Former king of spain latest involves an alleged $100 million payment from former King of Saudi Arabia.
Juan Carlos of Spain announces he will be moving abroad as a result of the ongoing financial scandal.
Spain’s Supreme Court opened an investigation into the alleged involvement of Juan Carlos in a high-speed rail contract in Saudi Arabia.
It was not immediately clear where the former monarch would now reside, but Spanish press reports say he is no longer in the country.
The exit for a king who had set to go down in history. The leader has guided Spain from dictatorship to democracy after the death of General Franco in 1975.
The royal palace also said at the time that Juan Carlos would stop receiving an annual grant of €194,000 ($228,000; £174,520).
Juan Carlos, 82, made the announcement in a letter to his son, Felipe, to whom he handed power six years ago.
He said he would be available if prosecutors needed to interview him.
Spanish firms won a €6.7bn (£6bn) deal to build a Mecca-Medina rail link. The probe involves Swiss banks too.
Spanish anti-corruption officials suspect that the former king kept some undeclared funds in Switzerland, and a Swiss investigation is under way.
The Spanish government has said that “justice is equal for all” and it would “not interfere