Spain's Entrepreneurs Law, which also includes a new visa for digital nomads, was enacted at the end of 2022, went into effect immediately (the day after it was published), and now all the details have just been released.

From how much money you'll need to your tax obligations and whether you'll be able to bring family members, we tell you all about it here.

1— What are the economic criteria for obtaining a visa?

You must prove that you earn at least 200% of the SMI (Minimum Interprofessional Wage). The current minimum wage in Spain is 1,000 euros per month (divided into 14 payments) or 1,166.67 euros divided into 12 payments.

Note that the minimum wage is now being re-evaluated and will most likely increase to 1,082 euros (paid in 14 payments) per month in the near future.

This implies that you must now prove that you will have an income of at least €2,333.34 per month or €28,000 per year, but this figure is expected to increase. This amount can be proven by employment contracts, invoices or bank statements.

2— Can I bring family members with me on the visa?

Yes, you can bring your spouse and children to Spain on the digital nomad visa.

However, to add a member of your family, you must prove that you have an additional 75 percent of the SMI or minimum interprofessional salary. This is currently an additional 875 euros. Then, for each new family member, such as children, you must prove that you have an additional 25 percent of the SMI, which is currently €291.66.

Find out: Digital nomad law in Spain: what do you need to know?

3— Do I need private medical assistance?

You must have private or public health insurance; merely taking out travel insurance with health coverage is insufficient.

The Spanish government talks about receiving public health insurance instead of private insurance, but it is not clear whether this means that you will have to contribute to the Social Security or that you will be eligible for the special agreement, the public payment program.

4— Do I need any professional qualifications?

You must prove that you have professional credentials or a degree related to your career, or that you have at least three years of experience working in your sector.

5— How long does the visa last?

The visa will be valid for an initial period of one year, and once in Spain, before the end of the visa period, you will be able to apply for a residence permit, which will be for 3 years if you have a permanent contract. After 5 years you can apply for permanent residence.

6— Is the visa valid for travel within the EU?

Yes, you can apply for a residence card once you have the visa and are in Spain. This will allow you to travel within the EU while residing in Spain.

Please note that it does not entitle you to work or reside in other EU countries, but allows you to visit them for short periods of time.

7— How long do I have to stay in Spain for my visa to remain valid?

Many digital nomads choose to spend their time between different countries. If this is the case, and you wish to split your time between your home in the United States or the United Kingdom, for example, you must stay in Spain for a maximum of 6 months each year for your authorization to remain valid.

8— Do I have to pay taxes in Spain?

Yes, if you stay in Spain for more than 183 days, you will be considered a tax resident. This means that any money you earn while working in Spain will be taxed, even if it comes from clients or companies in other countries.

The digital nomad visa offers economic advantages because it is subject to Non-Resident Income Tax (IRNR) instead of the standard progressive income tax (IRPF) paid by permanent workers in Spain. IRNR is usually 24% in Spain (for residents it ranges between 25% and 50%). However, only those with income above 55,000 euros will be taxed under the Beckham Law (if the income is below this amount, it is not suitable), but if you are within the Digital Nomad Law you will not pay for income from real estate assets, dividends from companies, etc., generated in your country.

You will only pay Wealth Tax on assets located in Spain. Please note that this regime can only be used during the first 6 years.