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 post-Brexit situation? Possibly your job is requiring you to relocate. Regardless of the reason, Madrid is a wonderful place to live; whether for a year or two or for the foreseeable future. Here are 7 fabulous reasons for relocating to Madrid.
1– Family friendly culture
Madrid is an excellent place to live with a family. The culture is very child friendly. Kids are welcome in restaurants and even bars. There are many playgrounds and parks for kids in play in and just run around. If your children are of school age, the city has many international schools. You can find schools that follow the British curriculum and, with the addition of The Brewster Academy which has campuses in both central Madrid (Chamberí) and the suburb of La Moraleja, the American curriculum. There are even schools that follow the French and German curricula. After school activities are becoming increasingly popular. Many international schools, such as The American School in Pozuelo, offer them as well as independent, private providers.
2– 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 almost three times those of Madrid, which in itself is a fantastic reason for relocating to Madrid! The cost of living in Madrid is 48% less expensive that in London and 26% less expensive than in Paris.
One of the main components of cost of living indices is housing. Even though real estate prices in Madrid trended up strongly in 2023 and 2024, they are coming in for a soft landing in 2026. Regardless, prices in Madrid are still lower than in most major European cities.
3– 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. The easiest, and most attractive of these for high new worth individuals is the non-lucrative visa. If you can demonstrate a passive monthly income of 2,400€ per month, which translates to 28,800€ per year, you are eligible for a non-lucrative visa. If you have dependents, the amount increases an additional 7,200€ per year for each additional dependent.
If you work remotely, a digital nomad visa might be the perfect option. This visa, introduced in 2023, allows one to live in Spain if they work from home. The minimum income threshold is the same as that of the non-lucrative visa, but it can come from a job, rather than assets.
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. If you don’t have an innovative idea, you can apply for a freelance visa.
Ready to plan your move? Book a private consultation with Fabiana Greci to discuss your specific investment and residency roadmap. You can contact her directly at fabiana@madrid-estate.com or WhatsApp +34 680 306 337.
4– Favorable tax schemes for expats
Whether your income comes from a job or assets, there is a tax scheme that is beneficial to you.
Spain’s Beckham Law, introduced in 2005, is a tax exemption scheme designed to attract global talent. This law allows qualifying expats to have their Spanish income taxed at a flat 24%. This can represent a significant savings as regular Spanish tax rates can reach as high as 47%. Most importantly, no foreign income streams are taxed. To learn more, and to discover if you are eligible, we invite you to read: Spain’s Beckham Law explained.
If the majority of your income is derived from assets, you are probably eligible for the tax savings provided by the Mbappe Law. This is a relatively new law, just introduced in November 2024. Its aim is to attract wealthy individuals, families and sports stars to Madrid from abroad by offering a 20% tax deduction on eligible financial instruments. Non-lucrative residents, retirees and professional athletes (oddly excluded from the Beckham law) are key beneficiaries. NOTE: unlike the Beckham Law, the Mbappe Law is not Spanish wide. It only applies to Madrid residents.
5– Spain has an excellent healthcare system
Healthcare is always been important; US citizens are particularly concerned with it. 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.
6– Spain has a wonderful work/life balance
Spaniards have a long life expectancy. In fact, it is soon 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. InterNations, an expat community with more than 5.5 million members worldwide, recently published the results of its 12th annual Expat Insider survey. Spain was the only European country to rank in the top 10 of its “Best cities for expats to live abroad” list. Much of this comes from its quality of life ranking- it ranked #1 among all countries in the survey for quality of life and #4 for overall happiness. It also ranked #1 for Physical & mental well-being. According to the InterNations study, 84 percent of expats here—compared to 67 percent globally—say they’re happy in Spain.
7– 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 in the world. 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 palace and financed by the Thyssen family. Street art your thing? You will love a stroll about the neighborhood of Embajadores, which was recently ranked the coolest neighborhood in the world by TimeOut Magazine. There is also a burgeoning gallery scene as Madrid continues to step onto the international stage.
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.
