Spain’s King Renounces Inheritance, Cuts Father’s Income

By Staff, Agencies

Spain’s King Felipe VI renounced his personal inheritance from his father and stripped the former king Juan Carlos of his annual stipend after it was alleged that Felipe VI was poised to receive millions of euros from a secret offshore fund with ties to Saudi Arabia.

The statement issued by Spain’s royal household came after a report named King Felipe as a beneficiary of an offshore fund set up by his father in 2008. At the time, Juan Carlos was still in power.

The former head of state abdicated in 2014, after a series of scandals sent his popularity plummeting. Juan Carlos, 82, had continued to receive an annual stipend from the state, however, amounting to around US $216,000 in 2018.

The alleged offshore account, named as the Lucum Foundation, held around $72.5m in funds that were described as a “donation” from “the king of Saudi Arabia”, according to the Sunday Telegraph.

The account was set up at an office in Panama City and tied to an account with Geneva’s Mirabaud private bank, the report added.