The Spanish government is very unhappy with the multinational Ferrovial development’s relocation plans. The company announced earlier this week that it wants to set up its headquarters in Amsterdam. “Unacceptable,” said the Spanish government.

According to economists, Ferrovial will pay 40 million euros less in taxes every year after moving to the Netherlands. However, according to the company, that was not the reason for moving the headquarters. Ferrovial wants a Wall Street listing. That would be easier if the head office was in the Netherlands. The company also commends the legal stability and the Netherlands’ AAA rating.

‘Stupid’

“What a ridiculous excuse,” the government said. There will be self-interest in Ferrovial’s decision. The company will “ow everything to Spain,” said Nadia Calviño, minister of economic affairs. Yolanda Díaz, labor minister for the ruling radical left party Unidas Podemos, called on company leaders to be more committed to “our country, Spain.” It is being investigated whether the move to the Netherlands can be stopped.

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The PP, the country’s largest opposition party, said Prime Minister Sánchez’s policies led to Ferrovial’s departure. The government wants to collect billions of euros from energy companies through additional taxes to compensate citizens for high inflation.

The Netherlands is known as a tax haven and was cast into Ferrovial. The company achieved a turnover of over 7 billion euros last year.

No consequences

Ferrovial said the move would not affect operations, jobs and investment plans in Spain. The company also said it would pay less dividends to shareholders.