Dismay over Queen’s Catholics-only tax-savvy will

The trust fund that Queen Fabiola has set up to manage her estate has come under fire across the political spectrum. Queen Fabiola set up the Fons Pereos foundation in September to allow her to make arrangements for her inheritance. On top of the inheritance she received when King Baudouin died in 1993, Fabiola has received since then a total of €27 million in allowances. The annual allowance paid to the members of the royal family is public money, whereas the trust fund is a private scheme, which avoids inheritance taxes. The problem with the scheme lies not just in its tax-avoiding nature, but also its bias towards the Catholic faith. The Fons Pereos foundation can provide financial support for Fabiola’s nephews and nieces and their children only if the latter come from “a first Catholic marriage”. Another goal of the trust fund is to support cultural and historical initiatives that reflect “the religious, philosophical and moral beliefs” held dear by Fabiola and her late husband. Socialist MP Christophe Lacroix, like many others, was scathing: “I am dismayed by the existence of this trust fund. We live in the twenty-first century, not in the era of Leopold II or Albert I.” Bruno Nève, the King’s spokesman, said, “It is her money and there is nothing to say about how she decides to spend it.”