This is a bit different,

Just wanna know what would be a better city for studying and living, Madrid or Utrecht/Amsterdam?

I am trying to choose the right B school, and it has literally come down to the city now, cause everything else is fairly similar!

So please you opinions are welcome! which city is better for students to live in.

I would choose indeed Utrecht/Amsterdam. Even more if you do not speak spanish, since in Spain just a few people speak english whereas in The Netherlands everybody does.

Yes, but Madrid is a really wonderful city, and presumably the course will be taught in English.
See http://www.find-mba.com/spain

Plus, you would only benefit from having a foreign language as well.

I would go to Madrid!

It is hard to know which city would be best, since it very much depends on where you are from, what you like, what you are looking for, where you want to work afterwards. But one thing is clear: if you choose Madrid, you should take advantage of it to learn the language. It would probably be worth taking some lessons before you go to Madrid, and then continue while you are there. I'm sure you can live in Madrid with little or no knowledge of Spanish, but if you stay there for one year, you should take advantage of it to learn or improve the language.

Out of interest, which Business School in Madrid are you considering?

The Universidad Carlos III de Madrid, IEDE, the Business School of the Universidad Europea de Madrid, at the IESE, ESADE, or ICADE?