When looking to establish residency in Spain, high earners often face the decision of whether to apply for the Golden Visa or the Digital Nomad Visa. Both options offer unique advantages, but which one is right for you?
Igor Buglo, Head of the Maltese office, MBA, Investment Programs Expert at Immigrant Invest, breaks down the key aspects of each visa type, including Spanish DIgital Nomad Visa requirements, costs, and processes, to help you make an informed choice.
Residency options for high earners in Spain
Spain offers two main residency options for high-net-worth individuals: the Golden Visa and the Digital Nomad Visa. These visas cater to different lifestyles and investment preferences.
The Golden Visa is suited for those looking to invest in Spain, while the Digital Nomad Visa is tailored for remote workers seeking a base in Spain without formal ties to local employers.
Spain Golden Visa
Spain Golden Visa is a residency-by-investment program that allows non-EU nationals to obtain residency by making a significant financial investment in the country. This visa is particularly attractive to investors, business owners, and retirees who want the flexibility to live in Spain while also enjoying access to the Schengen Area.
Requirements for the Golden Visa. To qualify, applicants must make one of the following investments:
- purchase real estate worth at least €500,000;
- invest at least €1 million in Spanish companies;
- invest at least €1 million in fund units purchase;
- deposit €1 million in a Spanish bank;
- invest €2 million in Spanish government bonds;
- Business investment without minimum threshold required.
Applicants must also confirm their financial solvency by transferring to a Spanish bank account a sum that exceeds the annual minimum wage at least four times, which is approximately €28,800.
Obtaining process under real estate option. The process for obtaining the Golden Visa includes several key steps:
- Pass the preliminary Due Diligence before proceeding.
- Choose a property to invest in.
- Buy the property with an investment of at least €500,000.
- Prepare and compile all required documents.
- Submit the application for the Golden Visa.
- Obtain the residence permit cards upon approval.
Additional costs include legal fees, application processing fees, and taxes related to the investment.
Spain Nomad Residence
Spain’s Digital Nomad Visa is a residency option designed for remote workers. It allows professionals who work for non-Spanish companies to live in Spain while continuing their remote work. This visa is ideal for digital entrepreneurs, freelancers, and remote employees looking for a more flexible lifestyle.
Requirements for the Digital Nomad Visa. The applicant must:
- work remotely for a company based outside of Spain or have clients primarily located outside Spain;
- provide proof of stable income that meets Spain’s minimum income threshold of approximately €2,600 per month;
- obtain private health insurance valid in Spain;
- have a clean criminal record and meet other standard residency requirements.
Obtaining process. The process to obtain the Digital Nomad Visa includes the following steps:
- Apply for the visa from within Spain or through a consulate in your home country.
- Provide proof of remote employment or freelance status and demonstrate sufficient income.
- Submit supporting documents, including health insurance and background checks.
- Receive an initial residency permit valid for up to one year, with the option to renew.
Spain residency for remote workers is generally faster to obtain than the Golden Visa and requires a lower financial commitment.
11 Pros of living in Spain
Living in Spain offers many advantages, whether you opt for the Golden Visa or the Digital Nomad Visa. Here are 11 reasons why Spain is a top destination for expats:
- Quality healthcare. Spain offers high-quality public and private healthcare systems.
- Mild climate. Spain enjoys year-round warm weather, especially in coastal regions.
- Cultural richness. The country has a deep history, with famous landmarks, festivals, and art scenes.
- Cost of living. Compared to other Western European countries, Spain offers an affordable cost of living.
- Proximity to Europe. Spain’s location provides easy access to the rest of Europe via air, rail, and road networks.
- Excellent transport infrastructure. Spain has well-developed transport, including high-speed trains and extensive metro systems.
- Diverse landscapes. From beaches to mountains, Spain offers varied geography for every lifestyle.
- Top-tier education. Spain has many international schools and universities that attract students from around the world.
- Food and lifestyle. Spanish cuisine is world-renowned, and the laid-back lifestyle is a major draw for expats.
- Family-friendly. Spain is known for its family-oriented culture, making it ideal for expat families.
- Schengen Area access. Residency in Spain provides access to travel across the Schengen Area.
Beckham Law
Spain’s Beckham Law provides significant tax relief for foreign workers, including those with high salaries or investment income. Under this law, foreign residents can be taxed as non-residents for up to six years, which results in lower tax rates on income earned outside of Spain. This is particularly advantageous for digital nomads and Golden Visa holders who wish to minimise their tax obligations.
Conclusion
Choosing between Spain’s Golden Visa and Digital Nomad Visa depends on your goals and financial situation. The Golden Visa is ideal for those who want to invest in the country and gain flexible residency. The Digital Nomad Visa offers a faster route for remote workers who wish to live in Spain without making a major investment. Both options provide excellent opportunities to enjoy life in Spain, with various tax benefits and lifestyle perks.
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