the digital nomad has a relationship must have been operating in the market for at least 1 year;
- The applicant must show a sufficient academic (graduation from prestigious university or business school) or work experience (at least 3 years in this field);
- Demonstrate possession of sufficient economic means. The exact amount is 200% of the SMI (€25,000), which can be demonstrated via bank account (it can be a foreign bank account) or salary.
What are the benefits of living in Spain for digital nomads?
They are obvious: great climate, nice and open people, multicultural community, good cuisine, great wine, stunning views, low cost of living (compared to other European countries), improved quality of life, quality medicine,4G and 5G connectivity.
If you need our professional advice when getting digital nomad visa or finding the property to enjoy your life in Costa Blanca, contact ElenaHills agency.
We will be pleased to help you!
Phone number +34 966 888 996