Is it bad to have a depressed local market though (to launch a company to)?

You can also use Spain as a gateway to the entire Spanish-speaking market, which is always an attractive option in case you plan to go international.

Online businesses don't need to aim to the local market. It is easy to aim at another market (or the whole world) while living in Spain.

Looks like Marvin supports Readmill cloud? http://blog.marvinapp.com/post/69175405146 (I have yet to try though, and it's an old announcement.)