Fabian Picardo not only manages the Government of Gibraltar and struggles for the independence of the overseas province from the UK but is also a fan of Spanish property. The politician has purchased a home in an apartment in Sotogrande and Marbella worth a total of €1.4 million, according to portal ee24.com.
Fabian and his wife Elaine Lima bought a house in Sotogrande (San Roque, Cádiz) in the spring of 2006. At the time the head of the government of Gibraltar, Peter Caruana was also known for his passion for Spanish property. The house has an area of over 250 square meters and is situated on a plot of 1,600 sq.m. Property was purchased with a mortgage loan in the amount of €824,000, which Picardo took at the British Barclays bank. The total cost of the house was about €1 million.
Three years later, in October 2009, a senior minister has again decided to invest in the Spanish housing. This time, he bought an apartment in Benahavis (Malaga) near Marbella. The apartment is located in a luxury residential complex with five pools, sauna, jacuzzi and powerful protection. The apartment was purchased for €400,000.
6,700 residents of Gibraltar are living in Spain and do not pay taxes, since they stay in the country less than 180 days a year. However, the Spanish tax authorities suspect them of the fact that they live in Spain for a longer time, but do not state this to evade taxes.