Latest news with #DigitalNomadVisa
Local Spain
13-05-2025
- Business
- Local Spain
What Americans should know about Spain's Beckham Law tax regime
More Americans than ever are looking to use the Beckham Law to move to Spain and save on taxes, but is it really as good as it seems and what do you have to be aware of if you're from the US? Firstly, let's look at what the Beckham Law is. It's a tax regime that essentially allows those who have not resided in Spain for at least the last five years to pay a flat rate of 24 percent on their income up to €600,000 per year. Tax is also only paid on income earned in Spain, instead of a progressive tax on worldwide income. The normal progressive taxes for Spanish residents range from 19 to 47 percent. It was first introduced in 2004 to attract talent and highly qualified workers to Spain with tax breaks. The law was nicknamed after the footballer David Beckham because he was the first one to take advantage of it when he moved here to play for Real Madrid. It's important to know that not all Americans will qualify for the Beckham regime. For example, if you're here on the Digital Nomad Visa and are self-employed, then you are not eligible. It will only be for those who are employed by company's abroad. This initially seems ideal - a flat tax rate and tax breaks - why would you not take advantage if you qualify? But it's important to remember that not everything is as good as seems with the Beckham Law, and there are various factors you have to take into consideration if you choose to go for it. The first factor is how much you earn. Tax expert Mark McMillan from Sun Lawyers previously told The Local Spain: 'The special tax regime will be beneficial for those with an annual income from around €50,000 up to €600,000, so it will depend on your income bracket. Note that there are no allowances for your personal circumstances and as a result, people with spouses and children may find that they will pay less tax if they do not opt for the special regime'. So, if you earn below or above those amounts the Beckham Law won't bring you any benefits at all. It's also worth noting that Americans have to continue to file their taxes in the US even when they move to Spain. Therefore, if you pay 24 percent personal income tax in Spain under the Beckham Law, then you will pay the remainder - up to 32 percent - of the federal rate in the United States. This means that while the Beckham Law still has its benefits, it's less advantageous than it is for those from other nationalities. You also have to plan carefully and be fully aware of what becoming a Spanish tax resident could mean for you. If you're an American with IRAs, 401ks or trust funds, it's important you get advice from financial and tax experts in Spain, otherwise you could end up paying a lot more taxes than you were originally led to believe. Spain's Treasury has also intensified its scrutiny of those who benefit from the Beckham Law. Javier Vinuesa and Guadalupe Díaz-Súnico, of Gómez-Acebo&Pombo law firm told El Confidencial that 'many foreigners do not understand that the same administration that granted them the regime could, years later, question it". According to them, this leads to greater problems and a higher chance of being audited and investigated. "If there's no fraud, there's no litigation, but there are many gray areas, especially with Americans," several tax experts told El Confidencial. They explain that if you have tried to force the conditions to qualify for the regime, but didn't actually qualify in truth, it could have consequences for you in the future that are worse than having paid the normal amount of tax in the first place. In fact, in recent years, law firms in London have been challenging the Beckham Law claiming that it's a 'tax trap'. Some feel the specialist tax regime has not been advantageous for foreigners and that they've been treated unfairly by the Spanish tax authorities, subject to more checks and audits. In addition, the new Social Security agreement between the US and Spain does not factor in Beckham Law complications or solutions for remote workers, meaning that it's unclear what's covered. This could also make it so that Americans are more susceptible to being audited in Spain. If you don't qualify for the Beckham Law or you feel it's not right for you, one option several lawyers advise according to El Confidencial is to the region of Madrid, which allows for a reduction in the regional income tax rate. Those considering the Beckham Law or any other tax solution, must make sure they speak with a professional as each case is unique and what is best for someone else doesn't necessarily mean it's good for you.
Economic Times
28-04-2025
- Business
- Economic Times
Philippines to introduce digital nomad visa to attract foreign professionals
The Philippines has officially launched its Digital Nomad Visa (DNV) program, effective April 24, 2025, allowing eligible foreign remote workers to live and work in the country for up to a year with renewal options. This initiative aims to boost tourism and economic growth by attracting international remote workers who meet specific criteria, including reciprocal arrangements with their home countries. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Philippines has officially launched a Digital Nomad Visa (DNV) to attract foreign remote workers . President Ferdinand "Bongbong" Marcos Jr. signed Executive Order 86 to implement the scheme, which took effect on April 24, 2025, as per a report by Gulf the new visa programme, foreign nationals can live and work remotely from the Philippines for up to one year, with the possibility of renewal. Applicants must be at least 18 years old, demonstrate that they earn their income from outside the Philippines, hold valid health insurance, and maintain a clean criminal record. Only nationals of countries that offer reciprocal arrangements for Filipino digital nomads are eligible, reported Gulf News quoting an official Department of Foreign Affairs (DFA) has been tasked with rolling out the visa's detailed regulations within one month. The DFA will work closely with the Department of Tourism and the Bureau of Immigration to ensure smooth initiative aims to boost tourism, stimulate economic growth, and position the Philippines as a key destination for remote workers. Even before the introduction of the DNV, the Philippines had been ranked as the 7th fastest-growing remote work hub new visa also includes multiple entry privileges and is part of the Philippines' broader plan to tap into the global trend of remote work. As of 2025, more than 60 countries worldwide have introduced digital nomad visas or similar schemes, offering new opportunities for international remote least six Asian countries, along with several nations across Europe, Africa, and Latin America, have launched digital nomad visa programmes. The UAE has also introduced a virtual work visa that allows professionals to live in the UAE while working for companies joining this global movement, the Philippines aims to welcome long-stay visitors who will contribute to the local economy without directly competing in the domestic job market.
Time of India
28-04-2025
- Business
- Time of India
Philippines to introduce digital nomad visa to attract foreign professionals
The Philippines has officially launched a Digital Nomad Visa (DNV) to attract foreign remote workers . President Ferdinand "Bongbong" Marcos Jr. signed Executive Order 86 to implement the scheme, which took effect on April 24, 2025, as per a report by Gulf News. #Pahalgam Terrorist Attack India stares at a 'water bomb' threat as it freezes Indus Treaty India readies short, mid & long-term Indus River plans Shehbaz Sharif calls India's stand "worn-out narrative" Under the new visa programme, foreign nationals can live and work remotely from the Philippines for up to one year, with the possibility of renewal. Applicants must be at least 18 years old, demonstrate that they earn their income from outside the Philippines, hold valid health insurance, and maintain a clean criminal record. Only nationals of countries that offer reciprocal arrangements for Filipino digital nomads are eligible, reported Gulf News quoting an official order. The Department of Foreign Affairs (DFA) has been tasked with rolling out the visa's detailed regulations within one month. The DFA will work closely with the Department of Tourism and the Bureau of Immigration to ensure smooth implementation. The initiative aims to boost tourism, stimulate economic growth, and position the Philippines as a key destination for remote workers. Even before the introduction of the DNV, the Philippines had been ranked as the 7th fastest-growing remote work hub globally. (Join our ETNRI WhatsApp channel for all the latest updates) The new visa also includes multiple entry privileges and is part of the Philippines' broader plan to tap into the global trend of remote work. As of 2025, more than 60 countries worldwide have introduced digital nomad visas or similar schemes, offering new opportunities for international remote workers. Live Events At least six Asian countries, along with several nations across Europe, Africa, and Latin America, have launched digital nomad visa programmes. The UAE has also introduced a virtual work visa that allows professionals to live in the UAE while working for companies abroad. By joining this global movement, the Philippines aims to welcome long-stay visitors who will contribute to the local economy without directly competing in the domestic job market.
Khaleej Times
27-04-2025
- Business
- Khaleej Times
Philippines launches new visa programme to attract digital nomads
Remote workers seeking a new destination now have another option: the Philippines. Under a newly launched visa programme, the country aims t o attract digital nomads — foreign nationals who work remotely for employers or clients based outside the Philippines — offering them the opportunity to live temporarily while contributing to the local economy. President Ferdinand Marcos Jr. authorised the Department of Foreign Affairs (DFA) to issue Digital Nomad Visas to eligible non-immigrant foreigners. The directive, outlined in Executive Order (EO) No. 86, was signed on April 24, 2025. 'The DFA is hereby authorised to issue Digital Nomad Visas to non-immigrant foreigners who desire to enter and/or stay in the country for a temporary period for the purpose of working remotely using digital technologies, and whose clients or employers are situated outside the Philippines,' the president stated in the EO. To support the initiative, the DFA will coordinate with the Department of Justice, the Department of Tourism, the Bureau of Immigration, and the Bureau of Internal Revenue. These agencies are tasked with developing measures to ensure the program's successful implementation and maintaining a database of Digital Nomad Visa holders, in compliance with the Data Privacy Act. Who are the digital nomads? Digital nomads are professionals who work remotely and frequently move between different places while working. They commonly set up in co-working spaces, cafés, or public libraries, relying on internet access and mobile devices to stay connected. This lifestyle offers the flexibility to work from virtually anywhere. What are the requirements? Applicants must meet several requirements to qualify for the Digital Nomad Visa: The move positions the Philippines as the latest country to tap into the growing global trend of remote work, joining a list of nations already offering similar visas to attract mobile professionals.
Hi Dubai
24-04-2025
- Business
- Hi Dubai
Dubai Hosts Global AI Leaders at 'Machines Can See 2025' Summit
Dubai welcomed over 2,000 global AI leaders today at the opening of the third edition of the Machines Can See (MCS) Summit 2025, attended by H.H. Sheikh Mohammed bin Rashid bin Mohammed bin Rashid Al Maktoum. The event, the largest of its kind in computer vision, is a key platform for innovation, policy, and partnership in artificial intelligence. Organised by the Dubai Centre for Artificial Intelligence and part of Dubai AI Week, the summit is held under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. It aims to advance collaboration between public and private sectors, align global AI efforts, and promote responsible innovation. Opening sessions featured a high-level ministerial dialogue titled 'Wanted: AI to Retain and Attract Talent to the Country,' with representatives from the UAE, Malaysia, Egypt, Kazakhstan, Indonesia, and beyond. Discussions focused on national strategies to nurture AI talent and leverage technology for economic and societal benefit. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, highlighted the UAE's commitment to developing transformative AI that enhances governance, well-being, and global competitiveness. Key announcements included Malaysia's focus on talent and infrastructure, Egypt's expanded AI strategy, and Kazakhstan's launch of and a Digital Nomad Visa. A landmark MoU was also signed between Central Asian innovation hubs and the UAE to support regional start-ups. Global experts, including leaders from Amazon, DeepMind, Roche, and IBM, explored real-world applications of AI—from personalised media and biopharma innovation to ethical deployment and regulatory frameworks—cementing Dubai's position as a hub for the future of AI. News Source: Emirates News Agency
