ISLAND NEWS
16
JULY 2023
VISAS
THIS MONTH WE LOOK AT THE NOMAD OR TELEWORKERS VISA. THIS IS A NEW VISA FOR PEOPLE WORKING REMOTELY FOR COMPANIES SITUATED OUTSIDE SPAIN. FOR EXAMPLE, YOU MIGHT BE EMPLOYED BY A COMPANY IN THE UK, BUT THE COMPANY GIVES YOU PERMISSION TO WORK FROM MENORCA. THERE MAY BE TAX BENEFITS AS YOU CAN QUALIFY FOR A LOWER NON-RESIDENT INCOME TAX RATE FOR 5 YEARS. THERE CAN ALSO BE CAPITAL GAINS SAVINGS FOR THOSE ABOUT TO RETIRE.
The Digital Nomad Visa Spain passed the Startups Law at the end of 2022, with the aim of attracting remote workers, digital nomads, and new startups. They were catching up with other countries in the EU offering this type of VISA. The visa’s full name in Spain is the “Visado para teletrabajadores de carácter internacional” but it has become known as the Digital Nomad Visa. Before this visa was introduced, it was not possible for British residents visiting Spain as tourists to take part in any economic activity. The new visa permits UK nationals working remotely for UK companies to relocate to Spain, provided that their Spanish income, if any, is below 20% of their annual income.
renewal periods of two years taking you up to the five years required for permanent residency. After 5 years of residency, you can apply to become a permanent resident in Spain. How long does it take to get a Digital Nomad Visa? The Digital Nomad Visa application process promises a turnaround time of only 20 days. Also, it uses a legal system known as “positive administrative silence” which means that if the administration fails to respond within 20 days of submitting the application, it will be considered approved!
The visa allows the applicant to work remotely in Spain for any foreign company at which they have been continuously employed for at least three months and with an agreed contract of at least one year, where remote working terms and conditions are agreed. In addition, the company must have been trading for at least one year before the intended relocation.
Requirements for the VISA application
It allows non-EU citizens the opportunity to live in Spain for up to 5 years. 80% of your business income must be generated from outside of Spain. You may provide a service to Spanish customers or businesses, but this must equate to a maximum 20% of your total income.
Like the NLV visa which we covered last month, you must submit a range of documents such as a criminal records certificate and a declaration of no criminal record for the last 5 years and private health insurance with full coverage throughout Spain.
How to Apply for the Visa You can choose to apply for the visa while you are in Spain or from your home country. If you are in Spain as a tourist (less than 90 days) and apply for the visa while here, the visa will be valid for an initial three years. Alternatively, you can apply from a Spanish consulate in your home country. Using this method, the visa will be valid for one year. In both cases, the visa can be extended for up to five years. If initially applying from Spain, you will have one renewal period of two years taking you to the five years. If applying from outside of Spain, you will have two
You must show evidence of either 3 years of work experience or a degree from a reputable university, vocational training, or business school. You must not have been living in Spain within the past 5 years before your application.
Proof of Income You must demonstrate adequate financial resources to support yourself while living in Spain. This equates to 200% of the Minimum Interprofessional Salary (SMI). As of January 31, 2023, the Spanish monthly minimum wage was €1,260 (€1,080 over 14 payments). Therefore, you must have a minimum income of €2,520 per month or €30,240 per year. For the first dependent (spouse or partner) the amount is 75% of the SMI which is €11,340 per year. For each child, the amount is 25% of the SMI which equates to €3,780 per annum
D O N ’ T M I S S A N E D I T I O N , S U B S C R I B E T O D AY ! V I S I T: R O Q U E TA M A G A Z I N E . N E T
