Since the start of the Great Recession the unemployment rate in Spain has risen by almost 18 percentage points. The unemployment crisis is affecting all population groups, including the more highly educated; but it is even more acute for the foreign population, whose unemployment rate is close to 40%. This situation follows a period of very high immigration flows (1995-2007) that set the number of foreigners living in Spain at 11% of the population. This paper documents the characteristics of recent migration flows to Spain and compares how foreign and Spanish nationals are moving abroad and across Spanish regions in response to the unemployment crisis. Building on this comparison, we shed some light on the selection of migrants by educational level and offer conjecture as to the implications of the migration outflows observed in recent years.