King Felipe VI of Spain renounces his father's inheritance

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King Juan Carlos (d) and King Felipe. (Carlos R. Alvarez / WireImage)

(CNN) - King Felipe VI of Spain renounced the personal inheritance of his father, Juan Carlos I, amid accusations of financial irregularities.

Felipe also renounced "any asset, investment or financial structure whose origin, characteristics or purpose may not be in accordance with the law or with the criteria of rectitude and integrity that govern its institutional and private activity and that must inform the activity of the Crown. According to a statement from the royal house, published on Sunday.

Juan Carlos abdicated in 2014, amid a series of scandals, and Felipe promised to improve transparency around the royal family, as Spain became increasingly frustrated with its cost to the public pocket during a financial crisis.

Sunday's statement is an attempt by Felipe and the institution to distance themselves from reports in the European media that the royal family had benefited from two financial funds linked to Juan Carlos.

In addition, former monarch Juan Carlos will no longer receive an annual grant payment from the royal family's budget, according to the statement.

The royal family declined to comment further on the matter.

Juan Carlos ended his 39-year reign under a panorama of corruption and excess accusations that tortured the royal family.

For a long time, the Spanish held him in high esteem for leading the country towards democracy, after the death of the dictator Francisco Franco.

But the king's popularity was affected in 2012 by a controversial elephant hunting trip to Africa, while the nation was mired in a deep economic crisis.

Juan Carlos resigned from public life in June 2019, when a series of scandals took its toll.

Some Spaniards have called for the monarchy to be abandoned, favoring the establishment of a republic.

Carlos Sánchez Mato, from the Izquierda Unida party, which is part of the Unidos Podemos group that currently governs Spain, in coalition with the Socialist Party, tweeted that Felipe had not gone far enough to distance himself from Juan Carlos.

"Felipe VI has not renounced his entire inheritance," he said, adding that Juan Carlos had given Felipe the title of head of state, as well as "millions of euros in shady funds around the world."

Felipe VI has not renounced all the inheritance.
Juan Carlos de Borbón also left him the Head of State in addition to millions of euros in opaque foundations around the world.
That he renounces ALL the inheritance and that he does it as soon as possible.https: //t.co/xZxpEPjuJ6

- Carlos Sánchez Mato🔻 (@carlossmato) March 15, 2020

Mato said Felipe should give up everything his father left him and "do it as soon as possible."

However, the far-right party Vox tweeted its support for the king and his announcement.

We respect and applaud the strong statement from La Casa Real.

If only all state institutions had such exemplary conduct as SM Felipe VI demonstrates. https://t.co/EkNn8EPxO1

- VOX 🇪🇸 (@vox_es) March 15, 2020

"If only all state institutions displayed the same exemplary conduct as His Majesty Felipe VI," the party said.

There has been growing resentment in Spain at the cost of the royal family to the public, despite the monarchy's relatively austere reputation, compared to other members of European royalty.

Of the top 10 royal families in Europe, nine still receive public funds to carry out their duties, with the sole exception of the House of the Prince of Liechtenstein, which receives no taxpayer money to cover its expenses.

Spain's royal family has the third smallest budget out of 10, and taxpayers pay $ 9 million a year.

This is far less than the $ 107 million awarded to the British monarchy, or the $ 54 million spent on the Monaco royal family.

Royalty