The Canary Islands have become a paradise for digital nomads seeking an ideal place to live and work. This Atlantic haven combines an exceptional lifestyle with a range of tax benefits and other advantages that make these islands a standout choice for remote workers. Here, we delve into why the Canary Islands are a dream destination for digital nomads.
Tax Benefits in the Canary Islands
One of the greatest attractions for digital nomads choosing the Canary Islands is its special tax regime. Unlike many other parts of the world, the Canary Islands offer several significant tax benefits:
Beckham Law: A Favourable Tax Regime
The special tax regime of the Beckham Law allows digital nomads to be taxed at a fixed rate of 24% during the first five years of their residency in the Canary Islands. This represents significant savings compared to other places where taxes can be higher and progressive. By taking advantage of this regime, digital nomads can optimize their tax situation.
Exemption from Additional Taxes
Another tax benefit in the Canary Islands is the exemption from certain taxes. Residents are not required to submit Model 720, an annual declaration that many other places demand to report their assets outside of Spain. Furthermore, the wealth tax on these assets is avoided, and capital gains tax rates are significantly reduced, ranging from 19% to 28%.
Lifestyle in the Canary Islands
In addition to its tax benefits, the Canary Islands offer an unparalleled lifestyle for digital nomads:
The Canary Islands are known for their pleasant climate throughout the year. This means you can enjoy the sun and good weather while working, without worrying about cold seasons and gray days.
Stunning Natural Environment
The Canary Islands host astonishing natural landscapes, from golden sandy beaches to rugged mountains. Digital nomads can use their free time to explore the natural beauty of the islands, from mountain trails to thrilling water sports.
Unique Culture and Gastronomy
The rich Canarian culture and its delicious cuisine are a delight for the senses. From local festivals to traditional dishes, there’s much to discover and enjoy in your leisure time.
Digital Nomad Community
The Canary Islands have attracted a growing community of digital nomads. This provides you with the opportunity to connect with other professionals who share your interests and challenges.
Connectivity and Amenities
The Canary Islands offer excellent digital infrastructure with high-speed connections and a wide range of services for digital nomads, such as coworking spaces and affordable accommodation options.
The Canary Islands offer a perfect balance between attractive tax benefits and an exceptional lifestyle. For digital nomads, it’s a destination that combines the best of both worlds. From the special tax regime of the Beckham Law to its stunning natural environment and unique culture, the Canary Islands are an ideal place to live and work. If you’re a digital nomad looking for a destination that has it all, the Canary Islands might be your perfect choice.
If you want more information about the tax benefits in the Canary Islands, or if you have specific questions about your situation as a digital nomad, don’t hesitate to get in touch with EBF Consulting.
Our experts are ready to provide personalized advice and help you make the most of the opportunities the islands have to offer.
At EBF Consulting, we take pride in offering high-quality service with maximum efficiency, so feel free to contact us through our email email@example.com. We are here to assist you in taking the steps toward a successful future as a digital nomad in the Canary Islands!