A Spanish lawyer helped King Juan Carlos I create this vehicle to centralize his assets abroad, taking advantage of the laws of the emirate where he has been residing since August 2020, when he left Spain amid the controversy over his tax irregularities.
The emeritus king Juan Carlos I has created a foundation together with his daughters in Abu Dhabi with which, in addition to promoting his almost forty-year reign, he hopes to be able to pass on his legacy more easily to the Infantas Elena and Sofía, as reported by the media on Monday. The confidential.
The foundation was established in Abu Dhabi, where lives since August 2020 -when he left Spain when the persecution began several investigations for his illegal businesses abroad and the assets built up -, with the help of a Spanish lawyer and both Elena and Cristina appear on the supervisory board.
The aim is to make the figure of Juan Carlos I known through the financing of educational and cultural activities but at the same time take advantage of the United Arab Emirates favorable legislation so that the emeritus can centralize your fortune outside Spain and leave it in heritage to his daughters.
According to these media, in addition to the almost zero tax on these types of foundations in the Gulf country, there is also the secret regarding the operating rules and the actual ownership of the assets, so that the heirs will have control over the company’s assets once their parents die, without the identity of either of them having to be disclosed.
Felipe VI renounced the inheritance
It is worth remembering that King Felipe VI, like Princess Leonor, They renounced any inheritance that the emeritus could leave them in April 2019, although the information was not known until March 2020, when Zarzuela announced that the monarch had decided to revoke the allocation provided for in the Royal House budgets to his father.
The decision came after it came to light that the King and the heir to the throne were on the list of beneficiaries of the Lucum Foundation, which was established in 2008 by the then monarch to $100 million donation allegedly made by Saudi Arabia. This money remained in an account in Switzerland until 2012, when Don Juan Carlos transferred the remaining 65 million to Corina Larssen.
Don Felipe also distanced himself from Zagatka, the other foundation linked to his father and founded by Álvaro de Orleans-Borbón, a distant cousin of Don Juan Carlos. From Zarzuela it was clarified that Don Felipe was ‘completely unconscious’ that he was a beneficiary of it and it was reported that he and Princess Leonor had completely distanced themselves before a notary from any possible connection with the Lucum Foundation. In addition, a message from Don Juan Carlos was included in the Casa Real Declaration, in which it was clarified that at no time did he provide “information” about the two foundations to his son.
The Royal House has not commented about the information while understanding that it is a private matter of Felipe VI’s father.
Add He has attacked the emeritus king, deeming it “absolutely unacceptable” that he promotes an entity to transfer his assets to the princesses. “It is raining and wet. It is an insult to walk around Spain without giving any explanation and what you have to do is appear before the Spanish people and give an account,” demanded the Minister of Culture and spokesman for Sumar, Ernest Urtasun, during a press conference at his party’s headquarters.
Source: EITB
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
