EMERITUS King, Juan Carlos, has repaid over €4 million of loans from business friends to help him clear his debut with Spain’s Tax Agency.
An investigation by the El Mundo newspaper says he’s been able to clear the debts thanks to income generated in the years he’s lived as an exile in Abu Dhabi.
Sources close to the ex-monarch told El Mundo that some of the money came from selling rights to TV biographical documentaries as well as making commercial deals.
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Juan Carlos faced a voluntary Tax Agency regularisation in February 2021 of almost €4.4 million including interest and surcharges for late payments.
This involved payments for trips involving a Liechtenstein-based foundation which did not declare expenses during and after his time as Spain’s monarch.
He also had to pay €680,000 over gifts given to him by a Mexican businessman.
El Mundo reported that his advisors suggested the best way of quickly paying everything off to avoid any new problems with the Tax Agency was to get loans from ‘trusted’ businessmen.
That was seen as the best option as he had no official allowance.
Around a dozen people- all insisting on anonymity- helped Juan Carlos out, including aristocrats.
His tax residence status was transferred to outside Spain when he moved to Abu Dhabi, therefore avoiding any further Tax Agency issues.
Juan Carlos will this Sunday reach the fifth anniversary of living there.
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