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The King of Spain announced his personal assets for the first time

According to AFP news agency (France), the Spanish royal family in a statement said that most of King Felipe VI’s personal wealth (about 2.3 million euros) is cash checks or is kept in a bank account. row; the rest is worth about 300,000 euros in works of art, antiques and jewelry.

The King of Spain first announced his personal property - Photo 1.

On October 12, 2020, King Felipe VI, Queen Letizia and two princesses attended the celebration of the National Day of Spain in Madrid. Photo: IC

New law requires the Royal Family to be open and transparent

The day after King Felipe VI announced his personal fortune, the Spanish Government passed a new decree.

According to Spain’s The Local, Prime Minister Pedro Sanchez’s government on April 26 approved a decree requiring the royal family to disclose its financial and tender status.

According to the decree, the financial accounts of the royal family must be examined by the Spanish Court of Auditors, and high-ranking royal officials must declare their personal assets when they take office and finish their duties. period.

In addition, gifts received by members of the Royal Family, including the King, will be declared, and then transferred to the state, donated to charities, or become the property of royal family.

Spain’s minister in charge of royal relations Felix Bolanos in a press conference on April 26 said, this is a “very important step in the modernization of the Spanish Royal Family… The Royal Family has taken a step forward in terms of transparency”and is “requests of Spanish citizens to the royal family, the government”.

Bolanos also added that the decree allows the Spanish Royal Family to meet the highest standards of European royalty. According to Reuters news agency (USA), other European royals such as the British Royal Family and the Belgian Royal Family have also implemented similar transparency measures very early on.

Analysts say that recent measures by the Spanish Royal Family and the Government of this country are mainly aimed at restoring people’s trust in the Royal Family.

In the past, several members of the Spanish Royal Family have been involved in financial scandals. One of the most notable figures is King Felipe VI’s father – former King Juan Carlos I. King Juan Carlos I announced his abdication in 2014 due to many scandals. Since August 2020, due to allegations of tax fraud and money laundering, he has been living in exile in the United Arab Emirates (UAE) and has yet to return home.

The Spanish Royal Family said that, since ascending the throne, King Felipe VI “opened the way to modernize the royal family, to become worthy of the people’s respect and trust. Rooted in this spirit of service and commitment to the citizens, His Majesty the King has today decided to declare his fortune.”

According to Reuters news agency, the disclosure of personal assets was proposed by King Felipe VI himself.

Along with the disclosure of personal assets, King Felipe VI also said that: “Today, more than ever, the public has reason to demand codes of conduct that inspire and even govern our social lives. As Head of State, His Majesty the King needs should not only guide these legitimate requests of all the people, but also need to become the people’s servants.”

Renunciation of the right to inherit the father’s personal property

The Spanish royal family says the king’s fortune comes mainly from a pension he has received over the past 25 years, initially as Prince of Asturias and then ascending the throne since 2014.

Felipe VI was born in 1968, the only son of King Juan Carlos I and his wife, Queen Sofia. After Juan Carlos I officially ascended to the throne on November 22, 1975, Felipe VI became the sole heir to the Spanish throne.

In 2014, after being involved in a series of financial and love scandals, King Juan Carlos I announced his abdication and ceded the throne to his son Felipe VI. Later, Felipe VI succeeded to the throne, becoming the new king of Spain.

The King of Spain first announced his personal property - Photo 2.

King of Spain in 2014 Juan Carlos I (left), Crown Prince Felipe VI and Princess Leonor – daughter of Felipe VI. Photo: IC

According to The Local, King Felipe VI has made many notable moves since ascending the throne to restore the damaged reputation of the Spanish Royal Family.

After ascending the throne, King Felipe VI ordered an audit of the royal accounts and issued a “code of conduct” for members of the royal family. In 2015, King Felipe VI also revoked the duchy of his sister Princess Cristina.

In 2014, Christina became the first member of the Spanish Royal Family to appear in court over allegations of helping her husband evade taxes. In 2017, a Spanish court ruled that Christina was not guilty of tax fraud; but her husband was found guilty of fraud and embezzlement.

In March 2020, King Felipe VI announced that he would give up the inheritance of his father’s personal property, and also canceled the 200,000 Euro annual allowance of former King Juan Carlos I. In July of the same year, the former King Juan Carlos I was charged with tax evasion and possessions of unknown origin. In August 2020, former King Juan Carlos I fled to the UAE to live in exile.

In March this year, Spanish prosecutors stopped a financial investigation into former King Juan Carlos I, citing lack of evidence, overdue proceedings and immunity during his tenure as head of state. nation. But prosecutors also said they discovered a number of “financial violations” during the investigation.

In Spain, some believe that moves to disclose the king’s personal wealth and ensure the royal family’s financial transparency will help restore public trust in the royal family and maintain respect for the monarchy.

But there are also those who believe that these moves will not bring change. Pablo Echenique, spokesman for the far-left Podemos party, which supports the abolition of the monarchy, said: “As long as the king retains immunity, any amendments to the monarchy will have little effect.”


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