The wealthiest foreigners are “sneaking in” as remote workers after the end of the 'golden visa'

We are closely monitoring the impact that the disappearance of the “golden visa” is having on the arrival of large fortunes in Spain. In this scenario, many foreign investors are turning to the digital nomad visa as an alternative. However, its renewal requires becoming a tax resident, which is a disincentive for many of them.

Nuria Estévez, associate in Lener's Tax and Fiscal area, shares her views on this issue in an article published today by El Economista, in which Xavier Requejo, from EMERGIA PARTNERS, also participates.

Our expert explains that the challenge is not to become a tax resident in Spain, but to do so without adequate tax planning:

‘In many cases, there are valid structures for avoiding double taxation, organising international assets and optimising the tax burden. The real problem is that, under the current regulatory framework, Spain is losing these investors before they even have a chance to sit down and study these alternatives.’

She also points to a relevant psychological factor: the perception that the Spanish tax system is particularly demanding and that tax control over international taxpayers is very intense. This combination, following the end of the golden visa, is diverting capital to countries such as Portugal and Italy, which have more favourable frameworks.

You can read the full article by Eva Díaz in El Economista: Los extranjeros más ricos se 'cuelan' como teletrabajadores tras el fin de la 'golden visa'