It appears the 33-year-old Juventus forward is wasting no time clearing debts and cutting all ties with Madrid and Spain following his transfer from Real to Juve,National Daily gathered.
There are also suggestions he plans to pull his business interests out of the capital.
Spanish radio station Cadena Cope reported that Ronaldo has deposited the £12.1m and will also pay a further £4.7m in fines and costs.
One of the primary reasons for leaving Spain has always been his anger at tax authorities for taking him to court for fiscal fraud and just one week after his departure to Italy he has wiped his debt with the treasury.
The player is also understood to have put his £4.8m Madrid mansion in the exclusive ‘La Finca’ neighbourhood on the market, and is seriously contemplating closing all his business interests in the Spanish capital.
He felt the prosecution’s accusation was a result of a difference of interpretation of Spain’s complicated tax laws on image rights and should not have resulted in criminal proceedings.
He was determined to leave Spain last summer, but ended up staying because Real Madrid refused to lower his €1bn (£890m) release clause.
A new fiscal law allows tax contributors moving to Italy to pay as little as €100,000 (£89,000) in taxes on earnings made outside of the country – something that will be of huge benefit because of his vast commercial income from around the world.
Ronaldo earned £365,000-a-week at Real Madrid but is expected to take home closer to £500,000-a-week during his three-year deal with Juventus. According to Forbes Forbes.
Tax Troubles In Spain For a long time, Spanish fiscal law turned a blind eye to image rights companies being set up by players outside of Spain.
That enabled players to only pay tax on what they earned in the country with money from image rights designated as foreign income.