King Juan Carlos I Settles Debts Five Years After Departure from Spain

King Juan Carlos I, who marked five years since his sudden exit from Spain this past Sunday, is addressing his outstanding debts. According to a report published on Wednesday by the newspaper El Mundo, the former king has repaid loans he secured from a group of business acquaintances to cover his tax obligations in Spain, which total more than four million euros. Notably, in December 2020, Juan Carlos filed a tax declaration that did not notify authorities of a debt he had already settled, amounting to 67,839,372 euros, including interest and penalties. Two months later, in February 2021, he contributed over four million euros to the tax authorities as part of a second regularization. This voluntary regularization can be submitted at any time before the Tax Agency initiates an inspection or a judge summons the individual as a suspect in potential tax fraud or money laundering. However, El Mundo highlights that this regularization stirred controversy because the Public Prosecutor's Office had already notified him about ongoing investigative proceedings against him, which his advisers failed to acknowledge. Consequently, he was never formally informed of these proceedings. According to regulations, voluntary regularization must occur before an individual is aware of being under investigation—a condition that the former monarch likely did not fully meet. Related Sources: • Source 1 • Source 2