Spain, Madrid

Overview

Spain, Madrid Madrid is the capital and largest city of Spain. Madrid is a major centre for international business and commerce. It is one of Europe's largest financial centres and the largest in Spain.

Spain is in South Western Europe, bordering the Bay of Biscay, Mediterranean Sea, North Atlantic Ocean, and Pyrenees Mountains, southwest of France. The climate is temperate with clear, hot summers in the interior but more moderate and cloudy along the coast.

The official languages are Spanish, Catalan, Euskera (Basque language), Galician and Valencian. Regional differences are strong, English is the most commonly spoken foreign language; French can also be useful, especially in Catalonia. More people speak foreign languages in the capital Madrid and in Barcelona. The main religion is Christianity.

The economy of Spain has been regarded as one of the most dynamic within the EU, attracting significant amounts of foreign investment.

In Spain the workday can vary widely. Many people start late compared to other countries (09h00 or later). Lunch (around 2pm) and dinner (after 8pm) also tend to be late. Many employees work into the evening hours. Expatriate business dress is generally conservative, comprising a dark suit for men, and a formal dress or suit for women.

The security risk for expatriates in Spain is low. Risks include petty crime, and the underlying threat of terrorism.

The currency of Spain is the Euro (EUR). Banking is on a par with the rest of Western Europe and North America.

Medical facilities are good, however the cost of treatment for expatriates from outside the EU can be high.

The population of Madrid is 6.5 Million (2019 est.), while the inflation rate (CPI) is 0.1% for Spain as at October 2019.

Xpatulator Hypothetical Tax for Spain is based on the current personal income tax rates which are progressive up to 45%.

Cost Of Living

The cost of living for expatriates / professional migrants in Madrid as at 1 November 2019 is average in comparison to other places in the world.

We have collected prices for the same items, world wide, based on Expat spending norms, in or closest to the location, and converted them to $USD so that we can compare the cost of 13 different baskets in 780 global locations. For each basket, compared to New York, the equivalent cost in Madrid is as follows:
1) Alcohol and/or Tobacco: for items such as beer, spirits, wine and tobacco related products such as cigarettes. A basket costing USD$1000 in New York costs USD$620. Average price in a store for a midrange bottle of wine is USD$6.67, domestic/local beer (500ml) USD$0.99, imported/international beer (330ml) USD$1.67 and a pack of 20 cigarettes is USD$5.55.
2) Clothing: for items such as business, casual and children's clothing and footwear. A basket costing USD$1000 in New York costs USD$1270. Average price for an international brand of mens jeans is USD$79, a quality international brand of running shoes USD$81, mens leather shoes suitable for office wear USD$100 while a medium size international summer dress from a global chain store is USD$30.
3) Communication: for various communication costs such as home telephone rental, internet subscription, mobile service provider tariff and data costs. A basket costing USD$200 in New York costs USD$224. Average price for a monthly standard plan internet subscription is USD$46, while the benchmark mobile tariff is USD$0.19 per minute.
4) Education: for items such as creche / pre-school fees, primary school fees, high school fees and tertiary study fees. A basket costing USD$30000 in New York costs USD$21600. Average annual private international school fee (excluding extras) USD$14,021 for Primary School, and USD$15,603 for High School.
5) Furniture & Appliances: for items such as dining table and chairs, home entertainment, kitchen appliances, and sofas. A basket costing USD$2500 in New York costs USD$1450. Average price for a 6kg front loader Washing Machine is USD$604, and USD$519 for a 46+'' LED UHD TV.
6) Groceries: for items such as consumables, cleaning products, dairy, fresh fruit & vegetables, general food products, snacks, soft drinks. A basket costing USD$1000 in New York costs USD$640. Average grocery prices in a major international retail store for 1 kg apples is USD$1.96, 1 kg oranges USD$1.64, 1 head lettuce USD$1.10, 1 kg potatos USD$1.16, 1 kg boneless, skinless, chicken breast USD$7.10, 1 kg cheddar cheese USD$11.64, 1 dozen large eggs USD$1.80, 500g loaf white bread USD$1.17, 1 L full cream milk USD$0.95, and 1.5 L water USD$0.69.
7) Healthcare: for general heath care, doctor visits, hospital stays, non-prescription medicine, and medical insurance. A basket costing USD$1000 in New York costs USD$530. Average healthcare cost for a private practice Doctor visit for an uninsured patient is USD$43, and a private hospital stay per day including nursing care, medications, diagnostic tests, food, and related costs is USD$1,321.
8) Household Accommodation: for items such as apartment rent, house rent, property purchase, mortgage rate, and utilities. A basket costing USD$5000 in New York costs USD$2400. Average expatriate house / apartment rent for a secure upmarket unfurnished apartment (3 bedrooms) is USD$2,523 in a central location, and USD$1,570 in a suburban location, per month, excluding utilities.
9) Miscellaneous: for items such as dry cleaning, linen, magazines, newspapers, office supplies, and postage stamps. A basket costing USD$500 in New York costs USD$385. Average price for dry cleaning (1 mens 2 pc suit) is USD$7.53, while an international newspaper is USD$2.32.
10) Personal Care: for items such as cosmetics, hair care, and toiletries. A basket costing USD$500 in New York costs USD$265. Average cost for a mens haircut and blow dry is USD$21, while a womens hair colour, cut and blow dry - medium length is USD$106.
11) Recreation & Culture: for items such as books, cinema, sport and theatre tickets. A basket costing USD$500 in New York costs USD$355. Average price for a latest release international cinema ticket (average of on and off peak where applicable) for one adult is USD$10.00, and an international fitness, recreation or sports club membership cost for one adult is USD$40 per month.
12) Restaurants Meals Out and Hotels: for items such as hotel daily room rates, meals and beverages in a restaurant, and take away food and beverages. A basket costing USD$1000 in New York costs USD$750. Average cappuccino price (regular, medium) is USD$1.98, coke/pepsi (330ml) USD$2.03, burger meal (international franchise or similar) USD$8.89, and a mid-range international restaurant meal for 2 USD$44.44.
13) Transport: for items such as fuel (petrol/gasoline), car hire, public transport, vehicle purchase and maintenance. A basket costing USD$1000 in New York costs USD$920. Average average price over the last year for highest available octane petrol / gasoline (1L) is USD$1.48, while the benchmark car sedan purchase price including taxes/duties for a compact / small / economy vehicle (1.4 L) is USD$22,218.

Madrid is 0.1% more expensive than Houston TX for groceries, 12.9% more expensive for household costs than Kuala Lumpur, and 55.8% more expensive for transport costs than Dubai.

Madrid is ranked as a minimal hardship location.

The hardship premium for Madrid for an expat from Perth, is for example 0%, i.e. host location (Madrid) premium of 10% minus home (Perth) location premium of 10%.

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The cost of living for expatriates / professional migrants in Madrid as at 1 November 2019 is average in comparison to other places in the world.

Madrid is ranked as a minimal hardship location.