Gecko Towers
A couple of years on from effective date of the Withdrawal Agreement, the Brexit legacy continues to impact on the lives of those who previously had complete freedom to live and work within the, then, 28 nations of the European Union.
No unnecessary bellyaching from me is going to change this and, resulting from evident and growing demand, we need to explore opportunities for Brits to relocate to the Costa del Sol based on the currently offered visas.
In mid 2021 we reported on the exciting news that the progressive Spanish Government coalition of Pedro Sanchez had proposed legislation Digital Nomads aimed at embracing the new digital economy in all its facets and reflecting on the transnational nature of evolving commercial opportunities.
In late December 2021, it was announced that the Spanish government had green lit these plans with the ambitious aim of transforming Spain into a global business hub. Indeed, many of our estate agency connection with whom we regularly work, are telling us that there is an appreciable shift in the demographic of Costa del Sol buyers. Interestingly, the age profile of buyers is now more often from late 30’s/early 40’s. Many are entrepreneurs in increasingly important businesses that not only are gaining presence on an international stage but they can be run very effectively from locations that have, at a minimum, a great WiFi connection.
As a side note we recently installed a domestic Vodafone fiber optic service that is very impressive with Down and Uploads in high double low triple figure Mbps. For anyone who needs to send data packets online reasonably quickly, like designers, programmers, musicians, filmmakers and gamers this will be of particular appeal.
It seems that the newly proposed Visa – which we don’t yet know when it will be available but we believe it will be within the next six months – will be issued to those that hail from the Non-European Economic Ares (EEA) – that specifically includes the UK residents – working remotely in Spain for foreign companies. It should alleviate the need to hold a full Spanish work visa.
It is thought that successful applicants will also be able to benefit from the so-called “Beckham Law” or “Special Expats’ Tax Regime”, that gives a five year, low-tax (broadly a virtually flat-rate of 24% on largely Spanish sourced income) and non-resident tax status.
For those in a different position who may be considering retirement, New Year 2022 changes to the “proof of wealth” elements of the Non-Lucrative Visa rules have made these attractive Visa a little more costly but those details will need to await a further post.
Should you be interested in discussing the legal process involved in buying a property in the Marbella region, we would be delighted to assist you. Our team of bi-lingual, highly experienced and wholly independent Abogados are ready to help you.
Please call me, Mark FR Wilkins, during usual business hours on +34 600 343 917 or, if you prefer, or e-mail me at mark@roslegal.es
Please note that our posts are for general interest. They is no substitute for proper legal advice tailored to your specific circumstances as provided by a qualified Abogado who is experienced in the application of the Spanish Law.
Nothing contained in this article should be seen or taken as the writer or the publisher providing legal or financial advice.
© Mark FR Wilkins 2022. All rights reserved.