Money & Banking

Fri, 12 Jan, 2018Georgia Dixon

Why Meghan Markle won’t get a cent of Prince Harry’s fortune

Why Meghan Markle won’t get a cent of Prince Harry’s fortune

We hope Meghan Markle has saved some of her Suits earnings, because if reports are anything to go by, she won’t be able to share in Prince Harry’s fortune any time soon.

You see, unless she renounces her American citizenship, Meghan will continue paying tax to the US Internal Revenue Service (IRS). Of course, she intends to become a UK citizen once she weds in May, but she will not become naturalised until after she’s lived there for three years.

“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,” royal expert Marlene Koenig told The Sun.

“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.”

It could cause some problems for the royal accountants, however, as if Meghan has more than $382,000 worth of assets in any tax year, she must file a Form 8938 document detailing all of them. And given she earnt $63,000 per episode of Suits and has an estimated net worth of $6.3 million, it’s likely she will indeed have to file this document.

Harry, on the other hand, received half of Princess Diana’s $36.2 million estate and shares a $6.4 million annual allowance with the Duke and Duchess of Cambridge.

“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!” Koenig said.