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.

One of the consequences of the independence process was the so-called exodus of companies from Catalonia, meaning companies that decided to move their registered offices from the Principality to other autonomous communities, especially Madrid, the Valencian Community, Aragon, and the Balearic Islands. Eight years later, the situation has normalized, and the negative balance of company headquarters relocations from Catalonia to other communities has decreased significantly. Furthermore, Catalonia is gaining more revenue than ever from these changes.