Digital Nomad Visa Spain 2023 - How it works - Update
In this article we are going to talk about the digital nomad Visa in Spain. It hasn’t been officially released yet, but stay tuned and read on if you are interested because… it won’t be long before you can apply for it!
After the Covid-19 pandemic, the concept of employment has changed radically around the world. In the last two years, many companies have adopted remote work as their main way of working. This means that everyday there are more foreigners that have the possibility of moving to other countries to work from home.
We know that Spain is a country that is very attractive to foreigners because of the good climate, the delicious food, the Mediterranean lifestyle and it is an ideal place to settle down to work from home. The country wants to attract foreign talent and it is for these reasons that the Spanish Government is drafting a law known as the “Startups Law”, which will allow thousands of non-European citizens to apply for a Digital Nomad Visa in Spain. This visa will allow you to reside in Spain and work remotely for foreign companies and enjoy tax benefits
When will the Startup Law be approved?
We know that the Digital Nomad visa will allow foreigners to reside in Spain for a period of 1 year while working remotely. But there is still no date as to when it will be approved, the Government has announced that it will be at the end of this year 2022. This means that as soon as it is approved and comes into force, it will be possible to start applying for the digital nomad visa. Embassies and Consulates are already preparing to receive the first applications in 2023 and so are we.
What are the requirements for the Digital Nomad Visa in Spain?
The requirements for the Digital Nomad Visa in Spain are not yet official, but the Government has already mentioned the following:
- Be a highly qualified worker (with a university degree or postgraduate studies).
- Have at least 3 years of professional experience.
- Have worked at least 3 months for the company.
- Proof that the work activity is carried out remotely for foreign companies.
- Proof that at least 80% of the worker’s income comes from foreign companies.
- Take out private medical insurance.
- Not to have a criminal record.
What are the tax benefits of the Digital Nomad Visa?
The tax benefits of the Digital Nomad Visa are really interesting. If you apply for this visa you will have a specific tax regime, which means that you will pay income tax as non-residents (IRNR). It is assumed that foreigners holding a digital nomad visa will have their center of economic interests outside Spain. Therefore, even if it is a 1-year residence visa, you won’t have to pay income tax as if you were resident in Spain. This tax benefit means that instead of paying 25% tax, it will be reduced to only 15% for the first four years.