Even though current indicators suggest only a limited impact, there is ongoing discussion about a potential agreement between the PSOE and Junts regarding the appointment of Pedro Sánchez. Some companies have begun to relocate from Catalonia, exploring incentives tied to the so-called procés and considering Alicante as an alternative. Recent data indicate that around 300 firms might be affected as registrations shift to the province since the independence referendum. The Colegio de Registro notes this movement in their latest figures.
A notable group led by Banco Sabadell—arguably the most prominent firm to relocate to Alicante—appears alongside other players from the food sector and even the hearing aid maker GAES, which later became part of Amplifon, a move that shifted its Spanish headquarters to Zaragoza.
In total, Trade Registry data show that since 2017, 286 companies have moved from Catalonia to Alicante, while 122 headed in the opposite direction. This yields a positive net balance, with 164 companies currently operating in the province.
For years
Historically, a sequence of transfers intensified during the years of the struggle for independence and the subsequent application of Article 155, which led to the dismissal of the Catalan administration led by Carles Puigdemont. In 2017, as a result, as many as 59 Catalan companies established bases in Alicante. The following year saw the figure rise to 68, and in 2019 around 60 firms chose the Spanish state to escape political instability linked to the nationalist challenge.
The pandemic then dampened these movements, with only 21 transfers in 2020. That year, more companies left Alicante for Catalonia (24) than arrived; 25 moved in 2021 and 22 in 2022. A clear rebound has emerged in 2023, with 31 firms arriving by the end of the third quarter, according to data from the College of Registrars.
Development of business transfers between Alicante and Catalonia is summarized here for informational purposes. Source attribution: College of Registrars.
Although the phenomenon represents only about 3% of the roughly 9,000 recent departures from Catalonia, the establishment of these firms has become an additional driver of regional economic activity in recent years. The core question remains: what are the chances that some of these relocations will be reversed or continued?
CEV, the autonomous employers, stress that the risk may be limited. They argue that a small number will decide to relocate again, noting that, as one leader commented, Catalonia still needs years of stability to restore its attractiveness. They also emphasize that firms act with independence and autonomy in their decision-making, and government bodies cannot dictate where companies should locate themselves.
Regardless, the CEV president assures that measures will be taken if any action is perceived as contrary to the interests and freedom of work. The central executive has expressed its stance against interference and is prepared to respond appropriately if any action is deemed harmful to the sector.
The relocation topic has often centered on Banco Sabadell, whose board convened in the Alicante Provincial Council Auditorium for a recent shareholders’ meeting. The balance of power between regional offices and corporate strategy underscores the bank’s ongoing strategic considerations.
Exceptional circumstances
From Sabadell’s perspective, the organization has not publicly committed to a new headquarters move and has avoided making explicit evaluations. Bank officials have long argued that their decisions reflect special, highly contingent conditions rather than a broad strategic shift. They point to regulatory uncertainty surrounding the procés and the pandemic as factors that precipitated previous stock-market penalties and outflows, while maintaining there is no immediate motive to initiate another relocation unless a similarly exceptional situation arises.
Ultimately, the decision lies in a balance between geographic fit and operational practicality. Alicante has been described as a favorable base for certain operations, including a significant IT hub, while Madrid hosts institutional leadership. The broader question remains about how Catalonia’s business ecosystem will evolve while maintaining stable regional centers that support competitiveness and employment.
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The prevailing view within government circles is that serious attention to this issue may be limited. In private, some observers note that any formal action would unlikely trigger a dramatic market impact. The alignment between the PSOE and Junts is seen as a factor that could influence forthcoming economic and regional policy decisions, though the immediate price or impact remains uncertain.
Source attribution: Political and economic observers.