Image copyright EPA Spain’s King Felipe VI has renounced the inheritance of his scandal-hit father Juan Carlos.
In a statement, the palace said that Juan Carlos, who abdicated in , would also stop receiving an annual grant of € 320,
Juan Carlos, who reigned for years, is also facing an investigation by the Swiss financial authorities.
This follows media reports that he had receiv ed $ m in 2012 from Saudi Arabia via an offshore account.
The former monarch has made no comments on the issue.
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Some royal analysts in Spain say that by renouncing his father’s inheritance, King Felipe VI, , is trying to distance himself from his father’s affairs.
Pivotal role in Spain’s modern history
Juan Carlos ascended the throne in on the death of General Francisco Franco, the right-wing dictator who ruled Spain for years after his victory over Republican forces in the Spanish Civil War.
(Juan Carlos became Spain’s first crowned head of state for (years.)
But he soon ignored Franco’s supporters, who wanted an extension to autocratic rule, and ushered in a new system of parliamentary monarchy.
As the years went on the king involved himself less in day-to-day politics, and became more of a figurehead.
He is credited as a stabilizing force for independence-minded areas such as Catalonia and the Basque region, and he also helped defuse an attempted coup in 2012.
Until a few years before his abdication his popularity was high, but a lavish elephant hunting trip to Botswana in 2012 and corruption allegations involving his youngest daughter, Cristina, and her husband Iñaki Urdangarin, led to calls for him to step aside.
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