Registered office relocations by companies in Spain rose 3% in Q2 2026

A total of 1,463 companies relocated their registered office to another region in Q2 2026, up 3% on the same period in 2025 and up 8% quarter over quarter from Q1 this year, when the figure stood at 1,353, according to the Registered Office Relocations Study published by INFORMA. This means that, for every 1,000 active companies in Spain, 1.07 decided to relocate over these three months.

Registered office relocations grew strongly in 2017 as a result of the independence referendum, reaching 6,276 in cumulative terms in 2018. After falling in 2019 and 2020, they have exceeded 5,000 in each of the past five years. Q1 2026 began with a slight decline, but more relocations were recorded in the second quarter, marking the highest figure since Q1 2024.

 Nathalie Gianese, Director of Research at INFORMA D&B, states: “Inter-regional company registered office relocations rose in the second quarter to reach 2,816 in the first half of the year, a figure similar to last year’s”.

Catalonia’s net loss, with 93 fewer companies, marks a significant change from the nine it gained in 2025, and it remains the worst figure among the regions. Between 2017 and Q2 this year, a total of 10,335 companies left the Catalan region, of which 821 returned, just 8%, with most of these returns concentrated among those that left in 2017 and 2018.

After Catalonia, the region with the second-largest net loss is Castile and León, shifting from a loss of nine companies in 2025 to a reduction of 24 in 2026. Navarre follows, down 15, the same as it lost the previous year.

In contrast, Andalusia leads the net gains in 2026, with 42 more companies, improving on the 34 it added in the same quarter last year. It is followed by the Valencian Community, which gained 33 companies (down one in 2025), and Madrid, with 27, a better performance than the 56 it lost in Q2 of the previous fiscal year.

The Balearic Islands, Madrid and the Canary Islands are the regions with the highest number of quarters posting net gains since 2021. Conversely, Catalonia has recorded a net gain in just one quarter over these years.

Madrid recorded the highest number of movements in Q2 2026, with 469 companies arriving versus 442 that decided to leave. Of the total number of companies that relocated to Madrid, just over 25% came from Catalonia and 14% arrived from Andalusia. On the departures side, Madrid-based companies were concentrated mainly in Catalonia and Andalusia, at around 18% in both cases.

Next is Catalonia, which between April and June saw 178 companies arrive and 271 depart. Of the companies that arrived in Catalonia, almost half came from Madrid, 45.5%, and other relevant sources were Andalusia and the Valencian Community at close to 13% and 12% respectively. For companies leaving Catalonia, the preferred destination was Madrid, 44%, followed by Andalusia, with 14%.

A total of 177 companies relocated to Andalusia, while 135 decided to leave the region. Of the Andalusian companies that left, 47% did so for Madrid and 17% opted for Catalonia. Meanwhile, arrivals in Andalusia came mainly from Madrid, 46%, and Catalonia, 21.5%.

Catalonia and Galicia lead the net gains by sales of relocated companies

Based on the sales declared by the companies that relocated in Q2 2026, Catalonia is the region with the largest net gain from these registered office relocations, with a positive net result of €1.863 billion; Galicia follows with €720 million. Madrid, however, lost €2.034 billion, followed by the Valencian Community, down €196 million. The relocation of Nexus Energía SA from Madrid to Catalonia, and that of Fiat Chrysler Automobiles Spain SA from Madrid to Galicia, largely explains the strong impact recorded in these regions

The ten highest-revenue companies that changed registered office in Q2 2026 reported sales of close to €3.0 billion.