King Juan Carlos is once again in the spotlight due to a major financial matter. This time, the amount that puts him at the center of controversy is no less than €4,000,000. This millionaire sum is what he has reportedly managed to accumulate during his stay in Abu Dhabi, and the tax authorities are fully aware of it.
Moreover, it has been stated that the emeritus king has used that money to settle outstanding debts. Specifically, he has returned to his business friends the money they lent him to regularize his tax situation in Spain. This move once again puts the focus on his finances and reopens the debate about his economic activities in the United Arab Emirates.
King Juan Carlos secures a new millionaire sum
King Juan Carlos, who at 87 years old has been living in Abu Dhabi since August 2020, has managed to amass €4,000,000 ($4,000,000) during this time. According to information published in El Mundo, this money comes from several sources.
On one hand, from the sale of rights for documentaries about his life. On the other hand, from his participation in commercial brokerage operations in the Persian Gulf region.
Sources close to the emeritus have even stated that, although the tax authorities may be aware of these earnings, they are not traceable by them. The reason is simple: these are incomes caused in the United Arab Emirates, where the tax system is completely different.
This new financial episode involving King Juan Carlos is not the first. However, it has once again caused interest around his figure.
King Juan Carlos returns the money to his friends
With that amount, King Juan Carlos has returned to his friends the money they advanced him a few years ago. This money allowed him to pay off the debt he had with the tax authorities.
In this regard, it should be recalled that, in December 2020, shortly after his arrival in Abu Dhabi, he made a first payment to the tax authorities of €678,393 ($678,393). This amount allowed him to avoid the opening of a criminal investigation for tax offenses. However, the story did not end there.
In February 2021, the father of Felipe VI submitted a second tax regularization: he paid nearly €4,400,000 ($4,400,000) to the treasury to settle outstanding debts. These were debts he had incurred as a result of the €8,000,000 ($8,000,000) he received for flights taken with a private jet company.
Until 2018, these flights had been paid for by the Zagatka Foundation, which belongs to his cousin Álvaro de Orleans. These were trips mainly to North America, the Middle East, and the Caribbean.
This repayment by King Juan Carlos has been interpreted as an attempt by him to definitively close the chapter on his tax problems. Although Spanish authorities are no longer investigating the former monarch, the media spotlight remains focused on any movement related to his assets.
What is striking is that, according to the same sources, this operation was carried out without the tax authorities being able to claim taxes on those €4,000,000 ($4,000,000). Since these are funds caused and used abroad, the Tax Agency would not have direct jurisdiction to demand any tax.
Despite everything, the news once again puts King Juan Carlos's economic activities outside Spain at the center of the debate. The transparency of his finances and the way he continues to generate income abroad are issues that continue to generate controversy.