BoT 609

Business over Tapas

A digest of this week's Spanish financial, political and social news aimed primarily at Foreign Property Owners:

Prepared by Lenox Napier.  Consultant: José Antonio Sierra

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November 20 2025            Nº 609

 

Editorial: 

There’s a Spanish word which has a very special meaning – or had at least, half a century ago – and it sounds odd to British ears: El Generalísimo, which might mean something like ‘the generaliest of all the generals’ practically a (what comes next – a field marshal?).

Anyway, I’m talking about El Caudillo, the Spanish dictator Francisco Franco, who after forty days and nights in the comfort of the intensive care unit at the Hospital de la Paz in Madrid, finally succumbed to his physical woes on November 20th these fifty years ago.

Not that you’d think it with all these fascist idiots still running around the city squares half a century on howling gibberish and giving what used to be called a Hitler salute.

There’s a story I like: Franco is in his hospital bed and there’s a crowd outside shouting. The Dictator – who is losing his facilities by this time – asks the doctor, ‘What are they saying?’ The doctor goes: ‘They’re saying adiós, adiós’.

‘Really?’ says Franco, ‘Where are they all going?’

In those times, Mojácar where I lived with my parents (when I wasn’t travelling somewhere) was a quiet and forgotten village with just a sprinkle of eccentric foreigners.

We never thought about Franco, and the Guardia Civil were chummy enough.

My father used to drop off a case of wine in the police barracks in next-door Turre every Christmas. It never hurts to have friends with silly hats and a pistol.

One day a few years before, back in 1971, the cops had come by on their mopeds and sorrowfully told my father and me that we would have to report to the local lock-up in Vera – a cavernous room under the ayuntamiento – as punishment for sawing down Mojácar’s first billboard, which had been erected by a Corsican fellow who had just opened the pueblo’s first souvenir shop.

He could obviously see which way things were going.

All we had with us was a bottle of Spanish lemonade (filled with vodka), a change of underwear, a couple of Ian Fleming novels and my dad’s radio. He liked to listen to the BBC’s World Service and appeared to be very disappointed when they failed to mention our incarceration.

We spent three days in the clink (I was just seventeen) and were due to face further punishment, but the British ambassador saved the day, and we were forgiven and our names removed from the records.

In Franco’s time, it helped to have un enchufe – a ‘good friend’ – and the ambassador had been to school with my dad. A few words in the right ear…

By 1975, Franco was on his last legs, and word reached us from the far-away outpost of Jávea in Alicante that the Swedes (I may be wrong about this) had decided to have a demonstration of their love and respect for Spain and so held a celebration with the famous, albeit fascist slogan Arriba España, which they had unfortunately translated on a large banner as ‘Up Spain’.

At last, El Caudillo finally died, and Spain entered into strict mourning. The bars were closed for three days, and solemn music was played on the radio and the one TV channel.

My father and some other foreign residents, being appraised of this tender moment in Spain’s history (as above, they found the pueblo’s only bar was unexpectedly shut), decided the thing to do would be to go to mass in our local iglesia and show our respects.

The priest was surprised to see us, as there was (as usual) no one else in Mojácar’s house of worship except a few old girls in black.

As we left, pulling off our neckties (those that still owned one) we found the mayor and a collection of irate locals waiting for us. Y’see, Mojácar had been a communist holdout during the civil war, and consequently, no one was sorry to see the old gangster go to his reward, such as it no doubt was.

‘Oops’, said my dad.

The tension grew until the Mayor Jacinto saved the day. ‘Antonio, go and unlock the bar. The foreigners are thirsty’.

I’m not sure, after all it was exactly fifty years ago, but I think we all drank champagne. 

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Housing:

Idealista is enthusiastic about investment in luxury homes: ‘Spain is experiencing a golden age in the luxury country estate market. From Andalucía’s historic cortijos to Catalonia’s beautifully restored masías, and from Galician pazos to Basque farmhouses, these properties have become the new object of desire for both Spanish and international buyers. Their appeal goes far beyond real estate: they embody authenticity, privacy and a deep connection with nature, while also representing a sound investment in a rapidly expanding market…’ 

From Cinco Días here: ‘Foreign millionaires are overtaking wealthy Spaniards in the purchase of ultra-luxury homes in Madrid. The consultancy firm Lucas Fox predicts that by 2026, Spanish buyers will account for only 10% of homes priced over five million euros for sale in Spain’ (think wealthy Venezuelans, Mexicans and Vulture funds). 

From El País here: ‘Living in a motorhome amid soaring apartment prices in Madrid: “I got used to it quickly, but I don’t idealize it”. Motorhome sales have multiplied in the last decade. The Community of Madrid was the third region with the most registrations in 2024, after Catalonia and Andalucía. Despite being vehicles designed for leisure, more and more people are using them as an alternative to a house’. 

El Salto Diario raves against the greed of los fondos buitres – the vulture funds: ‘ Residents of 13 apartment blocks affected by the sale of social housing by the Church are mobilizing. Their apartments, owned by Fusara, a foundation affiliated with the Archdiocese of Madrid, were sold to an opaque company called Tapiamar. Now, the Church intends to evict them’. On a similar subject, here’s El Periódico de Aragón: ‘Ultimatum to residents of a social housing block in Jaca: "Either we pay 70% more rent or we're evicted." The building's developer, Proinsa, had not previously been applying the maximum rent allowed by law, which is now being raised abruptly without negotiation with the tenants who have lived in their homes for over a decade’. 

…...

Tourism:

Tourism is understandably popular with those who make a good living from it. Although – El Economista has the sad story of ‘Restaurant owners complaining that tourists are spending less and less: they leave the terraces empty to fill up at the supermarket’. 

From Cinco Días here: ‘The Transport Minister Óscar Puente announces that Spain’s high-speed rail will reach 350 kph and thus the Madrid-Barcelona journey will take just two hours. The adaptation to the new speeds will begin on the country's busiest rail line due to its high congestion and need for upgrades’. 

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Finance: 

From Infobae here: ‘Spain dominates in Europe: the European Commission announces it will be the fastest-growing economy in the eurozone until 2027. Brussels raises its forecast for Spanish GDP growth in 2025 to 2.9%, three-tenths of a percentage point higher than its previous projection, and improves its estimates for deficit, debt, and employment’. 

‘The Mallorca-based airline, Air Europa, has announced the appointment of Briton Richard Clark as its new Chief Executive Officer, reinforcing its commitment to operational excellence and international growth. Air Europa is the third largest Spanish airline after Iberia and Vueling’ The story comes from the Majorca Daily News here. 

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Politics: 

20Minutos has ‘Six out of ten Spaniards believe Sánchez should call early elections’. The article also confidently shows a win for the PP/Vox if the elections were to be held today. At the same time, and conversely, the CIS survey gives the PSOE a ten-point lead… 

20Minutos again: ‘Feijóo says that migrants "will have to adapt to our way of life"’. Don’t worry, he doesn’t mean us. 

Podemos calls on Sánchez to listen to “their cunning plan to destroy the right wing” – to reform the CGPJ (General Council of the Judiciary), to lower rents and to hold a referendum on the monarchy: “With this”, says the party, “we will win the elections”. 

‘Sánchez criticizes Feijóo for his lack of proposals and asserts Spain's economic strength: "This government guarantees stability, dialogue, and results", he says. An article from the PSOE Party webpage here. 

From elDiario.es here: ‘Extremadura: The Partido Popular does not want their candidate for regional president María Guardiola to electioneer on RTVE and is now calling for someone else to appear instead as their party "representative". They also reject a debate between the four main parties (PP, PSOE, Vox and Unidas por Extremadura) with representation in the assembly and demand the participation of all the parties (I found ‘Una Extremadura Digna’, ‘Soberanía y Trabajo’, ‘Juntos por Extremadura y Levanta’ and our old animalist friends Pacma) running in the December 21 elections’. Newtral has the background to the upcoming elections. 

Carlos Mazón’s vice-president Juanfran Pérez Llorca is the likely contender for president of the Valencian Community. He now needs the support of Vox (in exchange, no doubt, for some back-room dealing). El Plural has some tasty background on Pérez Llorca here. 

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Franco: 

From The Economist here: ‘Half a century after the death of Franco, Spain is a far better place. But new problems risk undermining its success’. 

The Guardian has a view on Franco here: ‘I grew up in Spain amid a collective amnesia about Franco. It is time we faced up to our dark past’. 

Another article from The Guardian here: ‘Dangerous nostalgia: did Spain’s ‘pact of forgetting’ after Franco leave new generation open to far right? Events to mark the 50th anniversary of dictator’s death are intended to remind Spaniards, particularly the young, of the dangers of fascism’. 

El Independiente de Granada brings us this story of the friendly bond between Franco and the Church: ‘The relationship between the Francoist dictatorship and the Catholic Church in Spain is one of the most significant chapters in the country's contemporary history. For nearly four decades, the Church not only ideologically supported the regime but also became its main source of legitimacy after the fall of the European fascist regimes at the end of World War II. This alliance allowed Francoism to present itself to the world as the bulwark of Catholicism against communism, while within the country, repression continued unabated…’ 

…...

Corruption: 

El Mundo says that ‘The new UCO report on the ex-PSOE secretary Santos Cerdán (currently being held in preventative custody) reinforces the evidence of bribes paid for public works contracts and points the finger at the Ibex 35 company Acciona (wiki). The Supreme Court has ordered a search of the company's headquarters in Madrid and Bilbao’.  Acciona slipped Santos Cerdán 2% on any deal he brought them says El Huff Post here. Surprisingly, the judge released Santos Cerdán on bail yesterday (Wednesday) after 142 days in custody after evaluating the risk of destruction of evidence to be reduced. 

As the inquiry into the Valencia Dana tragedy begins to wind down – Carlos Mazón was cross-examined in a parliamentary investigation on Monday (evasive as ever) – news from El Plural says that ‘Vox militants have been posing as victims of the Dana to incite violence in Paiporta (a particularly badly-hit town in Valencia with 40 dead) against Pedro Sánchez. The far right continues its attacks and spread of misinformation, even though the future of the Valencian government depends on them’. They even have a newspaper (registered to a local Vox councillor called Daniel Furió) which pumps out the bulos. Valencia must choose a new Partido Popular leader – approved by Vox – or go to the polls…

One deputy who cross-examined Mazón (Gabriel Rufián) told him to his face that he was "a useless person: a liar, wretch, murderer, and psychopath", adding, "I hope you pay for everything you've done with jail time". A Wednesday editorial notes that: ‘Imagine how low the image of the Valencian president is that yesterday no national newspaper, not even the most conservative ones, nor even those that hate Rufián the most, came out to defend Mazón from this attack or to take the opportunity to criticize the ERC spokesperson’. 

From Teleprensa here: ‘The president of the Almería Provincial Council Javier Aureliano García (PP), has been arrested by agents of the Judicial Police. The arrest took place alongside that of the vice president of the provincial institution, Fernando Giménez, and the mayor of Fines, Rodrigo Sánchez’. They stand accused of profiteering over the Covid facemasks as well as involvement in taking commissions on public works in the province. In all (by Wednesday afternoon), eight people were under investigation including García’s two brothers. 

The mayor of a small pueblo in the province of Cuenca has been arrested after the Guardia Civil found he was maintaining a marijuana plantation with 215 plants.  

Got to admit: where there's a chance, there's a chancer. In the leading cancer research facility in Barcelona, el Centro Nacional de Investigaciones Oncológicas, some 25 million euros has gone walkabout over the last eighteen years (come to think of it, they probably had my old accountant running the books). 

…...

Courts: 

The anti-corruption prosecutor's office is seeking a 24-year prison sentence for Ábalos in the 'Caso Koldo'. They are also requesting 19.5 years in prison for former ministerial advisor Koldo García and 7 years for Víctor de Aldama, considered the scheme's intermediary. 

From The Olive Press here: ‘A London judge has handed Spain a major victory in its long and expensive fight with US vulture funds seeking to seize state assets over a string of renewable-energy compensation awards worth up to €1,700 million. The Commercial Court of London ruled that arbitration awards issued against Spain under the Energy Charter Treaty cannot be transferred or sold to third-party funds, blocking a tactic used by several US investors to pursue huge payouts. The case centred on awards originally granted to OperaFund Eco-Invest and Schwab Holdings, two investment groups that sued Spain after the government slashed its generous renewable-energy subsidies more than a decade ago’. 

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Media:

**No Business over Tapas next week as I shall be blissfully celebrating my birthday. BoT returns on Thursday, December 4th. 

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Various: 

‘Goodbye to spam calls and fake reviews: everything about the new customer service law at El Huff Post here. ‘The new law will also require large companies to provide telephone support in co-official languages ​​if they operate in those territories. The law still needs to pass through the Senate and then the House of Representatives before it can take effect…’ 

From El Español here: ‘No extensions or half measures: the DGT (Spanish Directorate General of Traffic) reminds everyone that the V-16 beacon will be mandatory in 2026 and 'there will be no excuses' of any kind. Pere Navarro insists that the decision was made 'five years ago' although the reality is more complex; the DGT defends the safety of the V-16 beacons, but experts warn of doubts about their effectiveness’. But wait, how about… LaSexta here: ‘The European Commission wants us to renew our driver's license every ten years. The European Commission continues its crusade against drivers. This time, it has introduced a regulation that, if it continues on its current course, would force drivers to renew their licenses every ten years and face much higher renewal costs’. 

El País in a newsletter says ‘Isabel Díaz Ayuso shows no mercy in her culture wars. The Madrid regional government, which she leads, will sponsor Woody Allen's new film, to be shot in the region, with 1.5 million euros as part of a promotional campaign for the capital, according to the contract published on the regional government's public procurement portal and first reported by this newspaper two weeks ago. This is a political manoeuvre that goes beyond simple patronage and constitutes a declaration of intent. It presents Madrid as the last refuge of free spirits, a bulwark against so-called cancel culture, says the item (my thanks to Jake). 

The Mayor of Madrid has ruled that ‘feeding "the poor" is prohibited in Madrid: José Luis Martínez Almeida bans the activity of an NGO called Bocatas Madrid that distributes sandwiches to the homeless’. The story at El Plural. 

From The Olive Press here: ‘Revealed: How Chinese shops selling everyday items on the Costa del Sol were really laundering millions for violent Albanian narcos’. 

‘Aragonese astronomers have discovered a colossal nebula 11,000 million light-years away. The Centre for Physics of the Cosmos Studies of Aragón has detected RaJav, potentially the largest known superbright nebula, thanks to the telescope at the Javalambre Observatory. Amazing! Diario de Sevilla has the story. 

From The New York Times here: ‘Blood and Tears as Spain’s Troubled Bullfighting Star Hangs Up His Cape. José Antonio Morante Camacho says he has fought his last bull. Fans appreciated his artistry but also his honesty about his struggles with mental illness’ (my thanks to Colin). 

Público has an article and a video on ‘The International Brigades, the epic support for the Republic that the democratic powers denied’. 

On YouTube here, ‘The Ancient City That Mastered Water. Have you ever wondered if water could flow uphill? In this video, we dive into the incredible engineering of the Alhambra Palace in Granada. Join us as we explore the history, architecture, and groundbreaking technology behind one of the world’s most stunning architectural masterpieces. Discover how this medieval marvel used advanced hydraulic systems to power fountains, underfloor heating, and even water-clocks’. 

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See Spain: 

Montfalcó Murallat, the Catalan village that lives inside a castle. ‘This tiny village, on a plateau in the La Sagarra region of Lérida, boasts of being the best example of a walled settlemernt in Catalonia’, says Nat Geo with some astounding photos and video here. 

La Razón writes about Jaén’s Castillo de Burgalimar, the oldest castle in Spain. It is also the best-preserved Muslim fortress in the country. A YouTube video about the castle is here. 

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Finally: 

Ana Belén - El Hombre al Piano (Toca Otra Vez Viejo Perdedor) - does this one ring a bell? On YouTube here.