When Meghan, Duchess of Sussex, and Prince Harry wed in May 2018, royal experts and fans assumed that we would see the stunningly glamorous couple working as members of the royal family for generations to come. Though Meghan and everyone around her had caught the attention of the tabloids, no one could have foreseen this would lead to the Sussexes royal exit.
In fact, when Prince Harry and Meghan announced they would be leaving royal life behind, many of us assumed they would be heading to Canada with their son, Archie to live out their lives quietly, appearing every now and then at various events and ceremonies. It turns out, their ambitions were much bigger than anyone could have anticipated.
Now, the duo has moved to Meghan’s hometown of LA, to begin building careers in Hollywood. However, this move could expose some major royal financial secrets.
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Meghan Markle and Prince Harry’s marriage has already caused some major financial headaches
Both Meghan and Prince Harry are extremely wealthy. Alone, the Duchess of Sussex is worth $5 million with the prince’s net worth standing at approximately $25 million. However, because Meghan is an American citizen and never got U.K. citizenship and Prince Harry is a U.K. citizen, two different countries can lay claim to taxes on their fortunes.
Meghan has continued to pay U.S. taxes since marrying the prince. Meanwhile, Prince Harry pays U.K. taxes on the £10million and £7milllion inheritances he received from his late mother, Princess Diana, and the Queen Mother, respectively.
Since the Sussexes are no longer working royals they do not get an allowance from the queen but they get financial help from Prince Charles. As a result of all of this mixed-income, the U.S. government could begin combing thought the couple’s financials.
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Prince Harry and Meghan Markle haven’t made any money yet
Since moving to LA in March 2020 amid the coronavirus (COVID-19) pandemic, the Sussexes have been speaking out against injustices and planning the launch of their new Archewell foundation. Though they have signed to a prestigious speaking firm and they have a powerhouse Hollywood team by their side, the pair have not made any money.
“They do need to make money,” royal expert Katie Nicholl told Entertainment Tonight. “They’ve been in LA since March, they left the Royal Family at the end of March, and as yet, they haven’t actually earned anything.”
In fact, the pair continue to rely on their personal bank accounts, Prince Charles’ generosity and the kindness of media mogul Tyler Perry who is letting them live in his Beverly Hills mansion. However, this won’t stop financial services from coming for them.
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Meghan Markle and Prince Harry’s move to LA could expose secret royal finances
Since Meghan is still a U.S. citizen and she and the prince are now living in LA they will have to file Form 8938 if they have more than $150,000 in assets each year. This includes the foreign assets that Prince Harry has. Royal author David McClure believes this puts the royal family in a tough spot since their finances are usually “impenetrable” to outsiders.
In fact, McClure told The Washington Post that no one knows how wealthy the royal family actually is. “The Queen doesn’t know,” he explained. “Though Markle’s tax information would not become public once sent to the US, it would leave the Royal Family open not only to IRS review but also the risk that the information could leak.”