Spain’s King Felipe VI Renounces his Inheritance from his Father in an Attempt to Save the Monarchy

On Monday, Spain’s King Felipe VI renounced his inheritance from his father and stripped the former King Juan Carlos of his £175,000-a-year royal income in order to save himself amid a growing social repulsion against the monarchy. The calls for his abdication following a finance scandal served as a catalyst for the new king to take drastic action.

Swiss prosecutors are investigating an offshore account allegedly operated for Felipe VI’s father Juan Carlos, 82, which is suspected to have received €88 million from Saudi Arabia’s late King Abdullah in 2008. According to the newspaper La Tribune de Genève, prosecutors believe the fund could be linked to kickback payments after the former monarch helped to broker business deals with Saudi Arabia while still in power.

On Saturday, March 14, The Telegraph reported that Felipe was named as a beneficiary of an offshore fund that controls the Swiss account with an alleged 65 million euro gift ($72 million USD) from Saudi Arabia, given to his father when he was on the throne. In 2012, around $65 million (€57 million) was transferred from this account to Corinna Larsen, a Monaco-based businesswoman and ex-lover of Juan Carlos.

Larsen told the investigators in 2018 that the money was a donation from the former king after a recording emerged in which she allegedly claimed she was a frontwoman Liaison for his portfolio abroad for his assets abroad.

The reports also say that she will file a lawsuit against the former head of Spanish intelligence, Félix Sanz Roldán, for allegedly organizing an intimidation campaign against her continually, from 2012, when he learned of her relationship with the former king.

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