LIFESTYLE

Is Prince Harry's Net Worth In Danger? Meghan Markle Reportedly Causes Tax Crisis For The Royal Family

Date November 19, 2018 17:48

The United States is one of the very small number of countries that collects taxes based on citizenship. Like many Americans who live abroad, the Duchess of Sussex also has to pay taxes to the US, which means that on May 19, she said ‘I do’ not to only a handsome British prince, but to a bigger tax bill, as well.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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READ ALSO: Meghan Markle Net Worth Then And Now! Has Being A Part Of The Royal Family Made Her Richer?

The former American actress is likely staying on a family visa, but might be changing her citizenship to the United Kingdom. However, this process will take 5 years, and during those 5 years, she will have to pay income tax to the US, which may cause a big financial problem for the royal family.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Tax ‘nightmare’

The British royal family is reportedly worth $88 billion, but it appears this sum is about to get smaller. According to Daily Mail, US officials are taking a closer look at Meghan’s current fortune and examining whether the Duchess and her husband owe them a delicious chunk of their joint net worth.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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The citizenship tax could extend to anyone from whom Meghan takes money, which may include not only Prince Harry, but the Queen and Prince Charles, too, as they fund the couple.

It is believed that the royal family took the matter seriously and is looking into employing the best US financial consultants to deal with it. An aide commented:

We're looking at a level of financial exposure the Royal Family has never had to face before.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Even though Meghan has relocated to the UK and is living there full time, she still has to pay income tax every year and, now that she is married to Prince Harry, his main source of income, a £300,000-a-year trust fund on which he is obliged to pay UK income tax, might be in danger, as well as the income of other royal family members.

Is Prince Harry's Net Worth In Danger? Meghan Markle Reportedly Causes Tax Crisis For The Royal Familygettyimages

According to Forbes, the British monarchy contributes around £1.8 billion to the UK economy every single year. But if the situation with Meghan’s citizenship isn't resolved, the royal money may be traveling across the pond very soon.

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