Spain’s tax investigators have not been able to find an explanation for the €1.7 million worth of assets acquired by David Sánchez—the younger brother of Spanish premier Pedro Sánchez—during his brother’s time in office.
The information comes from a report sent from the tax agency to Judge Beatriz Biedma, head of Investigative Court number 3 of Badajoz, which has been looking into possible tax fraud, influence peddling, and malfeasance on the part of the younger Sánchez.
The report concluded that musician David Sánchez is “incapable” of explaining his personal equity of €1.7 million. He has only managed to show an income of €220,000 in his last five tax returns. Speculation is rife over whether the wealth of David Sánchez is really derived from his family connections.
In the same report, the tax agency confirmed that David Sánchez is a fiscal resident of Portugal while earning a salary as a civil servant in Spain. Badajoz, the city where he heads a community music program, is near the Portuguese border.
David Sánchez received an annual salary of €55,760 in his provincial government role as head of the Performing Arts office. He is accused of rarely showing up for that job in person and being unable to fulfill his tasks remotely. He also earns a small income from renting out an apartment and garage in Madrid. In 1992, he bought an apartment in St. Petersburg, Russia, and in 2023, a mansion in Elvas, Portugal, paying with two bank checks.
David Sánchez transferred his fiscal residency to Portugal in 2021. The Spanish tax agency has not been able to access his complete tax information after that point. Portugal’s current tax system makes it a premier destination for wealthy foreigners. According to El Debate, PM Sánchez’ brother has registered as his address in Portugal for the last two years a suite in the hotel Casa d’Olivença de Elvas, though he also owns a mansion nearby.
The younger Sánchez allegedly increased his fortune by acquiring shares in the bank BBVA, El Debate reports.
David Sánchez has declared to Spanish authorities that he had €73,254.61 in “officially listed shares,” in 2019; a figure that increased to €1.4 million in 2021. The report given to the court provides little detail on how he got the shares and why they have wielded such fantastic dividends for the musician.
