Are you thinking about relocating? Maybe you are American and need a break from the political turmoil. Or perhaps you are British and are disillusioned with the whole Brexit situation? Maybe you just want to live somewhere else, now that you are permanently working from home. Regardless of the reason, Madrid is a wonderful place to live; whether for a year or two or for the foreseeable future. Here are 5 fabulous reasons for relocating to Madrid.
1– Low cost of living
Madrid has a relatively low cost of living, compared to other major cities. For example, according to the website Expatisan, which updates price and exchange rate data regularly, the cost of living in New York City is 52% more than in Madrid. Housing costs in NYC are over twice those of Madrid, which in itself is a fantastic reason for relocating to Madrid! The cost of living in San Francisco is 67% more expensive than in Madrid.
The cost of living in London is 62% more than in Madrid.
Madrid is still cheap when compared to other European capitals. The cost of living in Paris is 30% more expensive than in Madrid. The cost of living in Munich is 25% more than in Madrid and the cost of living in Zurich is 46% more expensive than living in Madrid.
2– It is relatively easy to get a visa
If you are not a EU citizen but want to live in Europe, Madrid has some excellent visa/residence schemes meant to attract international investors relocating to Madrid. For those that have enough money to invest in Madrid real estate, Spain arguably has the best golden visa program in Europe. If you don’t have the money to invest 500k€ in property, Spain also has an excellent Entrepreneur Visa. Unlike other countries that require you to show you have enough financial capital to invest in starting a new business, the Spanish entrepreneur visa only requires you to have a business plan demonstrating you have an innovative idea, plus around 600€ per month to sustain yourself for the two years it takes to secure funding and launch your business. And if you don’t have an innovative idea, you can apply for a freelance visa or a non-lucrative visa; both of which require a relatively small amount of funds.
3– Spain has an excellent healthcare system
Healthcare has always been important, but with covid-19 it is increasingly so. The Spanish constitution requires the state to provide healthcare to its citizens, so if you have permission to live and work in Spain, you have access to universal healthcare. You can also obtain private health insurance at very reasonable rates. On average, it costs around 60€ per month for a person to have private healthcare insurance in Spain. There are a number of companies that provide it, such as Spanish owned Mapfre and Sanitas, which is owned by the UK carrier Bupa.
4– Spain has a wonderful work/life balance
Spaniards have a long life expectancy. In fact, it is expected to overtake Japan in terms of life expectancy. How is this possible, many people ask, given the large number of people in Spain that smoke? The main reason given by most studies is the excellent work/life balance in Spain. The international bank HSBC has a yearly league table that ranks countries on a number of factors such as quality of life, ease of settling in, physical and mental well being, average income, job prospects and quality of schools. In 2021, Spain was ranked ranked the fourth best country in the world for expats. Much of this comes from its quality of life ranking- it ranked the highest among all countries in the survey. It also ranked #1 for Physical & mental well-being.
5– Madrid has an abundance of art and culture
If you like old world masters, the Prado has arguably the best collection in the world. There are works from Rubens, Rembrandt, Titian, Bosch and El Greco. Plus the best collection of Spanish old masters. If you prefer modern art, the Reina Sofia has an excellent collection, including Picasso’s La Guernica. If you like a mix of art, and some excellent international exhibitions, you will love The Thyssen Collection, situated in a former palacio and financed by the Thyssen family. Street art your thing? You will love a stroll about the neighborhood of Embajadores, which in 2019 was ranked the coolest neighborhood in the world by TimeOut Magazine.
Madrid is also home to the critically acclaimed Victor Ullate ballet company. They perform at Teatros Canal, which has a robust schedule of theater, ballet, opera and other performing arts.
