“The king Philip He was aware of his father’s idea, Juan Carlosto create this new foundation, but he renounced from the beginning to participate in its board of directors or its council.” Sources close to the team are therefore categorical. Operetta refer to the decision of the emeritus to create a foundation in Abu Dhabi to be able to pass on one’s heritage to the princesses Helen And Christine.
Sources close to the Royal House they assure that Juan Carlos I I have been working on this problem for almost two years: “It couldn’t have been an easy task; they made many trips to Middle East to be able to compile all the heritage stored outside our borders”.
He King Emeritus He created the aforementioned foundation in order to, in order to promote his almost four decades of reign, more easily transfer his inheritance to the princesses. Elena and CristinaThe board of directors is composed of Juan Carlos himself, his daughters and his lawyer.
The argument put forward by King Emeritus Justifying this approach is to ensure that his daughters and grandchildren have sufficient income when he dies and that their standard of living does not decline.
In addition to the almost zero taxation of this type of foundation in the capital of United Arab Emirates secrecy is added around its operating rules and the real property goods. Once Juan Carlos dies, the daughters will control the assets of the company. This is not the case for his son Felipe, who renounced the inheritance.
“In fact, the sisters of the king They will have no problem continuing their current lifestyle, they are independent women who earn a good salary, among others 300,000 and 400,000 euros per yearBy creating this company, what the former head of state is ensuring is that all the funds he has abroad are brought to light, in Abu Dhabi, London either Swissand that they are legal so that their daughters can inherit them in the future,” the sources added.
Resignation in 2020
Philip VI He has already renounced his father’s inheritance in 2020. The British newspaper The telegraph revealed on March 14 of the same year that Juan Carlos I had received years ago 100 million entered into another opaque foundation, the Panamanian offshore Lucum, and that Felipe VI himself was the second beneficiary, without his knowing it.
The next day, while all of Spain was confined due to the Covid pandemic, the head of state buried his father’s legacy and expelled him from the kingdom with the following statement: Royal House: “HM the King wishes to make it publicly known that HM King Juan Carlos is aware of his decision to to renounce the legacy of Don Juan Carlos which could correspond to him personallyas well as any property, investment or financial structure whose origin, characteristics or destination may not be in accordance with the law or with the criteria of rectitude and integrity which govern its institutional and private activity and which must inform the activity of the Crown.
Felipe VI declared before a notary that he knew nothing and that he renounced any inheritance from his father. That day began the civil death of Juan Carlos I, which culminated on August 3 of the same year, when the departure of the Emeritus of Spain was announced. Since then, he has been installed in Abu Dhabi.
why now
The creation of this foundation responds to the emeritus’ concern about the situation of his daughters after his death, given that neither one nor the other Helen neither one nor the other Christine receive a financial allowance of General State Budgets since they ceased to be part of the Royal Household in 2014.
Infanta Elena works in the Mapfre Foundation and receives a salary of around 300,000 euros per year, while her younger sister earns around 400,000 euros from the Aga Khan Foundationbased in Geneva.
The emeritus is the president of the new foundation and the sisters of Felipe VI will be part of the board of directors, although they will not be the only ones: several friends of Don Juan Carlos, including great businessmen, will have their place on the board.
The second objective of the foundation, in addition to ensuring the collection of the princesses’ inheritance, is to recognize the achievements of the reign of Juan Carlos and try to restore its image after the scandals that have damaged its reputation in recent years.
According to the sources consulted, the news of the creation of the foundation was disclosed by the emeritus himself through his law firm, which carried out all the legal procedures to make the foundation a reality.
