Moving To Madrid
Madrid is a city bustling with rich history, colorful culture, varied arts, sharp style, delicious cuisine, and beautiful weather. Your move to Madrid may be for other reasons, but living in Madrid is to be surrounded by excitement and new things to do every day. It boasts the highest rate of new jobs in the country and serves as the economic and transportation hub for Spain, making it one of the easiest places to find or start a new job in the region. For expats looking for an easy jump off point to other opportunities in Europe, the Madrid Barajas Airport is located just 20 minutes from the city center and serves as a major airport hub for all of Europe. Moving to Madrid is an excellent choice if you’re looking to start a business, and life in Madrid is spectacular.
What to Expect After Relocating to Madrid
- Wages in Madrid are the highest in Spain, and expats in Madrid can expect better employment opportunities in Madrid, though employment can be competitive.
- Consider moving to madrid with your family. Life in Madrid is fun, varied, and family friendly. There are numerous international schools, integration opportunities are common, and fun activities for you and your children.
- The central location of Madrid makes it easy to get to other places in the country. Add to this one of Europe's best public transport systems, and getting around as an expat in Madrid becomes second nature.
Why Should You Move to Madrid?
Spain has plenty to offer to the expat, and expat entrepreneur in Madrid, so moving to Madrid should definitely be considered.
Its economy is the 14th largest in the world and the 5th largest in the EU. Because of its integration into the EU, doing business and traveling from Madrid to other places in Europe is a breeze. Madrid remains a strong international business and trade hub, making moving business to Madrid the same as moving into the European market. Several Spanish innovations and tech disruptors like Glovo and Badi are spreading across the globe. This is largely due to Spain’s focus on innovation.
Life in Madrid moves a little slower in the capital. Being late is more of a concept than a truth, and siesta culture means the nightlife starts pretty late. Expats moving to Madrid can expect to be confronted by the culture at every turn, whether that’s dance competitions, museums, cafe culture, or historic districts. Football is extremely popular in Madrid, so living in Madrid can be great for sports enthusiasts.
- Tax & Accounting
- Relocation & Shipping
- Visa & Immigration
- Property & Real Estate
- Language & Culture
- Health & Wellness
Whether you plan on relocating business to Madrid or you’re looking for more of a digital nomad expat life in Madrid, you will likely be paying income taxes to the Spanish government. If you have been living in Madrid for more than six months or have vital interests in Spain (you are relocating business to Madrid or relocating to Madrid with your family), you will be classified as a resident for the purposes of taxation. This means you must submit a tax return if you:
- Earn more than €22,000.
- Are self-employed or own a business.
- Receive more than €1,000 a year in rental income.
- Earn more than €1,600 a year in capital gains or savings income.
Expats moving to Marid must also declare their assets abroad if they amount to more than €50,000.
Spain’s tax rates are between 19% and 47%, depending on what you earn, between €12,450 and €300,000 annually.
Non-residents must also pay taxes at a flat rate of 24% or 19% if they are a resident of the EU or European Economic Area(EEA). People who are married can file jointly.
When you move to Madrid or relocate your business to Madrid, you may want to bring more than will fit in your luggage. If you have the available funds, you may look into a number of online platforms that offer services for overseas moves. Generally, you can expect air freight to be more expensive but faster to move your business to Madrid, where sea freight is less expensive, but may take longer. Sea freight is better for heavier items as it is charged in volume, where air freight is charged by weight.
If you are planning on moving your business to Madrid, it may be worth bringing equipment, but most supplies can be purchased after arrival.
There are four types of visas in Spain:
- Tourist Visa – If you are moving to Madrid for less than 90 days, you may have to apply for a tourist visa.
- Student Visa – If you are relocating to Madrid to attend school or university, you should apply for a student visa. This will allow you to stay for more than 90 days. You must be enrolled in your school to apply for this visa.
- Family Reunification Visa – This visa is for people who are married to or related to Spanish citizens.
- Work Visa – If you are moving or relocating a business to Madrid, planning on being an expat entrepreneur in Madrid, or working for a foreign company in Madrid, you must have a work visa.
Expats in Madrid typically apply for Work Visa before relocating to Madrid.
Madrid is divided into 131 neighborhoods composing 21 districts. Expats moving to Madrid should get aware of house prices in Madrid. The lowest housing prices are in ‘Villaverdes at about €1,700 per meter squared. The most expensive was Salamanca, at about €6,060 per meter squared. The most available simple houses are located in the south and southeast, where the rent is about €2,400 per meter squared. Property prices in Madrid are some of the highest in Spain.
The average rent in Madrid is around €14.6 per meter squared, while the suburbs were around €13.6 per meter squared. The rent in Madrid is the highest in Spain.
The language of Madrid is Castellano Spanish, though English is fairly common. Madrid is a well connected city and is easy to get to from any place in Spain, so there are people from all walks of life in the city.
Expats moving to Madrid will surely love this city. Marid is a city of trendy shopping and cuisine with fresh produce markets on nearly every corner. Each neighborhood holds varying degrees of modernity, elegance, tradition, and progressiveness. There are also many museums of both classical and modern art, as well as history.
While Madrid is quite old, it has only been the capital for about 100 years, and very little of the old city is left. Instead, it served as the royal residence of the Spanish king, and his residence still exists.
Both public and private healthcare are available in Madrid. Through the Spanish National Health System, Spain provides universal healthcare to their residents free of charge. This includes general medicine, nursing, physical therapy, and – should you relocate to Madrid with your family – pediatrics and family medicine.
Universal healthcare is available to expats who moved to Madrid and are self-employed, work for a Spanish company, or are citizens of the EU, Switzerland, or the EEA. If you are not any of these, you will need to rely on Spain’s private healthcare system. This notably includes Madrid expats on student visas.
Before moving to Madrid, note that finding an English speaking doctor in Madrid may be difficult in the public healthcare system but is more common in the private healthcare system.
Frequently Asked Questions
- Can I move my Business to Spain?
For the expat in Madrid, moving your business to Spain can boost your profits because of the connections the capital provides. Having a business in Spain means access to the EU and many companies have taken this opportunity to move to Madrid. This has caused a tech company boom in the city. Any company may transfer its country of residence to Spain provided they file the proper paperwork and do not involve the company’s dissolution in the country of incorporation.
- Is Madrid a Business Hub?
According to CBRE, Madrid is the leading business hub for Southern Europe, with some of the most innovative companies in the world flocking to the region. It is very well connected to the rest of Spain, and businesses in Madrid have access to connections in the EU, which combined make up the second largest GDP in the world.
- Is it Worth Relocating to Spain?
To relocate to Madrid with your family is worth it. Between the rich culture, high quality of life, large expat community, large cities, and vibrant lifestyles, there is little to doubt that Spain is worth a reclamation.
- Is Spain a Good Place for Entrepreneurs?
Tech companies are moving to Spain because of the relatively lower cost of business and living the country offers over other EU nations. The cities of Spain encourage modern business thinking, web-centric services, and innovation.
- What is the Business Culture like in Spain?
Even though the country is quickly becoming a hub for innovative new companies relocating to Madrid and other cities, Spain in many ways has a traditional business sense. Saving face, family values, aversion to risk, and strict hierarchy are common in the country. That said business is relatively relaxed in Spain and punctuality is decidedly lenient, especially in the south. Dress is still relatively formal and small talk is encouraged, but avoid politics.