The visas will allow employees in rural locations to save money on taxes and reduce their cost of living.
People who work for international firms or those who receive no more than 20% of their income from Spanish companies will be eligible for these visas. The income threshold is lower for those who work for Spanish companies.
Although the legislation has not yet been signed into effect, it is anticipated that the visa, which will in fact be a residency permit, would initially be good for a period of one year. It is possible that the applicant’s eligibility might be extended for up to five years if certain conditions are met.
The candidate is allowed to bring along members of his or her immediate family, such as children or spouses.
To be eligible for a visa, applicants must come from a nation that is not part of the European Economic Area and provide evidence that they have had a job in another country for at least a year.
They are required to either have a contract of employment or, if they are independent contractors, evidence that they have worked consistently for a firm located outside of Spain.
In addition to this, applicants are required to provide evidence that they are already residing in Spain and that they are self-sufficient financially.
It is not apparent whether or not a background check of your criminal history will be necessary.
The standard tax rate of 25% will be reduced to 15% during the first four years of a worker’s stay in Spain, bringing the total tax burden down to 15%.
It’s not even close to being true that Spain was the first nation in Europe to start issuing visas to digital nomads. The countries of Croatia, Estonia, and Iceland each have their own criteria and visa requirements.
For instance, people seeking residency in Croatia must have a monthly income of at least 2,300 euros. In the same time period, they are required to earn a total of 700 euros in Portugal, 3,500 euros in Estonia, and 7,100 euros in Iceland.
It is hypothesized that the minimum wage in Spain will be close to 2,000 euros every single month.
Greece also made an announcement on a program for digital nomads in October of 2021. It allows for a stay of between one and three years, but applicants need to have a monthly income of at least 3,500 euros to qualify.
In certain nations, those who want to run for office need to demonstrate that they have a certain regular minimum income as well as a certain quantity of money saved up in the bank (in the Czech Republic, this amount is at least 5,500 euros). Candidates may furthermore be required by some businesses to provide proof that they are covered by private health insurance.
The cities of Madrid, Valencia, and Barcelona are already seeing an influx of digital nomads, and Barcelona is quickly becoming one of the most popular options for business owners.