Spain has approved new regulations for start-ups and digital nomads and is to reduce corporation tax for these tourists from 25% to 15% throughout the first four years of their time in the country.
The new law enables travellers who have not been resident in Spain for the last four years to get a special visa that can then be renewed for up to five years, Schengen Visa Info reports. It also allows remote workers to pay non-resident tax, which applies to workers and companies who receive income in Spain but cannot stay there for more than 183 days.
The new visa will allow digital nomads to stay and work in Spain for up to 12 months. They can then extend their stay by two years, and later by up to five years by applying for residence authorisation.
“It’s one of the most enjoyable moments I’ve experienced in the Parliament. 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,” says Economic Affairs Minister Nadia Calvino.
The Spanish Government is expected to soon publish the exact requirements for digital nomads to qualify for the visa.
