Banderas divorced his first wife, Ana Leza, and in May 1996 he married actress Melanie Griffith, whom he met a year earlier when they shot Two Much. They have a daughter, Stella del Carmen Banderas Griffith, born in 1996, who appeared in the film Crazy in Alabama (1999), in which Griffith starred and which Banderas directed.

He has invested his movie earnings in business marketing Andalusian products, which he promotes in Spain and the Czech Republic. He is a long time supporter of the Málaga CF and Real Madrid Football Club. While he speaks in his native Andalusian Spanish with his family and Spanish press, he switches to the Castilian pronunciation when playing non-Andalusian roles or when dubbing his Hollywood performances.

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