King Felipe is turning down his father’s personal inheritance of about an estimated $58.2 million. The money, which had been located on an offshore account, was a gift that was given to his father King Juan Carlos as a gift from Saudi Arabia while his was on the throne. Due to this link, many began to question where the wealth of the Spanish Royals had been sourced from, leading Felipe to make the official announcement that he would be giving up that inheritance altogether.
In an official statement from la Casa Real, “King Juan Carlos is aware of his decision to renounce the inheritance from Don Juan Carlos that could personally correspond to him, as well as to any asset, investment or financial structure whose origin, characteristics or purpose may not be in accordance with the legality or with the criteria of rectitude and integrity that govern his institutional and private activity. and that they must report the activity of the Crown.”
They continued, “The Crown must (…) ensure the dignity of the Institution, preserve its prestige and observe an upright, honest and transparent conduct, as befits its institutional function and social responsibility. Because, only in this way, will he be entitled to the moral authority necessary for the exercise of his functions. Today, more than ever, citizens rightly demand that moral and ethical principles inspire – and exemplary rule – our public life. And the King, at the head of the State, has to be not only a reference but also a servant of that just and legitimate demand of the citizens.”
The Casa Real made it known that any and all of the ties to funds that were linked to King Juan Carlos have been officially severed for both Felipe and his daughter Princess Leonor.