Spain’s Council of Ministers has approved a long-awaited amendment to the Securities Market Law that will allow domestically incorporated companies to obtain a secondary stock-market listing outside the European Union without first redomiciling abroad. The reform—nicknamed “Ley Ferrovial” after the construction giant that moved its holding company to the Netherlands last year to secure a U.S. listing—was published in the BOE on 8 October and takes immediate effect. Under the new Article 34-bis, companies that keep their statutory seat, tax residence and primary listing in Spain may now seek a simultaneous quotation on exchanges such as the NYSE or Nasdaq, or in London, provided they maintain equivalent disclosure standards. The Economy Ministry says the goal is to “give Spanish multinationals access to deeper pools of capital while preserving high-value headquarters functions and jobs in Spain.” For global-mobility and corporate-relocation teams the change removes a structural incentive to shift head-office staff overseas. In the Ferrovial case, more than 50 senior executives and dozens of support employees were transferred to Amsterdam; future issuers can now avoid that upheaval. Multinationals evaluating a U.S. IPO or a post-Brexit London listing can keep C-suite and support roles—along with associated intra-company transfer (ICT) permits—in Madrid, Barcelona or Bilbao. Tax advisers note that keeping central management and control in Spain preserves access to the 24 % impatriate tax regime (“Beckham Law”) for returning talent and avoids permanent-establishment issues in other jurisdictions. HR leaders should nonetheless review assignment policies, as key staff may still need L-1, E-2 or UK Skilled Worker visas for extended stints at investor-relations hubs abroad. The reform also seeks to stem reputational damage caused by high-profile corporate exits. Political opposition had accused Ferrovial of “fleeing” Spain; the new law answers that critique by upgrading Spain’s capital-markets toolbox. Analysts expect infrastructure group Acciona and renewable-energy giant Iberdrola to explore U.S. dual listings without relocation, while mid-caps in biotech and tech could follow suit in London.
