As part of the new Startup Act, which is scheduled to pass in January 2023, Spain intends to issue its Digital Nomad visa to foreign remote workers in January 2023.
According to reports, the minimum monthly income requirement would be between €2,000 and €3,000.
The Spanish Congress of Deputies enacted the first law in Europe to encourage the entrepreneurial ecosystem: the Law for the Promotion of the Emerging Companies Ecosystem.
According to a statement released by the government of Spain, the Startup Law, among other things, eliminates bureaucratic impediments, creates tax incentives, and simplifies procedures to stimulate the establishment of and investment in developing technology-based firms.
In addition, it promotes the acquisition of international talent through the digital nomad visa, and its implementation is anticipated for January 2023.
Furthermore, the Spanish Parliament enacted new regulations for start-ups and digital nomads last month in order to reduce Corporation Tax for start-ups and digital nomads from a total of 25% to 15% in the first four years of their stay in Spain.
Local media outlets emphasized at the time that the new rule would assist any European Union citizens who had not resided in Spain within the previous four years to get a special visa that could be extended for up to five years.
The digital nomad visa allows foreign nationals to reside in Spain while working remotely for enterprises based outside of Spain.
In addition, the Startup Law seeks to encourage investment and attract a significant number of internationals to the country in order to strengthen collaboration between rising enterprises, universities, and research institutions.
When moving abroad and strategizing your international taxes, the best thing you can do is consult with a professional who can review your case and circumstances and guide you through your best options so that you can truly benefit from the tax incentives provided by different countries and do so legally, without the stress of wondering if you're doing it correctly or incorrectly.
To get a personalized consultation and strategy that will work for you and your business, make sure to schedule a consultation at Sabalier Law.