A recent trend in the expat world is high net worth families relocating to Madrid. Forbes brought this trend into the spotlight in a recent article,
“With its exquisite mix of modern and meticulously maintained historic architecture, rich culture and enviable lifestyle, Madrid is quietly becoming a magnet for high-net-worth (HNW) and ultra-high-net-worth (UHNW) families and expats.”
What is driving this trend?
According to Knight Frank’s European Lifestyle Report, in 2024 Madrid ranked among the top five relocation destinations for HNW families. Here are the main drivers:
Madrid offers privacy and security
According to Knight Frank’s Wealth Report 2024, 19% of global ultra high net worth individuals (HNWIs) planned to apply for a second passport or obtain new citizenship in 2024; this trend is expected to grow throughout 2025. These HNWIs relocations are driven by a number of factors, although they might not be what you think. Despite the headlines, wealth taxes are less concerning for HNWIs than is typically portrayed in the media. Given the recent instability in the world, and increasing concerns about digital security, the number one concern of HNWIs is security/privacy. As expected, this is particularly true of those with young children. Taxes are important, but come after security/privacy concerns.
Madrid ranks highly in both categories. Aside from petty crime like pick-pocketing (not a high concern of HNWIs who carry relatively small amounts of cash), Madrid is one of the safest cities in Europe. Cities in the suburbs, such as La Moraleja, offer gated communities with excellent security and privacy. For example Amber Heard who, given her high profile legal cases with Johnny Depp and Elon Musk, obviously has significant privacy concerns, has moved to the neighborhood of El Viso in Madrid.
High net worth individuals only have to pay taxes on income earned in Spain
Although Spain is regarded as a relatively high tax country, this only applies to wages earned in Spain. International holders of Spanish visas only pay taxes on income earned within Spain, a significant draw for high earners who conduct business abroad.
Wealthy Mexicans and South Americans are drawn to Madrid
Political instability in Latin and South America, and gang violence in Mexico, are motivating many Spanish speaking high net worth families to relocate. People from these countries are attracted to the relaxed pace of Spanish life and the ease and comfort of being able to speak their mother tongue in everyday life. Data backs this up: flight statistics reveal that Mexico and Colombia led the way as the fastest-growing source markets for flights to Madrid, with Venezuela not far behind.
US high net worth families are also increasingly looking to relocate, given the political divisions in the country and the economic uncertainty caused by the recent trade war with China and other countries.
Barcelona is losing its shine
Historically, wealthy expat families were attracted to Barcelona, given its seaside location and reputation as a very international city. Recent changes in the city have caused Madrid to become increasingly attractive. Partially driven by over tourism, Barcelona has become quite xenophobic. Last summer citizens attacked tourists in cafes with water guns and loudly chanted “tourists go home.”
The city is increasingly focused on the Catalan language, which can make it difficult to communicate. This is particularly true for people with families. One of our clients relocated to Barcelona. At first they loved it, but everything changed when they sent their son to school. Even though the wife speaks fluent Spanish and English, the child’s teachers refused to speak to the parents in any language but Catalan. They were forced to send their housekeeper to all parent/teacher conferences and school events, which was obviously less than idea. This was the main factor in their leaving Barcelona.
If you care to join this trend of families relocating to Madrid, here are our top tips:
Choose your ideal neighborhood
Where you live will obviously greatly affect your quality of life. However, many high net worth families relocating to Madrid find that this decision is linked with where they choose to send their children to school (see below for more about schools in Madrid). In addition to offering excellent schools, security, tranquility and exclusivity obviously rank high on HNW families’ lists of considerations. These are our recommended neighborhoods for wealthy families relocating to Madrid:
La Moraleja
Located fifteen kilometers from the center of Madrid in the prestigious northern suburbs, La Moraleja was designed in 1946 with the intention of being a “garden city residential complex.” This is exactly what was created: 70% of La Moraleja is greenery. It offers many gated communities that provide their residents the ultimate in privacy and seclusion. Another benefit of these communities is that they have private green spaces and swimming pools, a must for Madrid summers. For high net worth families with their own security, a private villa is an excellent option. They come with large gardens/yards for the kids to play, private swimming pools and ample square footage for the entire family. Richard Gere recently relocated to Madrid and purchased a beautiful villa in La Moraleja. The $11 million mansion features over 10,000 square meters of land, a three-story house spanning more than 1,000 square meters, a heated pool and a private wine cellar.
Most importantly for families, the best international schools in Madrid are located in La Moraleja. The prestigious British schools Kings College and Runnymede both have international outposts in the neighborhood.
Although the city center is in easy reach of the suburb, one never really needs to leave the neighborhood. La Moraleja offers Michelin guide restaurants, excellent shopping, Madrid’s highest end gym and four Jack Nicklaus designed golf courses.
Madrid Estate has access to exclusive, off-market mansions and villas in La Moraleja. You can contact our founder Fabiana Greci directly to learn more. Her email address is fabiana@madrid-estate.com or you can reach her on WhatsApp at +34 680 306 337
Salamanca
If you prefer to live in the center of Madrid, as opposed to the suburbs, Salamanca is an excellent choice. Recoletos, which lies directly to the north of the beautiful Retiro park, is the most coveted real estate in Madrid. Here you can find beautifully renovated apartments with old war details and the most modern amenities. Imagine having a private terrace where you can enjoy the famous Madrid light and have a late afternoon Aperol spritz or a (very Spanish) vermouth.
If you want to go shopping, the streets of Salamanca are lined with posh boutiques; all the big international brands, such as Hermes, Dior and Bulgari, have outposts here. The neighborhood also has excellent restaurants and bars.
With the recent opening of The Opera Gallery´s 15th international outpost, the neighborhood is also becoming a draw for galleries. With more than 10,000 square feet of exhibition space spread across three floors, it has regular exhibits from world re-known artists that display in New York, London, Dubai and Singapore. If traditional art is more your cup of tea, you can walk down to the word famous Prado to see works by the great masters.
Retiro
The Retiro neighborhood, adjacent to Salamanca, is an excellent neighborhood for families with small children. The Retiro park alone has 11 playgrounds; the neighborhood itself has plenty of little squares with playgrounds.
The most exclusive part of the Retiro neighborhood is a thin sliver of real estate that lies between the park and Paseo de Prado, called Jerónimos. It is filled with exquisite properties. Much of Spain’s old money owns apartments, or even entire buildings, in this neighborhood. Aside from having easy access to the Prado, if you live here you can not only bring your kids to the park to play, but when they are at school you can pop over to The Mandarin Oriental Ritz for lunch in the garden or Champagne Bar, or tea in The Palm Court.
If you want a quieter, more traditional neighborhood but still be in the city center, Ibiza is an excellent option. Steps from the park, the neighborhood is packed with cool restaurants. Fashionable boutiques and home decor shops line Narváez Street. This area is well known for its shops specializing in children’s wear, such as Soy Pepa.
Find a school
Finding the right school is often the main concern of high net worth families. Senida Kiehl is the Founder of Excellence in Expat Education, an independent organization that helps expats locate the best international schools for their children. She also lived in Madrid for many years with her husband and young son, so she is extremely well poised to help with the educational needs of families relocating to Madrid. In her opinion, the best school for expats in Madrid is King’s College School in La Moraleja.
“If you want a real British school in Madrid with all UK teachers and some of the best A-levels results, King’s College ticks all those boxes.”
Another excellent option is the American School of Madrid in Pozuelo. According to Ms. Kiehl,
“This would be the number one choice for Americans moving to Madrid as expats.”
There are many other international schools in Madrid where expat children can get a good education. You can contact Senida directly for advice.
If you are a client of Madrid Estate, we have educational experts we work with that have access to the top tier schools in Madrid and can help your child get enrolled in the perfect school for them and your family. You can contact our founder Fabiana Greci directly at fabiana@madrid-estate.com or WhatsApp +34 680 306 337 to get started on relocating your family to Madrid.
Find your ideal home
Madrid is filled with luxury properties, from penthouses, mansions, private villas and chalets in the northern mountains. Once you settle on your preferred neighborhood, it’s time to start the fun part- finding your dream property. If you neither speak fluent Spanish nor have a lot of patience, it will be much easier to work with a luxury property search specialist. You can speak with them about your wants and needs and they will create a perfectly edited portfolio of properties for you to look at; many of the best properties in Madrid are sold in exclusive deals before they hit the broader market. The best search specialists work with select architects and interior decorators to help you create the perfect city flat, suburban sanctuary or mountain getaway for you and your family.
Set up your network of lawyers, private bankers, gestors and accountants
One of the benefits of working with Madrid Estate to find your home in Spain is that we offer a complete range of services to our families relocating to Madrid.
