Raúl Terrel / Europa Press Juan Carlos I 'Fixes' His Inheritance: Keys to the SUMER Foundation That Keeps His Fortune
The Emeritus would have created it to channel his money to his daughters Cristina and Elena without his ownership being revealed
The Spanish Royal House is once again making headlines these past few days. Last Sunday, the Borbón family, almost in full, reunited at the funeral mass of Juan Gómez-Acebo in Madrid. The arrival of Juan Carlos I, who keeps his residence in the United Arab Emirates, was one of the most desired.
Now, it has emerged that the Emeritus King has allegedly created a foundation in Abu Dhabi with the fortune he has outside Spain. It is called Fundación SUMER, which is the nickname Don Juan Carlos I used for his secret meetings with Bárbara Rey and Corinna Larrsen.
SUMER is the acronym for His Majesty The King. This would aim to channel that money as an inheritance to his two daughters, Cristina and Elena de Borbón. In fact, this foundation would be under the patronage of the two sisters.
The foundation could take advantage of the lax tax legislation of the United Arab Emirates so that the emeritus can centralize his fortune outside Spain. This way, the ownership and provisions wouldn't be disclosed.
A fortune beyond Spanish taxation
Juan Carlos de Borbón has resided in the United Arab Emirates since the summer of 2020 and therefore has his tax residence there. This allows him to have his money without Spanish taxation and fiscal obligations. Additionally, the information about the ownership and management of the foundation is kept from the Spanish public opinion. This represents an added advantage for the monarch.
The foundation would have the official objective of promoting social activities. But it also aims to channel the money that the Emeritus King has outside Spain. This way, his fortune will be concentrated in this foundation and when he passes away, it will benefit his two daughters.
The current King of Spain, Felipe VIrenounced his father's inheritance as did Princess Leonor. So all this money of unknown origin to Spanish society will ultimately benefit Elena and Cristina de Borbón.
As we reported on elcierredigital.com, the monarch has kept continuous meetings in recent years with his daughters. These would have been held to solve the matter of Cristina de Borbón and Iñaki Urdangarin's divorce.
To "arrange" Don Juan Carlos's inheritance. Some of these meetings took place in Geneva, where the youngest daughter of the Emeritus resides.
The Royal House has transparency protocols regarding the public funds that sustain it. However, the fortune that the Emeritus King may have outside our country is a mystery. This lack of knowledge indeed generates multiple hypotheses.
The million-dollar inheritance of Juan Carlos I
There have been a series of money movements by the monarch over the years. For example, the trust linked to Joaquín Romero Maura "The JRM 2004 Trust" with more than 10 million euros. This was established with funds from the 'Tartessos' and 'Hareu' trusts, of which Juan Carlos I de Borbón was a beneficiary.
Additionally, the Lucum Foundation was the beneficiary of a 100 million dollar donation allegedly made by Saudi Arabia. Also, the Zagatka Foundation created by Álvaro de Orleans-Borbón. But it is not really known what the fortune consists of that the Emeritus King may be a beneficiary of.
Juan Carlos de Borbón has in mind to prepare his memoirs in which he is now immersed with the peace of having unified his money abroad. And having guaranteed that it will end up as an inheritance for his daughters away from the media spotlight of the country he reigned for almost 40 years.
There are many questions regarding the new foundation. How much money are we talking about? Where were they currently deposited? What is their origin?
These questions have not been answered, but considering that they are matters of general interest, it would be expected to be communicated to the Spanish public opinion. Not doing so represents an exercise of lack of transparency and concealment of information, which is of public interest.
The Emeritus King has been and is one of the greats of Spain, a living history of our country and a promoter of our democracy. He intends to keep his privacy, but after various scandals and awakening so much media interest, the desired thing would be for him to be able to communicate the details of his foundation without hesitation.
It would be something that would reinforce his public projection. The mere fact of not providing transparency seems to even arouse more interest and suspicions.
That the former King of Spain from November 22, 1975, to June 2, 2014, ends up residing in the United Arab Emirates is something atypical. For now, it has emerged that he unifies his fortune in a foundation in Abu Dhabi. This means that this money will not be taxed in Spain and therefore will not contribute to our country.
It is a decision within legality, but coupled with the little information that has emerged, it generates discomfort in a part of society.
In Spain, a person's estate is inherited by their relatives after paying the inheritance tax. In this case, the fortune that the King keeps outside Spain all points to it definitely not being taxed in our country. It is the consequence of having created this foundation that is currently in the news.
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