Spain's exiled King Juan Carlos has set up a trust in the United Arab Emirates to ensure his daughters are provided for financially after his death. The inheritance will benefit the King's daughters Elena and Cristina but not his son, Felipe VI who is Spain's current monarch. The former monarch fled Spain for the UAE in 2020 after he was linked to an inquiry into alleged corruption.
READ MORE: Kate says she is 'focused on being cancer free' in new video But three investigations against the now 86-year-old were dropped in March , 2022. He has since paid back more than €5 million (approx. $8.
2m AUD) in back tax and penalties to regularise his status with Spain's treasury and allowing him to return periodically. READ MORE: Five hidden meanings in Kate's new family video According to a new report, Juan Carlos is now focused on providing for his two daughters when he dies. A source told El Confidencial that "officially, the former monarch does not have a single euro", adding that he borrowed money from family and friends to pay off his tax debts.
"However, sources close to the former head of state assure that he still has funds available," the report said. It added that in 2016, Juan Carlos "was involved in the sale of a luxury penthouse opposite Hyde Park in London, valued at €62.7 million (approx.
$102m AUD)". READ MORE: New Wales family video shows three children all grown up The newspaper claims the former monarch receives significant financial support from the Emirates royal family, which covers the costs of his stay, security, attendants and private flights, among other items. The trust will also highlight Juan Carlos' almost 40-year reign and will finance educational and cultural activities to promote his legacy.
Juan Carlos ruled Spain from 1975 until he abdicated the throne in 2014 for his son, now King Felipe VI. Since then, princesses Elena and Cristina have not received any state stipend. King Felipe is not a future beneficiary of the newly-created trust, according to reports.
Relations between Felipe and his father have been strained and the king disinherited himself from his father and stripped Juan Carlos of his €200,000 (approx. $331k AUD) state stipend. After taking the throne in 2014, King Felipe removed Princess Cristina's ducal title and stopped both her and Princess Elena from carrying out official duties on behalf of the monarchy.
At the weekend, King Felipe and his wife Queen Letizia attended a memorial mass for Juan Gómez-Acebo, the eldest of the son of Infanta Pilar, who passed away on August 12 in Mallorca from cancer. Juan Carlos and his wife Queen Sofia and Princess Cristina were also at the mass in Madrid. Princess Elena was in Paris for the Paralympics closing ceremony.
The former king arrived in Madrid on Friday to attend the funeral of his nephew and has been staying at the Four Seasons hotel in the Spanish capital. FOLLOW US ON WHATSAPP HERE : Stay across all the latest in celebrity, lifestyle and opinion via our WhatsApp channel. No comments, no algorithm and nobody can see your private details.
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