The so-called "
Startups Law", recently approved as the Law for the Promotion of the Emerging Companies Ecosystem, introduces a new visa for international workers.
This visa for digital nomads allows foreigners to work remotely from Spain with very interesting tax advantages. A dream for many.
Spain is the fourth best country to live in the world
according to the HSBC ranking. They highlight safety, good climate and high quality of life as the most valued aspects by foreigners living here. In fact, 48% of expatriates who move to Spain feel physically healthier after their move, and 58% claim to have improved their mental well-being, all well above the world average.
In this context many people have considered living in Spain taking advantage of the possibility of teleworking for their current companies as Digital Nomads.
This visa for digital nomads recently approved in Spain is a residence permit for 1 year, after which they can apply for a residence permit for teleworking internationally for up to 5 years. If after this period, they wish to continue in Spain, they could apply for a permanent residence.
To access this visa, only two basic requirements must be met; teleworking for a company outside Spain or being an independent professional with activity outside the country; and being a qualified professional. Specifically:
1. A national of a third State, authorized to stay in Spain to carry out an employment or professional activity at a distance for companies located outside the national territory, through the exclusive use of computer, telematic and telecommunication means and systems, is in a situation of residence for teleworking of international character.
2. They will be able to request the visa or the authorization of telework the qualified professionals who prove to be graduates or postgraduates of universities of recognized prestige, professional formation and business schools of recognized prestige or with a minimum professional experience of three years. (Law of entrepreneurs).
Although it is true that you must work for companies located outside the national territory, in the case of exercising a professional activity, you will be allowed to work for a company located in Spain, as long as the percentage of such work does not exceed 20% of your total professional activity.
There are many advantages of this Digital Nomad visa or authorization, it is very fast to obtain, the whole family can come and it allows movement throughout Europe. However, the most relevant attraction is the low taxation since the digital nomad will be taxed under the Non-Resident tax regime that will allow him to pay a fixed tax rate of only 24% on your income
(up to 600 thousand euros), instead of a progressive rate that can reach up to 48%. In addition, you will also be exempt from paying wealth tax.
It is also important to note that the time of residence in Spain with this permit will count, both for Spanish nationality and for permanent residence.
Spain thus joins the policies of attraction of foreign talent that are being promoted in several European countries such as Portugal.
More information about this visa
here.