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Spain is preparing to launch its new digital nomad visa in January, and here’s everything hopefuls may need to have their applications approved.
The visa comes as part of a new startup law that is helping grow the region’s entrepreneurial and technology atmosphere.
“It’s a law that will allow Spain to be at the forefront in the push and promotion of talent in this rapidly growing digital economy,” said Nadia Calviño, Spain’s economic affairs minister.
Once the visa launches, there will be a slew of requirements that professionals will need to have in order to have their application accepted.
For starters, the visa will be open to remote workers who receive 80% of their income from companies outside the country.
Reports indicate that visa recipients will have the ability to renew their one-year visas up to five times and be expected to make around €2,000 (around $2,060) each month, which is around two times the country’s average minimum wage.
Additionally, digital nomads could pay an income tax of 15%, much lower than the average non-resident income tax of 24%. However, this reduced pay will be reserved for participants who make less than €600,000 annually.
