Spain’s emeritus king Juan Carlos I has informed his son, King Felipe VI, of his “well-considered decision to leave Spain,” and his residence at Zarzuela Palace, where he has lived for the last 58 years.

The decision comes after Swiss and Spanish prosecutors opened an investigation into bank accounts allegedly held by Juan Carlos in tax havens.

In a letter to his son released by the Royal Household, Juan Carlos writes that due to the “public impact” of the investigation, he has decided to leave Spain in order to enable Felipe VI to act as head of state from a place of “peace and tranquility.”

According to the press release from the Royal Household, Felipe VI has told his father of his “respect and appreciation” for the decision.