Former Spanish King Sets Up Trust in Abu Dhabi, Revealing Wealth Details

Juan Carlos, the former monarch of Spain, has reportedly established a personal trust in Abu Dhabi, United Arab Emirates, where he currently resides. This development, revealed by Spain's El Confidencial newspaper, offers insight into the extent of his previously undisclosed wealth.

The 86-year-old ex-king allegedly created this trust to consolidate his assets and organize the future inheritance for his daughters, Princesses Elena and Cristina. According to sources close to Juan Carlos, he will preside over the trust, with his daughters serving on its board.

This financial maneuver comes more than four years after Juan Carlos departed Spain for Abu Dhabi in August 2020. His exit followed his son, King Felipe VI, removing the former king's annual €200,000 stipend from the royal budget.

The creation of this trust brings attention to Juan Carlos's complex financial history. Investigations in Switzerland and Spain have previously uncovered the former monarch's access to substantial undeclared offshore funds. In an effort to avoid prosecution for tax evasion in Spain, Juan Carlos paid over €5 million in back taxes during 2020 and 2021.

"From what he said to me, any family member who needed cash helped themselves to it."

This statement suggests that Juan Carlos may have used his undisclosed fortune to support his children financially. It's worth noting that Elena and Cristina were removed from the official royal family by King Felipe VI when he ascended to the throne in 2014, yet they have maintained close ties with their father.

The establishment of this trust in Abu Dhabi, known for its tax-free status and financial privacy, raises questions about the true extent of Juan Carlos's wealth. As the former king continues to manage his assets from abroad, the Spanish public and media remain keenly interested in the financial affairs of their former monarch.