New Remote Work Law Makes It Easier For EU Digital Nomads To Work For Spain
Being able to work in another country is key when it comes to setting up a long-term residency, but many regulations make this process notoriously difficult for digital nomads. Spain has recently put together a new solution that aims to cut down on the challenges associated with working in another country for European citizens while paving the way for boosting the country’s accessibility to digital nomads, those who are considering pursuing Spanish citizenship in the future, and other long-term visitors.
Spain’s new Startup Law aims to simplify the process of allowing European citizens to come to Spain for the purpose of getting involved with a startup company as remote workers. This law gives Europeans the ability to retain many of the most essential benefits of their home countries while living in Spain, including social security benefits and tax benefits.
This law has significantly raised the annual tax exemption for Europeans working remotely in Spain from 12,000 Euros to 50,000, which means that many remote workers can spend a significant portion of the year working in Spain without having to pay taxes or with minimal tax needs. This can go a long way toward simplifying the process of handling taxes when working and legally living in different countries.
With this law, Europeans who work for a startup while living in Spain can also purchase stock in a startup company without paying taxes on it until they decide to sell it. This strategy both makes living in another country more financially attainable for Europeans and increases their ability to fund startups through stocks, which has the potential to significantly benefit small Spanish businesses in a variety of industries.
Thanks to Spain’s Startup Law, fans of flamenco and tapas now have even more options for spending up to five years in their favorite country.
