King Juan Carlos of Spain has decided to abdicate, Prime Minister Mariano Rajoy has announced, the BBC reported.
King Juan Carlos, who is 76, has ruled since 1975. His son Prince Felipe, 45, will take over the throne.
For much of his reign, Juan Carlos was seen as one of the world’s most popular monarchs.
But recently many Spaniards have lost confidence in him, mainly because of a long-running corruption investigation into his daughter and her husband.