• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Leadershipromania

This Ex-King Doesn’t Want to Pay Taxes on His Castle

By
The Associated Press
The Associated Press
and
Fortune Editors
Fortune Editors
Down Arrow Button Icon
By
The Associated Press
The Associated Press
and
Fortune Editors
Fortune Editors
Down Arrow Button Icon
May 20, 2016, 9:56 AM ET
The former king of Romania, Michael, lay
BUCHAREST, ROMANIA: The former king of Romania, Michael, lays a wreath at the Monument of Unknown Soldier 23 August 2004 on the 60th anniversary of Romania's joining the Allies during WWII. It is the first time after the fall of communism that Romania commemorates 23 August and the first time that Romanian President Ion Iliescu and King Michael take part together in a commemoration. AFP PHOTO DANIEL MIHAILESCU (Photo credit should read DANIEL MIHAILESCU/AFP/Getty Images)DANIEL MIHAILESCU AFP/Getty Images

Romania’s former King Michael has asked not to pay taxes on his castle in western Romania as he is a war veteran.

The royal household said Friday it had made the request not to pay property taxes on Savarsin Castle and other real estate owned by the former monarch in line with exemptions introduced this year for war veterans.

Michael, a great-great-grandson of England’s Queen Victoria, was king from 1927-1930 and from 1940-1947 when the communists forced him to abdicate. The property was restored to the royal family in 2001.

Tax authorities say Michael, who is 94 and ailing, owes some 4 million lei ($1 million), including penalties. The royal household has disputed the figure.

Savarsin mayor Ioan Vodicean told The Associated Press on Friday that Michael was the largest individual tax payer in the village of 2,900. He said the annual tax on the 17th-century property and its 6.5-hectare (16-acre) grounds is about 35,000 lei ($8,750).

“It is his legal right not to pay taxes,” said Vodicean. “Besides, there are so few war veterans left.”

In 1944, during World War II, Michael removed the government of Hitler ally Marshal Ion Antonescu in a coup and took Romania over to the Allied side.

After he abdicated, Michael lived in exile in Switzerland and Britain until 1997 when he was allowed to return. In recent years, he has performed some ceremonial duties but mainly lives in Switzerland with his wife Anne.

In March, the royal family announced that Michael was suffering from leukemia and would hand over his responsibilities to his oldest daughter, Princess Margaret. Vodicean said the princess will be expected to pay taxes when she inherits the castle.

About the Authors
By The Associated Press
See full bioRight Arrow Button Icon
Fortune Editors
By Fortune Editors
See full bioRight Arrow Button Icon

Latest in Leadership

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

Latest in Leadership

Eric Vaughan
AILayoffs
This CEO laid off nearly 80% of his staff because they refused to adopt AI fast enough. 2 years later, he says he’d do it again
By Nick LichtenbergJanuary 11, 2026
16 hours ago
kathy fang
SuccessRestaurants
From Merrill Lynch to wok station: the daughter of San Francisco’s Chinese food dynasty who defied her parents—by working alongside them
By Nick LichtenbergJanuary 11, 2026
21 hours ago
Justin Harlan
Commentaryremote work
I run one of America’s most successful remote work programs and the critics are right. Their solutions are all wrong, though
By Justin HarlanJanuary 11, 2026
22 hours ago
Personal Financefinancial planning
A major factor in Gen Z and millennial divorce is ‘financial future faking.’ It’s like long-term partner catfishing about money
By Sydney LakeJanuary 11, 2026
23 hours ago
Ryan Serhant
SuccessCareers
Ryan Serhant started his career hand modeling for $150 an hour—it paid for his real estate firm, and now he sells 9-figure penthouses to billionaires
By Preston ForeJanuary 11, 2026
24 hours ago
SuccessCareers
1 in 3 college grads admit their degrees weren’t financially worth it—now they can’t save for retirement because they’re drowning in debt
By Orianna Rosa RoyleJanuary 11, 2026
1 day ago

Most Popular

placeholder alt text
Economy
Trump may be raising your taxes with his tariffs but he could actually cut inflation with them, too, SF Fed says
By Jake AngeloJanuary 6, 2026
6 days ago
placeholder alt text
AI
This CEO laid off nearly 80% of his staff because they refused to adopt AI fast enough. 2 years later, he says he'd do it again
By Nick LichtenbergJanuary 11, 2026
16 hours ago
placeholder alt text
Economy
A Supreme Court ruling that strikes down Trump's tariffs would be the fastest way to revive the stalling job market, top economist says
By Jason MaJanuary 11, 2026
14 hours ago
placeholder alt text
Economy
As U.S. debt soars past $38 trillion, the flood of corporate bonds is a growing threat to the Treasury supply
By Jason MaJanuary 10, 2026
2 days ago
placeholder alt text
Success
Gen Z are arriving to college unable to even read a sentence—professors warn it could lead to a generation of anxious and lonely graduates
By Preston ForeJanuary 9, 2026
3 days ago
placeholder alt text
Health
Bill Gates warns the world is going 'backwards' and gives 5-year deadline before we enter a new Dark Age
By Eleanor PringleJanuary 9, 2026
3 days ago

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.