Spain Digital Nomad Visa (Process, Taxes, etc) 🇪🇸
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- Опубликовано: 4 авг 2024
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The long-desired residency option is finally coming - Spain is introducing their digital nomad visa!
Imagine, being able to live and work in one of the most desirable countries in Europe, all from your own laptop. Whether you like beaches or prefer a busy city, Spain got you covered.
Sounds great, right?
Well, not so fast. Let's first see what are the requirement and terms for digital nomads who are planning to relocate to Spain.
How does the process go, and what can you expect when it comes to taxes?
Here's where they got you: unlike in many other countries where digital nomads are not expected to pay any tax, Spain will still tax your income.
How bad deal is it, and whether it's worth it for you? Let's see!
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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Best way to avoid paying taxes- use the schengen visa program to spend the 180 days /year split between 2 European countries say like Spain, Portugal and Italy. The remaining 180 days spend between some of the Eastern European countries, Malaysia. The bad part is the frequent temp residence. If you are a couple with some extra money buy small condos in Portugal and Spain. Rent it out to Air Bnb while you are not staying and do short term rentals in other countries and keep your baggage and stuff to the bare minimum. That's the way to go and live luxuriously in cheaper and safer countries than the US
I have thought about it, but I am unsure how things actually work🤔... Isn't it too stressful to manage your Airbnb while you're away or traveling?
technically illegal, not allowed to work on schengen visa's, its tourism only.
Hi Mike, how would you rate this program for a worker of a US company making alittle over $120K? I love Barcelona but just worried how that tax situation will look like.
Hi, are the Canary Islands better for business over mainland Spain? If yes, any island in particular?
I’m hearing lots of negatives when it comes to the self-employment & business in terms of the government, economy, tax’s, opportunities etc. I’m wondering whether my attention should go to the Canaries, if better.
I’m from the UK with a long term goal of residency in Spain / Canaries. My goal is to move September and currently looking into the various Visa’s. I am also learning Spanish.
Look forward to your insights.
Gary
Hi, I’m looking at moving to either mainland Spain or the Canaries this September. I am exploring the Self Employment Visa route or Studying and then applying for work or restarting business. My long term goal is residency.
I’ve heard a lot of negatives about the government & economy in mainland Spain and how it is also bad to have a business there! Do the Canaries Islands and any island in particular favour better here?
I’m from Birmingham UK and learning to speak Spanish.
Thank you,
Gary
How about the digital nomad as well as retirement scheme, is that combo also not attractive in Spain?
Personally I believe that the only regime that makes a bit of sense in Spain in the context of international taxation is the Beckham Law (especially if you earn a decent salary), that saves you from a lot of burocracy and it is a territorial tax regime
Great idea to do the 10 worse countries dude 👏 cheers mate
Thanks!
How do you feel about Spain?
can crypto traders get digital nomad visa?
Can you work your way towards citizenship with this visa? Very useful for Hispanics who can qualify after two years if this is the case
If I understood correctly there are some updates regarding self-employed visa. Like only one renewal is needed. And after that renewal you can work as self-employed but also as regular employee.
Is this true?
I'll make a video covering details
So wait if i understand this correctly. Even if I'm working remote for a company in the USA only. Paying taxes to the US government. I still have to pay even more taxes into the Spanish government system that i get no benefits from ?
Spain, like most places, has a territorial tax system and has tax treaty with the USA to avoid double taxation. You probably don't need to pay Spanish taxes, but you need to talk to an international tax specialist.
Spain would be in my top 2 for summer residence (June-September), along with Vancouver. However, I cannot imagine why one would choose to be anything but a "tourist" in either place. Spend the 6+ months a year in Dubai, get tax residence. As a bonus, you get fantastic winters while the rains come to places like Vancouver or Spain.
But, the rain in Spain falls mainly in the plain.
Mate Spain is a very dry county sort from in the very north. You only get very little rain between November to April . So you dint get the rain. It’s a desert climate. England gets the rain. Lol 😂
@@MrDynamicMedia My reference is a bit dated. That line about Spain and rain is from a famous musical.
@@peaceonearth8693 The cool kids got it, though it might just be an American thing.
28000 usd The dicitalasset holding staff in Spain defrauded me, I can't withdraw my money and they confiscated my money, I'm complaining. And there is no one to help me, I am constantly faced with lies. Is there anyone who can help with this issue and solve the problem?
Lived in Valencia Spain for 3 years. The only good thing is weather. Horrendous for tax and they are going after crypto traders, they will want you to disclose your holdings even if you don´t sell. They love to fine you, difficult for business owners. We moved to Portugal this year as Im full time crypto, best decision we have made :) Spain is too Black and White (by the book) for us. Love the content
Thank you for your support and for sharing your experience!
We've made many videos on Portugal. Have you seen some of them?
@@OffshoreCitizen I have watched them all, love your content Michael. Have shared your channel with a few friends
Hi. What is you your bets on #sol?
Portugal is going to go after crypto soon too fyi.
Spain is run by public workers who as a group have their lives solved in a country where the quality of life is very high. The rest of Spaniards and residents in Spain have to pay for all the administrations (not talking about public health) semi public entities.... .
First one to watch - Spain: love it. Madrid has no wealth tax and no local income tax.
🥳
Do you live in Spain?
@@OffshoreCitizen No but we would consider it if the combination of corporate tax on money left in the corporation and income tax & socials for money taken out could stay under 30%, which is a challenge. Also, tax treaties are pretty bad in the sense that you can only use taxes paid to for example the US as a credit towards local tax instead of just paying in the US or so and being done with it, like is the case in Belgium. But it is my favorite country in the EU by far in terms of lifestyle, have gone to Ibiza, Madrid, Barcelona, Alicante and other places.
Thanks, I lived in Spain for a year and I have lived in other places, Spain is like the best country in the world in terms of quality of life with all that they have to offer! but like you say their tax system and red tape bull shit screws it all up. If put a world class system to bing in entrepreneurs they could be like near to what California in 20/50 years.. I have lived in LA and Marbella and Spain is like 10 times better to live, but has almost zero opportunity to make money.
What makes Marbella a more enjoyable place, compared to LA?
@@OffshoreCitizen ok so they both have the same 320+ days of sun shine and both you can ski in the AM and surf in the in PM in both.But the Costs Del Sol has zero traffic compared to LA (traffic nightmare I know I sat in it for like 2/3 hours a day) is like maybe 60-75 % cheaper than LA and Costa Del Sol has a whole has like next to no crime compared to LA which has MASSIVE crime, drug problems, +shootings all the time. And people in Spain are more genuine people unlike LA which are all nutters! This is not a dig at the USA I love the states, but compared to Costa Del Sol LA losses on everything expect 1 big point. there is no opportunity out in Spain really so you need to have made your money before you go unlike the USA which has the most opportunity on the planet. Also just a lot happier in Spain.. almost forgot this point, LA has as much culture as a yoghurt and Spain has soo much.... that my take on the difference.
The opportunity is to make money online BEFORE going overseas and continue working with those clients.
LA is HELL ... HELL'A. But yeah the weather is great.
@@MrDynamicMedia yoghurt actually has a lot of culture.
If im not mistaking this visa is still yet to be approved am I correct?
my understanding too
Was approved on Dec 23 2022
The reality is that Spain is more appealing than a lot of countries, so they are probably correct that a mediocre program will still generate some interest. It probably won't convince any one to move to Spain that wasn't considering it originally, but to people who already want to move to Spain, but were hesitant, because of their taxes, it a modest improvement might be enough. I can think of at least one person who might jump at it, for example
I don't know it hasn't really worked well with their golden visa, I find they are pretty deaf to the realities of the market
Because you don't want to be robbed during the rain, weather matters!
I’m confused on the taxes. So if I’m American and work 100% remote for a company in the USA but I live in Spain all year long- which country do I have to pay taxes to?🤷🏿♂️
Spain
@@brentlore5439 You always gotta pay tax to where you physically reside/work, and my understanding is, US citizens always have to pay tax no matter where they work to the US? im unsure on that latter part though.
Unfortunately as a U.S. citizen you have to pay taxes on your earnings no matter where you live, unless you renounce your citizenship. Which is insane.
Pay Taxes to America, but you can exclude over $100,000 a year. Many countries have tax treaties to avoid double taxation.
@@brentlore5439 Wrong, unless he makes over 105 thousand USD a year. USA is a citizenship, not territorial based, system.
agree with u mike. Shabs
Thank you, Shabs!
Have you ever been to Spain?
@@OffshoreCitizen Yes, Canaries, Lanzarote, Andalucia! love it. :)
😂😂 love this video
Thank you!
What do you think about this opportunity?
@@OffshoreCitizen for those that love Spain, and there are plenty of people that do, more options is better. But if you’re not in love with the place it’s pointless. Good to see for competition though
FYI, if you're from the Philippines and other places Spain conquered, you can get Citizenship in 2 years
but it sounds like you have to renounce your other citizenship.
I love Spain and it’s my favorite country in Europe after France but their tax system is not good for retirees and the 10 year wait for citizenship make it not as attractive as Portugal.
You can get Portuguese in 6 years, relocate to Spain for two years then get the Spanish one. So 2 passports in 10 years VS just the Spanish one
Spain doesn't really tolerate dual citizenship except from Latin Americans, so there's that...
You can technically get Spanish passport in 5 years if you are willing to stay in Ecuador and get Ecuadorian citizenship first .
I think it would be much easier to get Portuguese citizenship then move to Spain or France , but I’d feel very guilty if I do that.
@@onyxabier4502 not true. You have to be born with Latin American citizenship.
This new program is more a marketing strategy than a real improvement. The political party that has proposed this new law(socialist party) on the other hand said that they are going to raise most of the taxes in the country in order to pay the enormous debt, from income tax, to socials(which for self-employed and business owners is a minimum of 300-400 per month), to VAT.
About the program, Corporate tax was already at 15% for the first two years, they added two more. Forming a company was about 1000 in notary and 3000 in equity(which isnt really a expense), they will just eliminate the 3000 in equity, the 1000 in notary will remain. Government also said that if you want to obtain these benefits you will need to apply and show couple of documents explaining why you are elegible for this(your business should be tech- related) which seems like a bureaucracy nightmare condering how Spain's public organisms work.
I am originally from Spain living in Canada. The best regime in Spain is in Canary Islands. They have two program: ZEC and RIC both really good in papers BUT the authorities will make you live in a night mare if you decide to join any of them... to be honest, if you try to make business there you will live a spectacular nightmare no matter what. What is truth though is that you don't live with the same quality any where in the world, and I had been in many places around the world... people, food, security, weather, and a very long etc.
Those are available if you live in Canary Islands yes, the question is whether you want to live there?
As far as comparable quality goes. There's lots to love and also cons of Spain. Barcelona is the pick pocket capital of Europe, Marbella has an outrageous robbery problem so I wouldn't give them points on security. There are some very good food options for sure. Weather depends a bit where you are in the country and the time of year but definitely some of the best in Europe by most standards. Great nature, great culture, infrastructure is pretty decent with some hiccups, prices aren't too bad. Bureaucracy is pretty horrible. Healthcare not great not terrible, education the same.
Sounds dreadful - we’ll stay in Portugal
Haha
Planning any trips to Spain?
@@OffshoreCitizen currently in the Algarve - we were going to Spain for a few days (Cadiz/Seville) but with the current covid uncertainty it doesn’t seem worth it. I have noticed in the press, a lot of UK citizens are leaving Spain post-Brexit and selling properties- could be bargain time?
@@tinglestingles bargain till Spain tax you 😅
Hi there! :) Was wondering If I can interview you in my RUclips channel, your insights on working remote and earning regardless of location is amazing. I really believe part of financial freedom is living anywhere you like and working on the things that you are passionate about! Hoping to get in touch with you!
Hey absolutely! It would be my pleasure.
Please send us an email so we can coordinate :)
@@OffshoreCitizen great will do that!
In a nutshell, if you want in on Spain its easy, but easy solutions come at a cost/end up being a trap
🌸🌺👍
How did you like this video?
Anyone born on Iberoamerican soil can apply for Spanish citizenship after 2 years of legal residence in Spain. Might be worth it for me, less for Americans.
Nice!
Are you planning to do so?
@@OffshoreCitizen I’m leaning more towards high value for your $ destinations like Phnom Penh or Tbilisi but I’ll definitely consider Spanish citizenship when more details about the digital nomad visa come out.
@@OffshoreCitizen I wonder if my original plan is still possible. I saw recent updates and it looks like Spain will has tax breaks similar to Portugal's NHR program for the first 5 years. However, they label you as a non-resident for tax purposes. I wonder if I do 2 years with the digital nomad visa, could I qualify for citizenship? Or is this visa not eligible for naturalization? I can't find much info about this because I guess not many people plan to do 10 years and no one is writing about the 2 year strategy with this Spanish visa.
i like spain, except for WEALTH TAX
Agreed
Just don't buy expensive houses in Spain.
Yeah; doesn't "move the needle" that much; but it's good to know "what's out there" nonetheless.
Haha definitely!
Could you see yourself living in Spain?
@@OffshoreCitizen Sure, why not.
Mate, you need to talk with energy not like having meditation. Anyway thanks for all the info.
Well he's not a complainer. Relaxing talk not hyped.
Hes chilled out let him be 😂
Why does he have to change for you?
Lmao startup founders don't care about corporate tax rates in the first 5 years. You don't make income anyways lol. What a shitshow