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 (2018 est.), while the inflation rate (CPI) is 1% for Spain as at January 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 In Madrid, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Madrid as at 1 January 2019 is average in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Low 2) Clothing: Very High 3) Communication: Low 4) Education: Average 5) Furniture & Appliances: Low 6) Groceries: Average 7) Healthcare: Low 8) Household Accommodation: Average 9) Miscellaneous: Average 10) Personal Care: Low 11) Recreation & Culture: High 12) Restaurants Meals Out and Hotels: Very High 13) Transport: High Madrid is for example 13.9% more expensive than Houston TX for groceries, 26.7% more expensive for household costs than Kuala Lumpur, and 68.2% more expensive for transport costs than Dubai. 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%. Madrid is ranked as a minimal hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Madrid? Register subscribe to your home location and Madrid and run your personalised reports.