Since the October 1st referendum, the relocation of company headquarters has been a hot topic. During the last quarter of 2017 and throughout 2018, many companies moved their headquarters out of Catalonia. Since then, Informa D&B, part of the Cesce group, has been producing regular reports on the movement of company headquarters between the different Spanish regions. But who benefits from these headquarters changes? The latest report, from 2025, draws two very clear conclusions. Catalonia, although still losing headquarters, is losing significantly fewer. Furthermore, with the headquarters that relocate to the Principality, it gains substantial revenue. The other conclusion is that Madrid, which always had a positive balance – receiving more companies than it lost – now has a negative balance and, moreover, is losing revenue: specifically, 403 million euros.

More companies leave the Madrid region than any other. This data is derived from the latest statistics of the Association of Registrars, relating to the first quarter of 2021: 401 companies moved their registered office away from Madrid, a figure that far exceeds the 254 Catalan companies that moved their headquarters.