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post #3790 of (permalink) Old 01-10-2013, 08:53 AM
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Re: Rafachat - vol. 79. Rafa to win the WSOP next year! Bamos! :rocker2:

Andreea, did you get the latest hoopla from our royal family?

This time, it's about queen Fabiola. With the big reaper knocking on her door , she was advised to start a foundation through which she could settle her inheritance. Part of the money is her own money (family money, her full name is Fabiola Fernanda María de las Victorias Antonia Adelaida), part of it comes from her husband, the late king Boudewijn, and a big chunk of it comes from the dotation (endowment) she gets (= our tax money).

Most of her expenses are paid for so the dotation is "pocket money", so to speak. She gets about € 1,5 million per year. (our king gets about € 11,5 million per year, our crown prince gets close to € 1 million). There's always discussions about the need to cut back the dotations. The next generation of royals are going to have to work for their money. Princess Astrid's son Amadeo works as a consultant in NYC for example.

Reason of this foundation:
- A reason why many foundations are constructed: dodging the tax man. In Fabiola's case, they're trying to avoid having to inheritance taxes.
- Make sure that the money goes to her Spanish nephews and nieces.

Protest about it:
- She doesn't pay income tax as it is and the money she gets comes from Belgian taw money so the least she should do is allow for inheritance taxes to be paid (meaning, that part of the money she's getting should be able to flow back when she dies).
- Why on earth should her Spanish family enjoy the dotation paid for by the Belgian tax payer? That's perhaps an indication that she's getting too much as it is?
- The inheritance comes with strict catholic conditions (Opus Dei to be precise): for example, only the nephews and nieces that are the result of a first catholic marriage get inheritance money. Part of the money goes to very strict catholic projects, one of which has to do with baptism procedures.
---> Normally, everybody should be free to give their hard-earned money to whomever they want but many have a problem with tax money flowing away, let alone under such strict catholic conditions.
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