The new Digital Nomad Visa (DNV) offers unique tax advantages that no other Spanish visa can match. Its main outlier - and what distinguishes from other available visas - is precisely the wide array of tax benefits it offers. The DNV has been purposely devised so successful applicants pay few taxes; the purpose is to incentivize these overachievers to move and work (remotely) in Spain.
It’s a legal fiction whereby a non-EU taxpayer is treated as a non-fiscal resident in Spain, but for administrative purposes, they are regarded as fully resident in Spain. The tax significance of this nuance simply cannot be understated enough and opens the door to the slew of tax benefits I collate below.
Precisely because of its huge tax advantages, the law time-gates it to a maximum of only five years. After this, applicants must either leave Spain or apply for another visa, other than a DNV.
Because of its nature (to attract talented individuals), and similar to Golden Visas, all applications are fast-tracked. Meaning that in under one month you know if you’ve been accepted.
In a nutshell, the DNV is all about paying little to no tax.
DNV tax benefits
- All income & assets held abroad go untaxed. In other words, any source of worldwide income is tax-exempt (just like with the popular UKs non-dom tax scheme).
- DNV holders only pay tax strictly on the income they derive working remotely in Spain for a foreign employer. They will pay a flat tax rate of 24% on the first €600,000 of gross annual earnings over a five-year period.
- They are not required to file a 720 tax return (unlike Spanish tax residents)
- The are not required to file Wealth Tax (unlike Spanish tax residents)
- You can request to defer the payment of tax on the first and second year without penalties or delay interests being rolled on top (as is standard)
- For the purposes of other tax agencies, you are considered tax resident in Spain.
We offer this competitively priced visa service: Digital Nomad Visa
At Larrain Nesbitt Abogados we have over 20 years’ experience buying, selling, and renting properties. We are also specialized in taxation, immigration & residency visas. You can contact us by e-mail at info@larrainnesbitt.com, by telephone on (+34) 952 19 22 88, or by completing our contact form to book an appointment.
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