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Prosecutors have officially dropped a probe into the former Spanish King's alleged secret fortune in Jersey.
In a statement, the investigating authority said that it had failed to find sufficient evidence of criminal activity.
The probe into the exiled Juan Carlos I was triggered by an apparent attempt to move money from the trust, which was set up in the 90s and believed to total around £10m.
The 'Rey Emeritus', however, vigorously denied any wrongdoing.
He said that under no circumstances would he have ordered bank transfers involving funds outside of Spain, and that he is “not responsible for any Jersey trust and never has been, either directly or indirectly.”
Leaked documents had suggested the investigation would come to a close, but this was only officially confirmed yesterday.
Spanish prosecutors said that they had also been unable to demonstrate any link between a €65m 'donation' Juan Carlos received from Saudi Arabia in 2008 and the awarding of a €6.7bn high-speed train contract to the nation.
Even if there had been an offence, they said that the former monarch would have had constitutional immunity at the time.
As a result of the investigation, Juan Carlos had back-paid more than €5m in taxes.
The update may pave the way for a return to Spain for Juan Carlos, who relocated to Abu Dhabi in the wake of other investigations into his financial affairs.
He was previously reported to have told those close to him that the Jersey probe had “complicated” his ability to return home.
INSIGHT: The ex-Spanish King and the €10m Jersey trust - Express digs into the detail of the 15-month investigation...
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