Sánchez's brother earns €261k, assets rise to €2m
David Sánchez received €261,154.60 from Badajoz Provincial Council and grew his wealth from €272,536 in 2018 to over €2 million by 2023.
English · Original discussion in Spanish · Published
Sánchez's brother: €261k public salary and €2m net worth
An annual salary between €48,000 and €55,500 does not, on paper, allow one to go from a net worth of €272,536 to more than two million in just five years. This is exactly what the asset declarations of David Sánchez Pérez-Castejón, the Prime Minister's brother, show, according to calculations published by Vozpópuli based on his own statements and with the help of tax experts. Between July 2017 and December 2023 he received €261,154.60 from the Badajoz Provincial Council (Fruta de Badajoz). In 2018 he declared €272,536.31. In 2023 he exceeded two million.
From €272k to €2m: chronology of a wealth jump
The sequence is striking. In 2018, David Sánchez acknowledged a net worth of €272,536.31, including an apartment in Madrid bought in 1992, a garage space, a property in Saint Petersburg acquired in 2001 for €42,056.32, a fund and BBVA shares, and a Honda CRV purchased in October 2017. His salary that year, for less than six months as conservatory coordinator, was €22,603.82. In 2019 the figure drops slightly to €261,741.65, with a salary of €48,044.24.
The turning point comes after the pandemic. In 2020 he takes unpaid leave starting October 1st —ending September 30, 2021— and receives €37,747.08. He does not file an asset declaration. In 2021, upon returning, his declared wealth skyrockets: BBVA shares go from an average value of between €73,000 and €81,000 to nearly €1.4 million. The trick, according to published information, lies in the change of criteria: he stops declaring the "average value" and starts declaring the "nominal value," calculated using share capital, number of shares, and market price. That same year he declares cryptocurrencies for the first time, worth €134,049.09, and an investment fund of €119,274.
Why no Spanish income tax since 2021?
Because he considers himself a tax resident in Portugal, and the Badajoz Provincial Council —governed by PSOE— allows it. This is the explanation provided by the report: David Sánchez has not filed Spanish income tax (IRPF) since 2021 for this reason, despite receiving a salary from a Spanish public administration. In 2022, for the first time, he did not file "because he was not obligated." In 2023 he declares an "apartment" in Elvas with an acquisition cost of €240,000, which, according to plans accessed by Vozpópuli, is actually a single-family home of 425 square meters, two floors, garden, four hallways, three kitchens, three living rooms, dining room, storage room, and attic in the town's historic center. A Madrid architecture firm values the renovation at least €250,000.
Conservative calculation: even without nominal value trickery, it rises
Even if the change in share valuation criteria is ignored and it is accepted, contrary to his own declaration, that it is an average valuation, the declared wealth grows by €142,000 between 2019 and 2021, and by another €162,000 until 2023. That is, the increase does not depend solely on accounting makeup of the shares. There is a real increase that the public salary alone does not explain. The complete detail, line by line, with the breakdown of each fiscal year and each asset, is what turns this case into something more than an anecdote.
The position, the interview, and the changed surname
Badajoz's highest municipal body hired David Sánchez as a senior official for a tailor-made position, after an interview, in July 2017, with Pedro Sánchez newly elected as PSOE Secretary General. The Prime Minister's brother changed his surnames to "David Azagra" to avoid being linked to him, according to publications. In 2023 he also bought a Peugeot Boxer, a van whose price range goes from €20,000 to more than €60,000, adding to the Honda CRV. The BBVA fund he acknowledged until 2022 has been liquidated. Deposits reach €114,073.09 and cryptocurrencies, €63,880.
The question is not whether a senior official can save. The question is how one goes from €272,000 to two million with a salary that never exceeded €55,500, without declared inheritances, without self-employed private activity, and without other public or business remuneration. The answer, for now, is not in any declaration.
An annual salary between €48,000 and €55,500 does not, on paper, allow one to go from a net worth of €272,536 to more than two million in just five years. This is exactly what the asset declarations of David Sánchez Pérez-Castejón, the Prime Minister's brother, show, according to calculations published by Vozpópuli based on his own statements and with the help of tax experts. Between July 2017 and December 2023 he received €261,154.60 from the Badajoz Provincial Council (Fruta de Badajoz). In 2018 he declared €272,536.31. In 2023 he exceeded two million.
From €272k to €2m: chronology of a wealth jump
The sequence is striking. In 2018, David Sánchez acknowledged a net worth of €272,536.31, including an apartment in Madrid bought in 1992, a garage space, a property in Saint Petersburg acquired in 2001 for €42,056.32, a fund and BBVA shares, and a Honda CRV purchased in October 2017. His salary that year, for less than six months as conservatory coordinator, was €22,603.82. In 2019 the figure drops slightly to €261,741.65, with a salary of €48,044.24.
The turning point comes after the pandemic. In 2020 he takes unpaid leave starting October 1st —ending September 30, 2021— and receives €37,747.08. He does not file an asset declaration. In 2021, upon returning, his declared wealth skyrockets: BBVA shares go from an average value of between €73,000 and €81,000 to nearly €1.4 million. The trick, according to published information, lies in the change of criteria: he stops declaring the "average value" and starts declaring the "nominal value," calculated using share capital, number of shares, and market price. That same year he declares cryptocurrencies for the first time, worth €134,049.09, and an investment fund of €119,274.
Why no Spanish income tax since 2021?
Because he considers himself a tax resident in Portugal, and the Badajoz Provincial Council —governed by PSOE— allows it. This is the explanation provided by the report: David Sánchez has not filed Spanish income tax (IRPF) since 2021 for this reason, despite receiving a salary from a Spanish public administration. In 2022, for the first time, he did not file "because he was not obligated." In 2023 he declares an "apartment" in Elvas with an acquisition cost of €240,000, which, according to plans accessed by Vozpópuli, is actually a single-family home of 425 square meters, two floors, garden, four hallways, three kitchens, three living rooms, dining room, storage room, and attic in the town's historic center. A Madrid architecture firm values the renovation at least €250,000.
Conservative calculation: even without nominal value trickery, it rises
Even if the change in share valuation criteria is ignored and it is accepted, contrary to his own declaration, that it is an average valuation, the declared wealth grows by €142,000 between 2019 and 2021, and by another €162,000 until 2023. That is, the increase does not depend solely on accounting makeup of the shares. There is a real increase that the public salary alone does not explain. The complete detail, line by line, with the breakdown of each fiscal year and each asset, is what turns this case into something more than an anecdote.
The position, the interview, and the changed surname
Badajoz's highest municipal body hired David Sánchez as a senior official for a tailor-made position, after an interview, in July 2017, with Pedro Sánchez newly elected as PSOE Secretary General. The Prime Minister's brother changed his surnames to "David Azagra" to avoid being linked to him, according to publications. In 2023 he also bought a Peugeot Boxer, a van whose price range goes from €20,000 to more than €60,000, adding to the Honda CRV. The BBVA fund he acknowledged until 2022 has been liquidated. Deposits reach €114,073.09 and cryptocurrencies, €63,880.
The question is not whether a senior official can save. The question is how one goes from €272,000 to two million with a salary that never exceeded €55,500, without declared inheritances, without self-employed private activity, and without other public or business remuneration. The answer, for now, is not in any declaration.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (111 replies).
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