Congratulations on your Admits!
Outside of the craziness that is going with the virus and how countries are plagued by it, I usually recommend that people go to school in the country they plan to live. At the same time if someone gets into IESE and a Top 1 program, I usually go for the top program as things happen and strong brands weather trouble much better. Which is why I would vote for INSEAD. Strong program and a Top 1 outside of the US.
Now in the world with Coronavirus, there are a few considerations:
1) 2-Year programs do seem to have an advantage of being able to handle longer stretches of time and provide more sheltered space for students to recover
2) Spain is absolutely a mess right now. Hopefully it will recover soon and fairly quickly but it is possible that the economy will be crippled for a while and you
3) If you are not switching fields and you have consulting experience, INSEAD will be a great fit for you but it will graduate you next summer, which may be a tough time for the economy
I think at this point, I would wait as long as possible to pay the deposits. There are too many things happening on the background with Coronavirus that usually are not impacting the decisions and recommendations we make here. There is a bit of a talk that schools may choose to allow people to defer to 2021 or allow refunding deposits if getting visas is an issue....