Trust funds are commonly used instruments offered by Swiss banks and asset managers to people in possession of significant wealth who are looking for tax avoidance, security and confidentiality. Larsen has not responded to questions from the ICIJ about her contractural relationship with the aforementioned fund.Ī financial instrument such as this trust, or a trust fund, is a particularly opaque contract by which a testator leaves their entire estate of parts thereof entrusted to the good faith of their legal representative (the trustee) so that, in determinate cases and timeframes, it is transferred to another person (the beneficiary) or invested according to the instructions laid out by the testator. The lawyer for Larsen, who still uses her ex-husband’s surname, zu Sayn-Wittgenstein, claims the documents related to the trust are false. More informationĬorinna Larsen planned for 30% of income from a Spanish-Saudi fund to be bequeathed to former Spanish king Juan Carlos I This global investigation has been analyzing the secret files of 14 offshore service providers in opaque jurisdictions and exposing the firms that have enabled politicians, business leaders and celebrities in more than 90 countries to avoid paying taxes. The details of the structure of this arrangement form part of the Pandora Papers, a collaborative investigation by several international media outlets coordinated by the International Consortium of Investigative Journalists (ICIJ), and in which EL PAÍS and La Sexta television network have participated. In 2007, Larsen asked a trust called Peregrine in New Zealand to bequeath the former monarch with “30% of the income originating from the Spanish-Saudi Investment Fund,” in the case of her death. This fund hired Corinna Larsen, who was at one time in a relationship with Juan Carlos I, and set up its headquarters in Guernsey, a tax haven in the Channel Islands. The Spanish-Saudi Investment Fund that was created in 2007 during the government of former Spanish prime minister José Luis Rodríguez Zapatero, with the support of the then-king of Spain, Juan Carlos I, was led by two companies chosen by Saudi Arabia, Spanish officials who helped launch the initiative have told EL PAÍS. Juan Carlos I during a trip in 2012 with the now-deceased Saudi king, Abdullah bin Abdulaziz.
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