Now this is the way for a royal to do an unbuttoned top button
(take note William, nobody wants to see chest hair when you're on duty!)
This is how most men wear unbuttoned shirts in Spain, collar and top button undone. More is considered tacky.
Felipe has always been very conservative in his style, when he was younger I used to think it was too conservative but now that he's growing older he looks great, he's become the most stylist male royal today.
Not in jeans mind you. He still can't wear a decent fitted pair of levi's!