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Some Royal commentators are suggesting that hidden aspects of Prince Harry and Meghan Markle’s finances may come to light if the couple truly decides to remain in the U.S.A. long-term. That’s because both Prince Harry and Meghan will be subject to America’s laws when it comes to the Internal Revenue Service (IRS). Meghan Markle isn’t even a U.K. citizen although she’s gotten a Royal title by marrying Prince Harry. Because she remains a United States citizen then, any income she receives will have to be reported to the American government.
As law professor Peter Spiro stated, “US citizens are subject to US tax obligations regardless of their country of residence. A member of the Royal Family would be treated just like anyone else.” Professor Spiro is the author of “At Home in Two Countries.”
In any case, British tabloids are reporting that if Meghan Markle has “more than $150,000 (£119,000) in assets at any point during the tax year, she will reportedly have to annually file a Form 8938 which reveals the details of said assets. This could include foreign trusts — such as the amount Harry inherited from his late mother Princess Diana, estimated to be half of her £21.5million estate.”
Prince Harry and Royal Family Left Open to Scrutiny
It’s believed that if Meghan Markle must file with the IRS, then the situation may not be so good for the British Royal Family. It could leave everyone in The Firm open to certain aspects of scrutiny, which of course, they are not accustomed to. Indeed, there are those who believe the British Royal Family, including Prince Harry, are all far wealthier than anyone actually knows. With that said, here’s what is known about Prince Harry’s finances right now.
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Prince Harry is estimated to be worth at least £25 Million according to Money Magazine. Other estimates suggest Prince Harry’s net worth is actually £30 Million pounds. When considering the fact that before marriage to Prince Harry, Meghan Markle was estimated to have a net worth of $5 Million U.S. dollars, it’s hard to see why anyone would think the Duke and Duchess of Sussex aren’t financially independent already. After all, their combined net worth is at least £33.8 Million! The thing here is that the U.S. might tax anything Prince Harry and Meghan add on top of that.
Taxes Might Be Why Harry Keeps on Mooching
Prince Harry and Meghan Markle might continue mooching off of Prince Charles’s Duchy of Cornwall for the foreseeable future. Indeed, this may be particularly true since some or all of Prince Harry and Meghan Markle’s funds might be taxable, particularly if the Duke and Duchess of Sussex return to work while living in America.
Since stepping down as senior members of the British Royal Family, Prince Harry and Meghan Markle haven’t made a dime of their own money. Instead, Prince Charles has paid their expenses, etc. (Must be nice.)
In fact, the Duchy of Cornwall put out a statement concerning its financing of Prince Harry. The statement read, “the majority of staff and official and charitable activities, including the official offices of The Duke and Duchess of Cambridge and Prince Harry, are paid for from His Royal Highness’s private income from the Duchy of Cornwall.”
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It should be noted that many within the U.K. are unhappy that Prince Charles covers Prince Harry’s expenses. Moreover, considering the fact that Harry is no longer a “working Royal” and lives in America, some are downright irate and feel any further funding of the prince is simply an example of gross privilege.
Be sure to catch up on everything happening with Prince Harry, Prince William, Meghan Markle, and The Royal Family right now. Come back here often for all The Royal Family spoilers, news, and updates.