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[ Offshore Tax ] Comparing Spain’s Visas: Non-Lucrative vs. Digital Nomad

[ Offshore Tax ] Comparing Spain’s Visas: Non-Lucrative vs. Digital Nomad Key Differences Between Spain's Non-Lucrative and Digital Nomad Visas The non-lucrative visa is for individuals who wish to reside in Spain without engaging in any work activity. Common reasons include retirement, pursuing hobbies, or studying (not for employment purposes). To qualify, you must demonstrate sufficient financial resources to support yourself and any dependents, typically at least €2,316.08 per month (4x the IPREM). This visa does not allow you to work in Spain. In contrast, the digital nomad visa is designed for remote workers and freelancers with a stable income from outside Spain. As of July 2024, the minimum monthly income requirement, though not confirmed is expected to be around €2,600. T his visa permits you to work remotely for companies or clients outside of Spain, but you cannot work for Spanish companies or provide services to Spanish clients. The non-lucrative visa is initially granted for one year, with the possibility of renewal for successive two-year periods. The digital nomad visa is also initially granted for one year but can be renewed for an additional year. Choosing Between the Visas: When choosing between the two visas, the non-lucrative visa may be better suited for financially independent individuals who do not intend to work, while the digital nomad visa is ideal for remote workers with a stable income from outside Spain. Tax Implications: Both visas may qualify you as a tax resident in Spain if you spend more than 183 days per year in the country. Consult a tax professional for specific advice on your situation. Application Process: The application process for both visas involves submitting documents proving your financial resources, health insurance, and accommodation in Spain, but the digital nomad visa may require additional documentation related to your remote work activity. Both the Non-Lucrative Visa and the Digital Nomad Visa offer pathways to live in Spain. Carefully consider your needs and goals when selecting the most suitable option for your situation. TIMESTAMPS: 0:00 INTRO 0:40 Tax perks: O A vs. Non-Lucrative 1:18 Non-Lucrative Visa lacks tax perks 1:50 OUTRO -------------------------------- OUR CHANNEL OFFERS: Updated daily, we help 6, 7, and 8-figure International Entrepreneurs, Expats, Digital Nomads, and Investors legally minimize their global tax burden and protect their wealth. Join Amazon's best-selling author, Derren Joseph, in exploring the offshore financial world. SUBSCRIBE TO OUR CHANNEL FOR MORE FREE INFORMATION: https://www.youtube.com/c/TaxesforInt... -------------------------------------------------- WATCH OTHER VIDEOS:    • [ Offshore Tax ] Is Earned Income tax...      • [ Offshore Tax ] What is the main tax...      • [ Offshore Tax ] Taxation of Crypto i...   -------------------------------------------------- Here are 4 ways we can help you: SIGN UP for free webinars on US Expat Taxes and International Entrepreneur Taxes: https://htj.tax/events/ STREAM premium educational videos: https://htj.tax/youtube/ CONTACT us for tax optimization consults over Zoom: https://www.htj.tax/contact/ High Net Worth? We can QUOTE for doing your "US-International" tax returns. FOR MORE DETAILS, CONNECT WITH US: ✉ Contact us at [email protected] -------------------------------------------------- FOLLOW US ON:. 🌍 Check our website: https://htj.tax/ 🎙️ Listen to our podcast: https://podcast.htj.tax/ 📸 Add us on Instagram:   / htj.tax   🐦 Add us on Twitter:   / derren43   📕 Add us on Facebook:   / htj.tax   💼 Contact Derren on LinkedIn:   / derren-joseph-ea-0345332   #SpainVisas #NonLucrativeVisa #DigitalNomadVisa #SpainResidency #RemoteWorkSpain #VisaComparison #ExpatsInSpain #LivingInSpain #SpainImmigration #DigitalNomads #SpainVisaGuide #TaxResidencySpain #WorkFromAnywhere #SpainTravel #VisaRequirements