Moving to Ibiza: Golden Visa vs. Nomad Visa

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If you’re thinking of moving to Ibiza, you may be wondering which type of visa is best for you.

Here we’ll look at the main differences between the Golden Visa and the Nomad Visa, two popular options for those looking to settle in Spain.

Golden Visa: A gateway to Ibiza

The Golden Visa is a residence permit for foreign investors in Spain. Unlike other types of visas, it offers the flexibility of not requiring physical residence in Spain, allowing holders to maintain their tax residence outside the country as long as they do not spend more than 183 days per year in Spain.

Application Requirements and Documentation

The Golden Visa may be applied for by the investor himself or by a duly accredited representative appointed by him to manage a project of general interest.

The investment may also be made through a legal entity. Application requirements include:

• Passport.
• Public or private medical insurance.
• Criminal record certificate.
• Have not been refused a Schengen visa.
• Proof of investment.
• Proof of having the financial means to stay in Spain.

The charm of Ibiza and the Golden Visa

Whether investing in property, contributing to local projects or creating jobs, the benefits are clear: a residence on the island and the possibility of travelling freely throughout the European Union.

To obtain the Golden Visa, a significant capital investment is required. Investment options include:

• Acquisition of a commercial or residential property in Spain with a value of €500,000 or more, free of any liens or encumbrances.
• Investing a minimum of €2 million in Spanish government bonds.
• Invest a minimum of €1 million in shares or participations in Spanish companies, local investment funds, venture capital funds or bank deposits in Spanish financial institutions.
• Invest a minimum of 1 million euros in the creation of a business in Spain that generates employment, promotes technological and/or scientific innovation and has a significant socio-economic impact.

The Golden Visa is valid for an initial period of 2 years from the date of approval. After this period, it can be renewed 60 days before the expiry date, always provided that the investment, health insurance and financial resources are maintained in Spain.

Digital Nomad Visa: Remote Workers and Digital Nomads.

The Digital Nomad Visa is a residence permit in Spain for remote workers and digital nomads.

Requirements and documentation

The Digital Nomad Visa can be applied for by the remote worker himself/herself or by a duly accredited representative appointed by him/her to manage a project of general interest.

Application requirements include:

• A valid and current passport (valid for at least one year and with a date of issue not older than 10 years).
  Application for a temporary NIE (Foreigner Identification Number).
• Complete the form and pay the fee.
• Recent passport sized photograph.
• Employment contract/service contract.
• Pay slips.
• Bank statements and receipts.
• Social security certificate.
• Letter from the company authorising you to work from home and be covered by the national social security system.
• Company certificate issued by the tax office and/or commercial register.

Destination Spain with the Nomad Visa

Spain has always been a popular destination for tourists and, of course, digital nomads.

This is not only because of the number of amazing places to visit, but also because it is one of the European countries with the lowest cost of living.

The digital nomad visa was approved in January 2023. Known as the Startups Law, it allows remote workers and digital nomads to live and work in a regulated way.

Golden Visa Vs Nomad Visa

	Golden Visa	Digital Nomad Visa
Main objective	Investment in destination country	Remote work
Investment requirement	Yes, from 500,000€ in property or 1-2€ million in other investments	No
Work Permit	Yes	Yes
Residence required	No, as long as you do not spend more than 183 days a year in Spain	No, as long as you do not spend more than 183 days a year in Spain
Initial duration of permit	2 years	Varies by country usually 1 year
Renewal of permit	Yes, every 2 years, subject to proof of continued investment, health insurance and financial resources in Spain	Yes, subject to country laws and evidence of continued remote employment

The Golden Visa is ideal for investors seeking stability and business opportunities in the European Union, while the Digital Nomad Visa appeals to remote workers and digital nomads who want to experience new places while maintaining their working style.

Each visa has its own benefits and requirements, so it is important to research and consider which is the best option for you.

Do you want to apply for one of these visas or do you want to know which one is best for you? At almar abogados we are here to help you in your daily life in Ibiza. Contact our team

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