This article has been updated as of 7th May 2024.
If you can work anywhere globally with a reliable internet connection, consider becoming a digital nomad in Spain. The Digital Nomad Visa (DNV), part of Spain’s Startup Act to boost entrepreneurship and technology innovation, has been updated significantly in 2024 to adapt to the evolving remote work landscape.
Who is eligible for a Digital Nomad Visa?
The DNV is available to non-European Economic Area nationals who work remotely for non-Spanish companies.
Applicants previously needed to have remote work experience for at least three months. Additionally, from 2024, the operational tenure requirement for companies has been reduced from one year to six months, making the visa more accessible to newer businesses.
The DNV offers a one-year residence permit, which can be extended for up to five years. During this time, the visa holder must earn enough to be self-sufficient, likely around €2,000 a month or at least an income of €30,000 a year. If their income is slightly lower, it may still be acceptable if the applicant has sufficient savings. They must also provide a rental contract to demonstrate they have an address in the country.
Why Spain?
The Digital Nomad Visa offers tax benefits, including a 24% fixed income tax rate on yearly earnings up to €600,000 and 47% on excess. The Digital Nomad Visa holder will have a status similar to the UK’s non-dom, exempting them from Spanish tax obligations for worldwide income and assets for six years.
Spain has long been a popular destination for remote workers due to its favourable climate, low cost of living, and fast internet speeds. Valencia was recently named the best city for expats, while Madrid was also in the top 10. The country is also home to several of the best villages for tourism and the most beautiful street in Europe, according to UNESCO.
Digital Nomad Visa holders might enjoy the narrow, cobbled streets and pretty houses in Spain’s Andalucia.
We can help
At Wallace Quinn, we’ve been helping clients purchase property in Spain for nearly thirty years. You can read more about our service here. Alternatively, if you are interested in purchasing a Spanish property, please contact Margaret at margaret@wallacequinn.co.uk.
What’s the downside?
Before relocating to Spain, it’s important to consider factors like health insurance, schools, language, lifestyle, and property options, as well as the tax implications and inheritance tax obligations. You should always consult an Independent Financial Advisor to discuss your own circumstances before making any decision. Bear in mind that it isn’t all about the fantastic weather and idyllic beaches, you should consider the pros and the cons of any move.