Spanish Millionaire leaves his Fortune to the Prince & Princess of Asturias: Jan 2010


If you have answers, please help by responding to the unanswered posts.
See posts with no answers
Today there has been new news on the topic. The House of the King has said that still they are studying the topic, they want to have all the information before taking a decision.

It seems that the half of the inheritance would be to create a foundation under the presidency of the Prince and another half to distribute between the prince, the princess and 8 grandchildren of the King. The presence of 8 children in the testament complicates the decision, because the laws with regard to the heredities and the children are very strict, and a judge has to approve what is decided.

If they will accept it, 68 % of the heredity would have to be use for paying the taxes. According to a newspaper, if they did not accept the fortune would go outside Spain.

Ultima Hora Digital
Ultima Hora Digital​
 
Svenskdamtidning.se has a report about the inheritance for Felipe and Letizia from Juan Ignacio Belada Llabres:

Google Nachricht
 
how match many they heritate is it a huge some
 
Tens of millions I believe. Even after 68% tax, and devided in 16, it will be a comfortable sum for each grand child.
However, I believe that the court already announced that the prince and princess of Asturias will donate the part their children receive to charity.

I was wondering, do the prince and princess, or the royal family in general have a fund of their own? Like the Orange Fund in the Netherlands for example?
 
Last edited:
Marengo said:
However, I believe that the court already announced that the prince and princess of Asturias will donate the part their children receive to charity.
Click to expand...

It's not exactly like this, they will donate thier own part to social aims. Acoording to some lawyers they can't do nothing with their children part.
 
I am going to try to do a summary on the topic, though all are speculations of the press, and still there is no real information.

According to the press, the fortune of this man would be approximately 30 million Euros.

In his testament he arranged that the half of his fortune was to create a foundation, under what he has specified and that would be directed by the Prince. The money is not for the Prince but for the foundation, the Prince is only the person who has been chosen to coordinate it.

Another half would be divide between the Prince, Princess and 8 grandchildren of the King.

If the Royal Family was not accepting the heredity, according to a information, this one might go away to Israel.

According to the laws of the Balearic Islands where this man was living, if they were accepting the heredity 68 % (an economist speaks about 82) it would have to be to pay tax, to it there would be necessary to add the payment of other legal steps and of the lawyers. The final heredity would be small, and even an expert in economy has managed to say that it would remain in nothing.

The Royal Household still is studying all the information to decide if they accept it or not. In case of accepting it, the Prince and the Princess already have said that they would give to charity what was corresponding to them.

If they resign, the pricipal problem is that the foundation that would benefit to the society would not exist.

Another problem is the heredity of 8 children, who do not have the legal age to take decisions. Their parents are thaeir tutors, but according to the spanish laws, cannot take decisions about a heredity, without the authorization of a judge.

It will be necessary to wait a few months to know how concludes everything.
 
Well, IMO I think the best they can do is to invest the money in charity, they have a good life and there are a lot of people outside who doesnt.
 
Is the tax still 68% even if you pledge it to charity? That seems ridiculous. Charity could lose millions!
 
I really hope they will give the money for charity. Eveything else would surprise me.
 
The gentleman making the bequest did so specifically giving the individuals half the inheritance and assigning the other half for a foundation. I certainly hope the royal family honors his wishes. The half inherited by the individuals should stay with them as their personal funds.

If the deceased wanted all of the money to go to charity he would have stated so in his will.
 
A most curious bequest. I am keen to see how this one plays out.
 
What an interesting request, this man wasn't a relative of the family, or had any connection did he?
 
lumutqueen said:
What an interesting request, this man wasn't a relative of the family, or had any connection did he?
Click to expand...
Probably not that unusual. Didn't Denmark's Prince Joachim inherit Schackenborg from someone not related to the royal family?
 
I think it's great that he left his estate (or part of it) to the King's grandchildren. If their parents invest it wisely for them, they could have a nice little sum to live on when they grow up.
 
grevinnan said:
Probably not that unusual. Didn't Denmark's Prince Joachim inherit Schackenborg from someone not related to the royal family?
Click to expand...
Yes, from Count Hans Schack, formerly a very good friend of the Queen and prince Henrik. However, the gift came with strings attached and subsequently there were speculations that the 'inheritance' had not exactly been cheap for the regent couple due to extensive renovations etc. and it ended with broken relations between the Schacks and the royal family.
 
By what I am reading in the spanish forums the problem is that there are many people who does not believe what has been officially said about this "inheritance". People speaking about the possibility that it might be a "cover up" remark that there have been occasions in the past which have seen members of the royal family timely and luckily benefited with strokes of luck.

It is well known the opacity surrounding the budget of the spanish royal family and the way it is distributed. It is not as clear as in other european royal families and many journalists have complained about it.
 
In Internet many things are said and there are many speculations, and many people do not like that this man has left his fortune precisely to the Royal Family. There are politicians who want that they give the money to the State, others of places related to this man, demand that they invests the money in their villages ...they all want a part. There is a lot of envy and many greed. I read many commentaries in which the people demonstrate not to know the details that have been given of the testament or the Spanish laws.

The Royal House was not the one that opened the topic, they aren´t those who have given details on the matter. All the information about the heredity and the details of the same one was published by a local local newspaper where this man was living. The Royal House has limited itself to saying that the news was true and that they are studying the topic. They are not even confirmee that they have accepted it. So it will be necessary to wait to know more details.

If they accept it, the law forces to fulfill everything what the man left writing in his testament.

The half of his fortune must be to create a foundation. They have the obligation to create it, and on having done it, the information of the same one will be publicized because it is necessary to inscribe it in a public record.

Another half, it will remain very reduced by the taxes and legal steps, it is possible that really only they manage to receive 20 %. This part must be divided between 10 persons. Only the Prince and the Princess would have freedom to handle this part of the heredity. The 8 children do not have legal age, their parents cannot take decisions on the heredity without the approval of a judge, and in no case they can harm the interests of the children.

Summarizing, for the Royal Family the easiest thing would be not to accept this heredity, because the reality is that as soon as the taxes and lawyers are paid what is going to stay for them is not going to be a very significant quantity for them. The press says that they are 30 million Euros: 15 for the foundation, 10 or more in taxes, attorneys and payments for the transfer of properties. Really for the Royal Family it is not a quantity for all the problems that they are going to have to support.

But there are three problems if they decide to resign:

The law does not allow them to resign the part of the children without the approval of a judge.

They would give up creating a foundation with many millions of Euros that it might do many good things.

There is a clause for the one that if they do not accept the money would go away to Israel

So precisely it is going to be neither a process nor an easy decision.
 
Thank you for your detailed post, Lula.

Who knows, things may be as you say or may not be...Personally, I don't believe very much the official story. But time will say the last word...

Kind regards!
 
The inheritance has been valued for 10.636.330,63 Euros, discounting the debts and expenses stays in the quantity of 9.832.995,42 Euros.

Of them, they will have to pay about 3.3000.000 Euros in taxes in Balearic Islands.

The heritage includes real estate, a society and money. For the present time, they will not distribute the real estate valued for 1.833.058,10 Euros, because some of them have to be sell and others are rented and these rents are going to be respected.

The Royal Family will receive the half of the inheritance, another half will be as the testament indicates to create a foundation.

Once realized all the payments, every member of the Royal Family (the Prince, the Princess and 8 grandchildren) will receive 70.000 Euros.

The Prince and the Princess will distribute their 140.000 Euros between Foundation for the disabled persons of the Island of Minorca (city where Balada was living) for a project that will take the name of Balada, and scholarships for young people that will manage the Foundation Prince of Asturias and Prince of Girona.

The money of the children will not be touch until they have the legal age of the 18 years and decide that to do with it.

Another half of the inheritance, almost 4 million Euros (they remain free of taxes) will be to create a Foundation, of which the Prince and the Princess will be Presidents of Honor, and that will be linked to the Foundations Prince of Asturias and Prince of Girona. It will be a foundation to promote projects for youth and social and cultural activities.
 
He should have given it to charity. The royal couple have enough money as it is.
 
You must log in or register to reply here.

Similar threads

Blog Real
Princes and Princesses of Asturias
Replies
7
Views
1K
An Ard Ri
An Ard Ri
lula
Ibero-American Summit: Panama 2013,Mexico 2014,Guatemala 2018,Dominican Republic 2023
2
Replies
39
Views
12K
Alisa
Alisa
lula
The Prince of Asturias Visits Sao Paulo, Brazil: November 25-26, 2013
Replies
17
Views
3K
lula
lula
lula
  • Locked
Belgian Introductory Visit to Spain: March 25, 2014 {Postponed and Cancelled}
Replies
9
Views
5K
Marengo
Marengo
lula
  • Locked
50th anniversary of the death of King Paul I of Greece: March 2014.
3 4 5
Replies
137
Views
32K
Nikolopoulus
N

Latest posts

Back
Top Bottom