Speaking as someone who's currently in Spain, if your business allows it just set up the company elsewhere and work from here. I do it and many of my friends do it. It's a wonderful combination.
I've scouted for houses in South Spain some time ago and was under the impression you can get a decent house near the beach for around 50k Euro, which isn't a lot.
Also, what about Mallorca? I've heard Martin Varsavsky say there is some sort of a retreat-hackerspace-coworkingspace thing?
That said, if you are already up for adventure, you could consider South East Asia or Latin America instead and really stretch your budget.