Why Wealthy International Families Are Relocating To Madrid
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.
This year, the city ranked among the top five relocation destinations for HNW families, surpassing post-Brexit London in desirability.
"Madrid is moving," says Carolina Martínez-Caro, a wealth management expert specializing in family offices. "Before, everyone was enamored with Barcelona, but the focus has shifted. Everyone wants a piece of Madrid."
Many of these newcomers hail from South America, drawn by the shared language and an easier pace of 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 in 2023. Affluent individuals from both East and West coasts of the U.S., seeking quality of life at significantly lower costs, are also looking to Madrid as a sanctuary.
When choosing where to live here, tranquility and exclusivity rank high on the list of considerations for the ultra-rich. Depending on your lifestyle priorities, different areas of the city offer different benefits.
The quietly exclusive hidden gem : El VisoEl Viso, a serene residential pocket near the fashionable Salamanca neighborhood, is home to prominent residents, including Pritzker Prize-winning architects and the president of Real Madrid football club, as well as top names from Spain's Forbes list. These quiet streets hold the highest average per capita income in all of Spain , data shows. Built as a Garden City in the early part of the 20th century, the neighborhood sits within a 10-minute drive from museums, embassies, private hospitals and the recently renovated Santiago Bernabéu Stadium. Here, leafy boulevards abound and children's bikes are more common than motorcycles. It's a real "hidden gem," still under the radar of most expats, says José Ribes Bas, general manager of luxury real estate firm Rimontgó .
Best for ultimate privacy and security: La Moraleja"Many foreign families prefer the peacefulness of gated communities," Ribes Bas observes. Not only do the 24/7 security and iron gates offer ultimate seclusion, but properties also come with much larger plots and gardens. For high-profile figures, privacy and normalcy are paramount, and discretion becomes an unspoken rule among those who share this rarefied space.
La Moraleja in Alcobendas, a wealthy enclave of contemporary single-family villas where the Beckham family kept a residence during David Beckham's time with Real Madrid. Other notable residents include professional footballers Vinicius Júnior, Luka Modrić and Sergio Ramos, as well as Hollywood film star Richard Gere. Elite private schools here offer the International Baccalaureate curriculum, and deals are sealed on the golf course.
Space and serenity : Las RozasLas Rozas, a bit farther out, offers an alternative, with mountain trails and scenic hikes for those seeking an active lifestyle. Or who need the space and privacy that a large house with gardens provides for entertaining extended family or visiting clients. Nearby steakhouses, sports clubs and golf courses, boutiques and private schools create a self-sufficient community that nevertheless remains connected to the beating heart of the city center."Madrid is one of the most comfortable places to live," says Ribes Bas. "You can be in your house in the outskirts with total privacy, and in 20 minutes, you can be in the center with the best restaurants without any problems for parking or security." Undeniable advantages that add to quality of life.
"Madrid is one of the most comfortable places to live," says Ribes Bas. "You can be in your house in the outskirts with total privacy, and in 20 minutes, you can be in the center with the best restaurants without any problems for parking or security." Undeniable advantages that add to quality of life.
Tax incentives draw new residentsIf the city's cultural and lifestyle benefits aren't enough, then let's look at some of the friendly tax conditions that are helping to give Madrid its moment.
For nearly a decade, Spain's Golden Visa program has attracted foreigners with easy access to the European Union through real estate investments (though the government has been considering phasing out the property route in early 2025). Even so, demand remains high due to the country's favorable tax structure. Visa holders pay taxes only on income earned within Spain, a significant draw for high earners who conduct business abroad.
Madrid's local tax policies add further appeal. While Spain's Socialist Party supports higher taxes on top earners, the conservative regional government offers relief: residents are fully exempt from the national "Wealth Tax" imposed on the upper class, and foreign investors in Madrid can offset 20% of their investment costs against taxes.
So far, Madrid's welcoming approach seems to be paying off. Recent data shows that Madrid attracted nearly 70% of Spain's foreign investment in the first half of 2024. The city is a powerhouse in Spain's economy: since 2013, it has accounted for 77% of all the jobs created in the country.
A city of talent and cultureFew cities rival Madrid for its blend of culture, class and cleanliness. The Golden Triangle of Art—an enclave of museums teeming with world-class collections—attracts top curators and academics. More intimate events and exhibitions are frequently hosted by the city's private galleries and art foundations.
Madrid stands out for its education options, hosting over 180 international schools—more than any other European city, second only to Dubai globally. And when those kids graduate? There's IE Business School for more rubbing of shoulders with future movers and shakers.
Then there's the city's renowned culinary scene. This year alone, six restaurants earned their first Michelin stars, bringing the city's total to 26. While new dining rooms, theaters and shops emerge daily, Madrid's timeless charm remains one of its biggest draws.
A perfect example: Museo Chicote. Step inside this Art Deco bar—Madrid's first cocktail haven—and you're immersed in history. Ruby-red leather seats and vintage photos capturing 20th-century legends like Sophia Loren and Salvador Dalí line the walls. Yet perhaps no one embodies its spirit more than Ernest Hemingway, who once deemed Madrid "The Capital of the World."
Look closely and you'll discover that Hemingway's adoration for Madrid wasn't so different from today's wealthy admirers. Even if he was a bit more partial to whiskey and bullfights.
And once you've settled in Madrid, where next? As an old Spanish saying goes, De Madrid al Cielo— from Madrid to Heaven.
Rimontgó is a founding partner of Forbes Global Properties , an invitation-only network of top-tier brokerages worldwide and the exclusive real estate partner of Forbes.
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