Lusting after tranquil evenings filled with devouring fragrant paella and dipping your toes in the Meditteranean after finishing your work for the day? Then you need to listen up.
Spain has changed the game with its new law designed to benefit digital nomads and remote workers wanting to reside in the European hotspot.
So, what do we know?
The new digital nomad visa will provide remote workers and entrepreneurs with a year-long visa to stay in the country, which is extendable to 2 years by applying for a residence authorization as a remote worker.
If that’s not enough, the residence authorization can be extended for a further 5 years, giving you a total of 7 years in Spain.
Investors, startups, and remote workers can also benefit from a reduced tax rate of 15% per year, so long as they spend no more than 183 days in the country per year.
The tax cut is valid for the first 4 years of your stay in Spain.
Digital nomads can also benefit from this tax reduction but are able to stay for a longer spell – a 1-year initial period as opposed to approximately 6 months.
These changes to Spanish law have been long awaited and are due to come into effect from January 1st, 2023. However, only non-EU residents will benefit from these terms.
While no more official details have been announced as of yet, the Spanish government will soon be rolling out its terms and conditions, including the minimum amount digital nomads must earn to qualify for the visa.
However, it is expected that this minimum threshold will be around €2,000 per month, which will make it one of the best digital nomad visas in Europe.
Let’s compare these income requirements with other European digital nomad visas so that you can decide which country is right for you.
- Estonia – €3,504 per month
- Portugal – €2,836 per month
- Croatia – €2,363 per month
- Malta – €2,700 per month
- Czech Republic – €5,727 per year
- Hungary – €2,000 per month
- Greece – €3,500 per month after tax
- Norway – €35,000 per year