Spain has become the latest country to sign off on the digital nomad visa. For the growing number of footloose and fancy-free professionals, it represents an amazing opportunity to live in one of the most sought-after destinations in Europe.
The digital nomad visa is part of the wider start-up act, which was signed into law this month. It aims to boost investment into Spain and enhance its attractiveness as a global business hub.
The visa is similar to a regular employment visa and is aimed at remote workers in the digital field whose employers or clients are based outside the country. In other words, the kind of people who need nothing more than a laptop and an internet connection to get the job done.
Applicants must have been working remotely for at least a year, and have an income of between €2,000 and €3,000 per month. They must also secure somewhere to live in Spain beforehand, buy private health insurance and have the means to support themselves financially whilst in the country.
The application will cost around €75, and successful applicants will also pay €15 for a residency card.
In December, it was announced that Corporation Tax for digital nomads will be changed from 25% to 15%—which is an attractive benefit for those interested in relocating to Spain.
Spain’s new visa is largely in response to the surge in remote workers after the pandemic. Lockdown transformed the way many people work. No longer did they need to be tied to an office in order to function. The increased use of cloud computing, video conferencing and other technologies meant they could collaborate with people from wherever they were in the world.
For some, that meant, working from home. For others, it meant an entirely new lease of life, which could see them live and work anywhere they like. Many of these new digital nomads found themselves freshly and unexpectedly on the freelance market as their employers made cutbacks. What might have started as a stop-gap to cover redundancy transitioned into a fully-fledged new career.
The impact of this was evident across property markets. People began leaving cities and looking for wide open spaces in the countryside. Once restrictions were lifted, many also began considering a life abroad.
And digital nomad visas have made relocating even easier. They have been cropping up all over the continent including in Portugal, Greece and Croatia. The exact terms vary, but generally, they involve a minimum level of income and a stipulation that most clients or employers are based outside of the country.
It looks like a win/win situation for everyone. For the nomads, it offers the dream of living overseas—often in some of the sunniest and most attractive destinations around. No longer do they have to secure a job in their chosen country; now they qualify with what they already have.
For the countries themselves, it’s a chance to bring money in from overseas, kickstart their economies and revitalise local communities.
So, if you’re one of the millions of remote workers—or digital nomads, to give it a cooler name— the good news is that your talents are sought after in some of the best countries to live around the world. It’s a chance to embrace a better quality of life, and in many cases, a more affordable lifestyle, without quitting the day job.
Contact us today for more information on real estate investment opportunities in Spain.
