Money & Banking

Mon, 19 Nov, 2018Over60

Prince Harry’s $35 million fortune under threat

Prince Harry’s $35 million fortune under threat

It has come to light that Prince Harry’s $35 million trust fund, set up for him by his late mother Princess Diana and the Queen Mother, could be targeted for tax reasons thanks to a US legal loophole.

Despite Harry and Meghan marrying in May this year, the new Duchess of Sussex is still technically a US citizen. While it’s believed she has officially applied to become a British citizen, apparently – even though she is a royal now – her application process doesn’t receive any special treatment and could take several years before she is granted UK citizenship.

Which means, in the meantime, the former actress is legally required to pay US income tax on any earnings or allowances she receives whilst residing in Britain. But now that she is married to Prince Harry, it could mean his own earnings could be affected too.

Royal aides speaking to the Sunday Express in the UK, stated, “We’re looking at a level of financial exposure the royal family has never had to face before.”

They added, “It’s the royal household’s worst nightmare … Everything has to be declared.”

Along with Meghan’s own $7 million fortune she amassed during her acting career, British media has reported that the US taxman could also have his eye on her designer clothes, jewellery, homes and gifts the new Duchess has received as royal proceeds.

The Duke of Sussex lives off his $35 million trust fund inheritance, earning an annual salary of around $525,000 a year. But the US government could potentially count that towards Meghan’s income in the UK too.

Do you think Harry and Meghan should have to pay US tax on their royal earnings? Share your thoughts in the comments below.

 

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