Madrid | The former king of Spain, Juan Carlos, announced on Monday (Tuesday AEST) he was abandoning his country amid a Spanish court investigation into a lucrative business contract and a separate money laundering and tax evasion probe in Switzerland.

In a letter released by the royal household and addressed to King Felipe VI, his son and Spain's current monarch, Juan Carlos said that his decision to leave amid the multiple inquiries was taken "with the same eagerness to serve Spain that inspired my reign".