jjgostudy
My husband speaks Spanish and we have family there so there's that benefit.
I'm also torn on the 1 year vs 2 year. IESE is my top school, it is also a 2 year program, but I'm not sure if the internship and exchange are all that important. I would be switching industry (manufacturing to tech). But not having no income for 2 years sucks a little more.
So the value of the internship is that it gives you an anchor or a possibility to get a strong brand as well as to potentially get a return offer. It is a bit of a safety net with a catch (you have to work for it).
Unless you have a strong brand on your resume that anyone can recognize when they hire you, I strongly recommend an internship in the country or continent at least you are planning to work...
P.S. If you have family in Spain, then Spain is going up in my book. it is always helpful to have someone you can rely on, someone who can perhaps serve as a network entry point, or someone who can at least invite you for a holiday while school is out or maybe support in another way. Unless you have reasons to avoid them, this is helpful.