If you go to Spain, you’ll never return. Spain will grab you by the…heart and keep you there. The culture, the weather, the lifestyle – everything about it is perfect.
In 2022, Spain accepted 478,990 new residents within the first six months. But for businesses, it’s not the same.
Spain actually has a shocking economy. The once grand empire fell as Francisco Largo Caballero (president at the time) and the Minister of Finance, Juan Negrín, decided to sell Spain’s gold.
Well, technically, Joseph Stalin said he’d keep it ‘safe’ and then didn’t. And since the economy has suffered.
The average minimum wage is $1,050 monthly, and tax rates increment depending on wage starting at 19% and finishing at 47% for wages over €300,000. For a business to hire staff, they have to pay 30% tax on wages and 25% of their own tax.
And that’s not even touching on the fact it’s tricky to set up a business in the current economy.
Still, there are options, and some industries are thriving.
Read on to find out more.
Tourism
Spain’s sun-soaked beaches (the best), historic landmarks, and culinary delights (undoubtedly the best) make it one of the world’s most visited countries.
The tourism industry is thriving – perhaps the only setback is the 90-day limit for British visitors who contributed to a reported loss of €1 billion for Spain.
Still, people continue to visit. In the first 11 months of 2023, there was an 18% increase in tourists in Spain, exceeding 79.8 million.
Entrepreneurs can tap into this industry’s potential by offering unique travel experiences – tour guides are one example.
Renewable Energy
Spain’s commitment to a sustainable future is evident in its booming renewable energy sector. In 2022, solar power accounted for 11.5% of total electricity generation. And we can see why – they’re not short of sunshine.
Entrepreneurs passionate about making a positive environmental impact can explore avenues in solar energy, but it helps to live in Spain already. A better idea would be to start a renewable energy business in your home country and then expand to Spain.
Information and Communication Technology (ICT)
Spain’s digital economy is growing – slightly behind other countries – but it is growing. Still, try and use the government website and tell us what growth they have left to do.
Anyway, this industry, characterised by rapid innovation and endless possibilities, is a playground for tech-savvy entrepreneurs. Crypto represents a burgeoning new option for those looking to dominate in the tech industry, but it needn’t be limited to the quantitative, maths-minded areas of expertise. Spain’s digital entertainment market is also seeing its own boom – and has been for some time now. There are so many roles to fill, with even a single casino in Spain requiring the input of creatives, developers, marketers and testers before it’s ready for players.
The challenge for entrepreneurs is not just to ride the wave of digital transformation but to steer it in a direction that enriches the fabric of Spanish society.
Real Estate and Construction
The real estate and construction industry is thriving – it’s actually really common for local Spaniards to get into real estate.
The main route is through self-employed work and establishing an office after a few sales. Commission on properties is good, but you could call this market saturated. The bonus is that foreign people trust foreign people. If you’re from the UK, British people wanting a home in Spain are more likely to pick you. The same goes for any other ethnicity. And trust us, people want to buy properties in Spain.
The Future
As Spain’s economy grows, these industries stand as pillars of opportunity for entrepreneurs ready to embark on a journey of innovation and growth. Tourism is increasing year-on-year, with tourists attracted to the lifestyle, food, weather, parties, and unique culture.
The path for each budding entrepreneur in Spain might be unique, but the destination is the same. A future where their vision becomes an integral part of the Spanish success story. Here’s what awaits:
- Tourism that celebrates culture while embracing innovation
- Renewable energy initiatives that power a sustainable future
- ICT solutions that transform lives and businesses
- Real estate and construction projects that shape the skyline and society
Spain is one of the best countries to live in, but without lying, not necessarily one to start a business. Any Spaniard will tell you that. That doesn’t mean it’s impossible. The journey may be complex and filled with challenges and learning curves, but it is achievable.
Read more:
4 of the Biggest Industries in Spain for Budding Entrepreneurs