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Juan Carlos I establishes a foundation in Abu Dhabi to facilitate his inheritance to his daughters
- September 9, 2024
The Foundation of Juan Carlos I in Abu Dhabi
Recently, Juan Carlos I has established a foundation in Abu Dhabi together with his daughters, infantas Elena and Cristina. The purpose of this foundation is to facilitate the transfer of their inheritance to their daughters.
According to a report by El ConfidencialJuan Carlos I is the foundation's president, and his daughters, Elena and Cristina, are members of its board of trustees.
Controversies and Revelations
Juan Carlos I's decision was made in a context where details became known about the Lucum Foundation, created in 2008, which concealed a donation of 100 million dollars from Saudi Arabia. This detail caused controversy and led to multiple speculations about the taxation and transparency of foundations.
Objectives of the New Foundation
The main objective of the foundation is to take advantage of the favorable legislation ofEmiratos Árabes Unidosto centralize his fortune, allowing it to be passed on to his daughters in a more fluid and administratively less complicated manner.
Concerns about the future of their daughters
Although both Infanta Elena, who is employed by the Mapfre Foundation, and Cristina, who receives income from the Aga Khan Foundation, have significant salaries, it has been reported that Juan Carlos I is concerned that, following his death, his daughters could lose their current roles. For this reason, he has created this foundation so that they have access to a stable income in an almost guaranteed way, maintaining their position and ensuring their livelihood.
Tax and Regulatory Advantages of the Country
According El Confidencial, the tax exemption offered by this type of foundations inEmiratos Árabes UnidosAdded to the existing secrecy regarding its rules and the ownership of the assets, it allows the heirs to assume control of the company's assets upon the death of their parents, all without the need to make public the identity of the beneficiaries.
The news of the foundation's creation came just one day after Juan Carlos I attended a funeral in Madrid, where he met the king and queen and other members of the royal family, highlighting the connection and relationships still present despite his exile.
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