International markets are an essential source of growth in a context of globalization, so international companies gain productivity, improve their management and have better access to finance and investments. Besides, they have the greatest capacity to grow and create jobs.
Therefore, internationalization revealed as a key of long-term economic growth in the Spanish economy, due to their relationship with competitiveness.
Economic development factors
Nowadays, immigration policy is an element of competitiveness, and its contribution to the country’s economic growth must be taken into account. Thus, the admission of highly qualified professionals in the countries of our environment is a reality which is estimated to represent 30% of international economic emigration.
Bearing that in mind, most of the countries of the Organization for Economic Cooperation and Development (OECD) are implementing new regulatory frameworks that are undoubtedly an element of competitiveness. For this reason, the most advanced countries already have systems specially designed to attract investment and talent, characterized by agile procedures and specialized channels.
In this sense, the number of professionals and managers that Spain has with the necessary skills to manage business internationalization is, in some cases, insufficient, and it is necessary to hire foreign professionals specialized in very specific fields.
On the other hand, we have experienced a huge technological innovation in the last years, which has made the traditional ways of developing business activities make a change of 360º, adapting and taking advantage of this development to improve its production, from accelerating any process, to offering highly competitive and innovative products within technology industry.
Regarding that, Spain is one of the countries that is in the middle of the implementation period of new technologies or innovations focused on enhancing the productive process of companies, proceeding to invest in new forms of business and markets that did not exist until some years ago, which currently represent one of the main economic sources in our country, thanks to private investment.
This makes totally necessary to hire foreign employees specialized in these sectors, who know the latest innovations that their activity has experimented. We are talking about highly qualified or experienced professionals that allow development and evolution of those business activities in Spain, at the same time they act as trainers of Spanish citizens.
Spain comes into play
Taking both factors into account, many Spanish companies need to recruit foreign talent to fill highly qualified positions that enable their international expansion and economic growth.
The Spanish Administration, aware of the importance of international talent as an economic growth factor, and in order to facilitate its incorporation into the Spanish economic market, issued the Law 14/2013, of September 27, on Support for Entrepreneurs and their Internalization.
This law regulates special procedures to grant residence permits to those foreigners who want to invest in Spain or are considered as international talent. It is aimed to attract management employees, highly qualified professionals, researchers, investors, entrepreneurs and companies that carry out intra-company movements, as well as eases procedures to request spouses and children permits, through agile and fast applications before a single authority, which will take less than one month to be granted, and more advantages comparing to our general immigration law..
How can Spain attract this foreign talent?
Not only through the agile and fast procedures provided by Law 14/2013, thus knowing that their transfer will not involve a long and tedious legal and bureaucratic process, but also that Spain offers a multitude of added values that are assessed by this professionals to move to our country, among which are:
- Labor challenges.
- New or recently created projects in sectors considered strategic.
- Work life balance.
- Geographic situation.
- Quality of life.
- Personal development.
Spain, in the TOP 5 of the best valued countries by expatriate workers in 2020
According to the survey carried out annually by the British bank HSBC, turns out that in 2020 Spain ranked 5th of the most valued countries to move by expatriates around the world.
All this means that, despite the fact that Spain fails in terms to offer a competitive salary comparing to other developed countries in our environment, it turns out that expatriate workers value other circumstances when it comes to choose a destination to travel and to move to, being Spain one of the five countries most desired by them because it is the one that offers the best quality of life, according to this survey.