Spain’s new digital nomad visa will give professionals an opportunity to travel, live, work and gain tax benefits in the country.
Details of the visa are still being ironed out, but it is expected to be a year-long agreement that is renewable for five years and allows family members to join.
Applicants for the visa must be from outside of the European Economic Area, have worked remotely for at least one year and show proof of employment. Workers who gain a maximum of 20% of their income from Spanish firms will also be offered the visa.
Digital nomads will then be taxed just 15% for the first four years, much lower than the average 25% rate.
Cities like Barcelona and Madrid have already become hot spots for digital nomads, but with the advent of this visa, more people are likely to be enticed to the sunny European country.
“It’s easy to attract talent. Barcelona is small and densely populated and it’s cosmopolitan,” says Sacha Michaud, cofounder of food delivery company Glovo.