In May 2023, Spain will have a visa specifically created for digital nomads and foreigners who work remotely for a foreign company in the country. It will allow the holder Spanish residency for one year and the possibility of renewing for two more years as long as the initial requirements are met.
In the meantime, the remote worker can apply for a non-lucrative visa. This visa will allow non-European Union citizens to live in Spain provided they are able to support themselves financially as the holder cannot work for any Spanish company. The non-lucrative visa however, allows the holder to invest in property in Spain or own shares of a Spanish company. It is similar to a tourist visa in that the holder can travel anywhere in Europe.
The Spanish non-lucrative visa is valid for one year and renewable every two years. If the holder has lived in Spain for 5 consecutive years, then the non-lucrative visa can be converted into a permanent residency permit and the holder can work in Spanish company if he or she so wishes.
The benefits of the Spanish non-lucrative visa are many. You can bring you family with you to live in Spain without having to make any kind of investment in Spain. The holder can study or do paid internships in companies in Spain. Each consecutive year that the holder lives in Spain counts towards a permanent residency permit that one can get after five years. If after five years the holder would like to become a Spanish citizen, then he or she can apply for citizenship after ten years. If you are a citizen from any of the Latin American countries or the Philippines, you will only need to hold the non-lucrative visa for two years to obtain Spanish citizenship.
The requirements needed to apply for a Spanish non-lucrative visa need to be submitted to a Spanish consulate. The applicant must show proof that he or she has enough money in his or her account in a bank where the minimum amount is equivalent to €26,000 and an additional €7,000 for every family member included in the application. Your bank will need to provide a certification of the amount of funds in your account. Lastly, you will need an insurance policy with full coverage in Spain.
Once you have entered Spain, you can apply for your TIE or Foreigner’s Identity Card.