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The new ‘Spanish Nomad Visa’ gives all non-EU citizens chance to buy a Spanish property and legally live and work without restrictions and enjoy tax benefits
Why is Spain so popular?
For decades Spain, and especially Costa Blanca’s Valencia and Alicante regions, have already been most popular tourist and expat destinations due to lower cost of living and warm, stable weather throughout the year. In the past recent months, it is also Spain’s vital geo-political, stable location combined with its largely non-dependent and diverse energy policy. This is attracting people who both want to relocate and live in Spain or simply diversify and long term safeguard their investment.
According to ‘InterNations’ (global community for people living and working abroad) and the survey done by Expat Insider with 11,970 participants, Costa Blanca’s capital city of Valencia (ranking 3rd largest in Spain) had been voted the best city for in the world for expats in 2022.
UN World Travel Organisation’s annual global ranking of the best villages for tourism were awarded in December 2022 to three Spanish villages – Rupit in Catalonia, Alquézar in Aragon and Guadalupe in the Extremadura region. At the same time UNESCO proclaimed a Spanish, Andalusian town of Osuna and one of its streets (Calle San Pedro) as officially the most beautiful street in Europe, naming it “a walk through the 18th century”.
Now with some of the best internet infrastructure in the EU and the introduction of new Nomad Visa, Spain has also become most attractive destination for remote workers, for teleworking and suitable lifestyle not found elsewhere!
What is a Spanish Nomad Visa?
For the past year, the Spanish Government has been planning introduction of the so-called Digital Nomads Visa. According to Carme Artigas, the Spanish secretary of state for digitalisation and artificial intelligence, “the aim is to attract talented non-EU remote workers and boost the Spanish economy”.
Hence, effectively this is a Residency Visa issued for up to 5 years to persons working remotely and their families. Initially it will be issued and valid for 12 months or for the period of employment if shorter than 12 months. Then visa can be renewed for up to 5 years and you would be allowed to be away from Spain for a maximum of 6 months per calendar year. You will also benefit by being able to apply for a Spanish residency ID card. While living in Spain, this will enable you unrestricted movement and travel throughout the EU.
What are the requirements?
In order to benefit the new life style under the Mediterranean Sun, with very attractive tax benefits among other incentives, you have to be able to prove:
- You are qualified or experienced in your field of work.
- Have work experience and required qualifications such as a university degree or professional certificate, for at least three years.
- Have been working remotely for at least past 3 months in a company established for at least one year.
- Have a contract of employment or, in the case of freelance, show you have been repeatedly employed by a company other than Spanish.
- That your job can be done remotely.
- Show you will earn adequately to be self-supported (at the moment set at 200% of the minimum Spanish earning i.e., € 2,334 per month or € 28,000 per year, but this is likely to rise a little as Spain is revaluating minimum earnings).
- Your immediate relatives (spouse and children) are also able to join with proof of adequate funds. A family of two people, including yourself as the initial visa applicant, must have a supplementary 75% of the country’s monthly minimum earning (€875/month); 25% (€292) is added for each family member then after.
- Have private health insurance (though, as yet currently unclear, there may be an option to contribute into public health insurance system)
- You must prove by a sworn statement not to have criminal record in Spain or your own country of origin or where you reside for at least the five years preceding the application.
- That you have an address or property in Spain.
Tax benefits
As in most EU countries, even if you are working for a foreign company, while you reside in Spain for more than 183 days (i.e., 6 months) you will be considered as a resident tax payer. You would be allowed to earn a maximum of 20 % of your income from Spanish companies. For the first four years you will be taxed at 15%, rather than the standard 24% income tax base rate, provided your income is below €600,000 a year.
Due to required documentation, it is best to apply through a Spanish Embassy or Consulate in your home country, however one can also enter Spain on a tourist visa and apply within the first 3 months.
- Ready to make a move to a new, better lifestyle?
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At SUN SEA LIFE we are Realty Lifestyle Consultants for Costa Blanca and Costa Calida. Your lifestyle, choice, expectations and interests remain in the very focus of our attention. We are specialist property finders and irrespective if it is a new build or resale, beach or golf, inland or urban property, or indeed just a plot of land so you can custom design-build your own property, we will always provide you with impartial, useful, up to date information and advice so you can financially benefit from your investment and enjoy your life.
