King Felipe has resigned any inheritance from his father, King Juan Carlos, who abdicated the Spanish throne in 2014.
Don Felipe has also decided to stop giving his father an allowance from the Royal Household’s budget.
The information came through a formal communication from the Royal Household following media reports of two foundations with ties to King Juan Carlos, which may have received money from Saudi Arabia.
King Juan Carlos, once a heroic figure who led the Spanish transition to Democracy, recently decided to give up public life.
In a separate development, a woman who is said to have had an affair with King Juan Carlos, and says she’s aware of financial dealings, Corinna zu Sayn-Wittgenstein, is accusing Spanish intelligence agents of trying intimidate and discredit her.
According to the BBC, zu Sayn-Wittgenstein, a figure who helped prompt King Juan Carlos’ abdication, is set to lodge a complaint with British courts.