Are you considering moving to Europe? Read this Madrid vs. London article to learn the advantages of living in Madrid, as opposed to dark, dreary and stressful London.
NOTE This article was updated in January 2023 to reflect current events.
Access to the European Market
Post Brexit, many people from the UK are upset that they, and their children, have lost access to the European job market. The situation is even worse now that the UK is the only G7 economy that the IMF is expecting to contract in 2023. Even highly sanctioned Russia is forecast to have a stronger economic growth rate. The contraction is due to the UK’s high exposure to natural gas, with higher market prices being passed on to consumers; employment remaining below its pre-pandemic level despite a very tight labor market, resulting in less production; and sharp monetary tightening.
Although it is harder than it used to be for UK citizens to live and work in the EU, it’s far from impossible. Many people don’t realize this, but Spain is one of the easiest European countries to immigrate to. The country has a Golden Visa scheme, along with other excellent options for the self-employed or retired.
Golden Visa via property investment
If you have 500k€ to invest in Spanish property, you can get a Spanish Golden Visa. Although there are a few European countries that offer Golden Visas via property investment, Spain’s program is arguably the best. This is particularly true if you currently live in the UK, want to remain living there most of the year but regain their EU residency/citizenship. This is because, unlike the Golden Visa schemes in other countries, you aren’t required to live in Spain full time. Moreover, you can get residency for the rest of your family; even dependent parents.
Are you interested in getting a Spanish Golden Visa? Madrid Estate can help you find the perfect home for you and your family. Book a FREE CONSULTATION TODAY to get started.
Spanish Entrepreneur and Freelance Visas
If you are an entrepreneur, you can get a Spanish Entrepreneur Visa. The main requirement is that you write a business plan that demonstrates you have an innovative idea in an industry considered strategic by the Spanish government. Most people that are awarded entrepreneur visas work in tech, but other strategic industries are: aerospace and defense, renewable resources and biotech. The good think about Spain’s entrepreneur visa is that you don’t need to demonstrate you have the capital to invest in the business. You are given one to two years to live in Madrid and secure your funding.
Do you work for yourself but you don’t do anything particularly innovative? Not a problem. You can apply for a Spanish freelance visa. You need to write a business plan and demonstrate that you have enough funds coming in to sustain yourself. The threshold is very low. In 2023, you only need to demonstrate that you have 600€ per month to support yourself.
Non-lucrative Spanish visa
If you are of retirement age, you can apply for a non-lucrative visa. Again, the monthly income thresholds are much lower than one might think. You need to demonstrate you have 2,400€ per month for yourself (400% of 2023 IPREM), and 600€ for each additional family member that comes with you.
Attainable luxury
One of the best things about living in Madrid vs. London is the relatively low property prices in Madrid. You can find a really beautiful apartment for around 3,000€ per month, such as this three bedroom, two bath apartment in the elegant Trafalgar neighborhood. It’s fully furnished with state of the art appliances, N’espresso machine and fine Portuguese linens. The apartment features beautiful interiors with designer furniture and high quality materials, such as marble tables. It combines modern design pieces together with abstract contemporary art and a sophisticated style. To put things in perspective, according to the 2022 Deloitte Property Index, the average price per square meter to rent an apartment in Inner London was 25.12€. The average price to rent an apartment in Madrid was 18.46€ per square meter.
If you are looking to purchase a property, there are other luxurious options available. Or, you can buy a “fixer upper” and refurbish it anyway you like. Although Madrid real estate prices in Madrid rose in 2022, the average price per square meter of real estate in Madrid was 5,073€ per square meter, much lower than even Outer London.
One of the best parts about Madrid is its great variety of neighborhoods. If luxury is what you are looking for, post Salamanca attracts the rich and famous not just from Spain, but from around the world. Calle Serrano, which runs through the southern part of the neighborhood, is Spain’s version of the Champs-Élysées. It is lined with shops from big international brands, such as Longchamps, MaxMara, Coach and Caroline Herrera. The smaller streets, such as Calle Lagasca and Calle Claudio Coello, have many fashion boutiques, as well as shops by local designers.
If you like to go out, the neighborhoods in the north of the Center, Malasaña and Chueca, are where most of the city’s legendary nightlife is centered. Malasaña is filled with bars, restaurants and clubs. Upscale Chueca is the center of Madrid’s gay community. There are many organic restaurants and trendy clothing stores in this area.
The city has neighborhoods that everyone will be comfortable living in. We invite you to browse our Neighborhoods Page to see which one is right for you.
Easier commute
One of the biggest problems with living in London is that the real estate in central London is very expensive. According to the 2022 Deloitte Property Index, the average price per square meter of residential real estate in Inner London was 8,426€ per square meter. Unless you are an Arab sheikh or Russian oligarch, you likely can’t afford to live in a central neighborhood like Kensington. Most people live in outer London (average real estate price is much lower, at 6,510€ per square meter, and commute every day. Anyone that has done this knows that the trains are unreliable and very crowded; the Tube is even more uncomfortable. Even worse, given the recent strikes they often don’t even run. Madrid’s public transport system is new and extremely efficient. If you want to live in the suburbs, the light rail system is quick, comfortable and extremely reliable.
Better weather
Any Londoner will tell you that one of the biggest advantages of living in Madrid vs. London, is the weather. London is synonymous with rain and dark, gloomy winters. Madrid, on the other hand, is a city filled with sunlight. There are winters, but they are mild and the there is still light in the sky at 6pm, even in the darkest days of winter.
Lower cost of living
London is a very expensive city to live in, and the cost of living crisis in 2023 is only making matters worse.
The expat focused InterNations calculated a 2022 Personal Finance Index for Expats. This index features 50 cities across the globe, with a minimum sample size of 50 respondents each. The index is based on three rating factors: general cost of living, expats’ satisfaction with their financial situation and whether a respondent’s disposable household income is considered enough for a comfortable life. London came in dead last, at number 50. Madrid, on the other hand, scored 10th. As the Spanish economy improves in 2023 while the UK economy contracts, we expect the disparity to become even greater.
