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King Felipe VI of Spain revealed his heritage for the first time

King Felipe VI of Spain revealed on Monday that has assets of 2.57 million euros (about 2.76 million dollars). It was about an unprecedented eventwhich coincided with the announcement by the Government of that country that this Tuesday it will approve a decree that reforms the structure and functioning of the Royal House, with the aim of strengthen its transparency.

“His Majesty the King, guided by that same spirit of service and civic commitment, today adds to his constitutional responsibilities his personal decision to make his assets public, which amounts to 2,573,392.80 euros,” the official statement said.

Of this heritage, accumulated since 1998, 2.26 million are bank deposits and investment funds, and 305,450 euros are art objects, antiques and jewellery. In addition, it was clarified that the monarch has no real estate or money abroad.

The origin of his estate, according to the statement released by the Palace of La Zarzuela, is due to the remuneration received from the State in the last 25 years, both as Prince of Asturias and already being king, since 2004.

The origin of his assets is in the remuneration he received from the State in the last 25 years. Photo JuanJo Martín/EFE Archive

The intention of Felipe VI, it was reported, was to respond to the demands of the citizens for greater regeneration and exemplary character. The Royal House clarified that the 54-year-old monarch annually submits his tax returns.

The communication does not include Queen Letiziaconsidering the House of the King that it does not have “constitutional responsibilities” and that the head of state is the king, according to sources from this institution.

Besides, separates this information from the personal and judicial situation of King Emeritus Juan Carlos Ifather of Felipe VI, insisting that the objective is “to strengthen confidence in the Crown and in the king”.

New regulations

Shortly after Felipe VI’s information came to light, the Spanish government reported that the Council of Ministers will approve this Tuesday a Royal Decree “by which the structure and functioning of of the House of HM the King”.

The new norm, as warned, “will reinforce transparency, accountability, efficiency and exemplary character”, in line “with the principles that have presided over the reign of HM Felipe VI since its inception”.

The head of the Executive, the socialist Pedro Sánchez, announced in 2020 a roadmap for modernize the Spanish monarchyafter the image of the Crown was damaged by information about the king emeritus that related him to alleged hidden business abroad and money laundering, which led him to leave Spain to settle in the United Arab Emirates.

A central figure in the Spanish transition to democracy after the death of dictator Francisco Franco in 1975, the former Spanish head of state (1975-2014) was the subject of three investigations by the Public Prosecutor’s Office in his country.

The accusations against Juan Carlos I

The king emeritus was targeted for the alleged collection of 65 million eurosas a possible commission for the works of the high-speed train between Medina and Mecca, in Saudi Arabia, as well as for donations that he would have forgotten to declare and for an alleged concealment of funds in tax havens.

Spain's emeritus king, Juan Carlos, in a 2019 photo. AP Photo

Spain’s emeritus king, Juan Carlos, in a 2019 photo. AP Photo

Until 2014, when he abdicated in favor of his son, the current King Felipe VI, his movements were impervious to the inviolability of the monarch.

Despite the file of the investigations last March, which opened the door for his return, Juan Carlos I, 84, announced shortly after that he will maintain his residence in Abu Dhabi, although with frequent visits to Spain.

The good news of the file, however, does not include its judicial dismissal. If new evidence, clues, or clues emerge about your financial juggling, your case could be reopened.

With information from agencies

DB

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