Why Prince Harry Is Unlikely To Share His Fortune With Meghan Markle?
Soon after Prince Harry and Meghan Markle engagement, Kensington Palace revealed that Meghan would soon become a British citizen.
Jason Knauf, Prince Harry’s secretary, said that Meghan would be ‘compliant with immigration requirements at all times’.
‘I can also say she intends to become a UK citizen and will go through the process of that, which some of you may know takes a number of years. She will retain her US citizenship through that process.’
While the Suits actress doesn’t get her British citizenship, apparently she might have problem about paying American income tax.
It is still not clear whether she will retain her US citizenship and take dual nationality. Marlene Koenig, royal expert, talked about this topic.
She told The Sun: ‘Even when married to a member of the British royal family, as long as she remains a US citizen she will have to pay income tax.
‘If she has investments in the United States, say for example a retirement plan that she set up, if that’s making money, she would have to pay up.
‘This is even on money earned outside the United States. If she receives money from her husband or his family, and that’s considered income, she would have to pay income tax on that.’
After Princess Diana’s death, her son Harry got half of her £21.5million estate. Moreover, he shares a £3.5million annual allowance with William and Kate. So, it appears that Meghan will be unable to receive any of this money.
According to reports, Meghan Markle has more than £221,529 ($300,000) worth of assets in any given tax year. So, she will allegedly have to file a document, Form 8938, revealing the detail of these assets.
Koenig continued: ‘Prince Harry receives no public funding.
‘But it is possible there may be other family trusts that he receives money from. We don’t know officially if the Queen has set up trusts for her grandchildren – it is possible.
Prince Harry and Ms. Markle will visit @ReprezentRadio in Brixton on 9th January, to see their work supporting young people through creative training in radio and
broadcasting, and to learn more about their model of using music, radio and media for social impact. pic.twitter.com/6CuhOJd7LX
— Kensington Palace (@KensingtonRoyal) January 2, 2018
‘It’s the same thing with some of the Queen Mother’s money, there were rumours that there were different trusts set up, but that’s not public information.
‘With that sort of money, if Meghan’s name is on that account, most likely she would be dinged – that would have to be reported as income in the United States.
‘You can be sure that those at Buckingham Palace and those who run the accounts are looking very carefully at all of this to make sure that the royal family’s money does not get reported to the IRS!’