King Philip VI of Spain announced his legacy for the first time

King Philip VI of Spain revealed that on Monday has assets of 2.57 million euros (about 2.76 million dollars). This is about an unprecedented eventwhich coincided with the announcement by the Government of that country that this Tuesday it would approve an order to reform the structure and functioning of the Royal House, with the aim 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 legacy, accumulated since 1998, 2.26 million are bank deposits and investment funds, and 305,450 euros are objects of art, antiques and jewelery. Moreover, it was clarified that the monarch had no real estate or money abroad.

The origin of his property, according to the statement released by the Palace of La Zarzuela, is due to compensation received from the State over the past 25 years, both as Prince of Asturias and has been king, since 2004.

The purpose of Philip VI, it is reported, was to respond to the requests of the citizens for more regeneration and exemplary character. The Royal House clarified that the 54-year-old monarch submits his tax returns annually.

The communication not including Queen Letiziathe House of the King considers it to have no “constitutional responsibilities” and 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 Philip VI, insisted that the aim was to “strengthen confidence in the Crown and in the king”.

New regulations

Shortly after Philip VI’s information was released, the Spanish government reported that the Council of Ministers would on Tuesday approve a Royal Decree “by which the structure and functioning of of the House of HM the King “.

The new standard, as warned, “will strengthen transparency, accountability, efficiency and exemplary character”, in accordance “with the principles that have guided 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 tarnished due to information about the king emeritus that linked him to alleged hidden business abroad and money laundering, which prompted him to leave Spain to settle in the United Arab Emirates.

A central figure in Spain’s transition to democracy after the death of dictator Francisco Franco in 1975, the former head of state of Spain (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 is 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 he forgot to declare and for allegedly hiding funds in tax havens.

Until 2014, when he resigned in favor of his son, the current King Philip VI, his movements were unaffected by the monarch’s invalidity.

Despite the file of investigations in March, which opened the door for his return, Juan Carlos I, 84, announced shortly afterwards that he would retain his residence in Abu Dhabi, although there was frequent visiting Spain.

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

With information from agencies

DB