The change of headquarters of Catalan companies during the procés was compared to the invasion of Russian tanks during the Prague spring. Following this simile, it could be said that the relocation of the Ferrovial headquarters to the Netherlands has been the authentic motion of censure suffered by the Government of Pedro Sánchez and not the one that Ramón Tamames will lead.
At least that is how the Government has taken it, which has had a hysterical reaction to a simple business decision to optimize its benefits. Nothing to do with a "Judeo-Masonic conspiracy" to wear down or bring down the coalition government.
There is no need to look for three feet to the cat. The reasons why Ferrovial has left are the same ones why no foreign company establishes its headquarters in Spain. The optimal conditions do not exist to develop as their shareholders demand from multinational companies.
As a great businessman commented to me in private, “companies are like plants, they need fertile soil, light and water to grow; and in Spain the conditions of legal certainty, harassment of the employer, regulatory interventionism and fiscal insecurity make companies dream of relocating”.
It is not an isolated case. Not even a problem for the left-wing coalition government. Large companies such as Telefónica, Iberdrola or Santander, among other Ibex companies, have been considering changing their tax headquarters for years. If they have not done so, it has been for fear of government reprisals.
The movement of the Ferrovial headquarters has been a very precise calculation that has been studied in depth for some time. Although it was different, five years ago thousands of companies decided to move their fiscal headquarters from Catalonia to other regions. There was a panic reaction to the consequences of an independence process. That reaction was well accepted by the Government and the opposition, the same ones that now consider that the change of Ferrovial's fiscal headquarters is a betrayal of the country.
One thing or another. In both cases these are not ideological decisions, nor are they directed against any government in particular. In Catalonia, the trigger was a survival instinct and in the case of Ferrovial, to optimize profits.
They are not only tax reasons, there are (they can save 40 million a year, which is not a small thing); the most important thing is that its financing is facilitated. With a net debt like the one Spain has of 1.5 trillion euros and an escalation in interest rates, the risk premium weighs heavily. A company based in the Netherlands, which has Triple A, is not the same as the country risk of Spain.
There is no doubt that this scenario is going to translate sooner rather than later into tax increases for companies and the rich, as has already been announced. Those who believe that getting into debt up to their ears is costless are wrong.
