Juan Carlos I He created with his daughters a foundation in Abu Dhabi with which, in addition to promoting his almost four decades of reign, seeks to be able to transfer his inheritance more easily to the Infantas Elena and Cristinaas reported this Monday by ‘El Confidencial’.
The foundation was created in Abu Dhabi, where Don Juan Carlos has been living since August 2020, with the help of a Spanish lawyer. The emeritus is the president of the foundation, with Elena and Cristina on its board of directors.
King Felipe VI does not appear in the documents since, like Princess Leonor, they renounced any inheritance that the emeriti could leave them in April 2019, although the information was not known until March 2020, when Zarzuela announced that the monarch had decided to withdraw the allowance provided for in the budgets of the Royal Household from his father.
The move came after it was revealed that the king and heir to the throne were on the list of beneficiaries of the Lucum Foundation, which was set up by the then monarch in 2008 to hide a $100 million donation from Saudi Arabia.
The aim of the foundation is to raise awareness of the figure of Juan Carlos I by financing educational and cultural activities but at the same time to take advantage of the advantageous legislation of the United Arab Emirates so that The emeritus can centralize his fortune outside Spain and leave it as an inheritance to his daughters.
All this despite the fact that both have a significant salary (Infante Elena works at the Mapfre Foundation and Cristina receives a salary from the Aga Khan Foundation), but the monarch would fear that they would lose their respective roles after his death and would have created this foundation for whoever had sufficient and permanent income.
According to this media, in addition to the almost zero taxation of this type of foundations in the Gulf country, there is the secrecy surrounding their operating rules and the true ownership of the assets, so that the heirs come to control the assets of the company once their parents have died without the identity of any of them having to be made public.
The news of the new foundation of Don Juan Carlos is known a day after he attended the funeral in Madrid of his nephew Juan Gómez-Acebo, where he coincided with the kings as well as Doña Sofía and the Infanta Cristina.
