The agreement will mean up to 200 young people in both Spain and New Zealand, aged between 18 and 30, can obtain a working holiday visa and live and work in the reciprical country for a year.
It has not yet been announced when these Spain-New Zealand working holiday visas will be available.
Immigration Minister Jonathan Coleman and Spanish Secretary of State for Foreign Affairs Angel Lossada Torres-Quebedo signed the agreement recently in New Zealand.
Also signed was a mutual voting rights agreement enabling New Zealanders living in Spain to vote in municipal elections there and Spaniards resident here to vote in New Zealand's general and local elections.
The agreements were part of a strengthening of ties between the two countries while the Spanish King Juan Carlos I and Queen Sophia were on tour New Zealand.
The King and Queen also opened a Spanish embassy in Manners Mall in Wellington which will allow the new agreements to be managed.
The New Zealand Visa Bureau is an independent consulting company specialising in helping people with emigrating to New Zealand.
New Zealand immigration clears two $10m investors to move to NZ - 18 Nov 09
New Zealand visa waived for Taiwanese visitors - 18 Nov 09
New Entrepreneur Plus Visa category announced by New Zealand immigration - 16 Nov 09
New study shows gappers keen for mum and dad to come on a working holiday - 11 Nov 09
More news