Meghan Markle faces tricky ‘financial catch’ when she marries Prince Harry

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Meghan Markle faces tricky ‘financial catch’ when she marries Prince Harry – and it could cost her a lot of money

Meghan Markle may be about to join a family worth £383 million, but she might have to get saving

Come 19 May, Meghan Markle will be part of a family which commands a net worth of over £60 billion.

Where the rest of us have bits of old change behind the sofa, the Royal family and have land and investments.

Where you have an overdraft, they get taxpayer funding through a “sovereign grant” which is issued by the treasury.

Normally, marrying into the royals is something of a cash cow, but in Meghan’s case, it could actually end up costing her a LOT of money.

Doria Ragland and Meghan Markle at the Closing Ceremony of the Invictus Games Toronto 2017 Photo (C) GETTY
Doria Ragland and Meghan Markle at the Closing Ceremony of the Invictus Games Toronto 2017 Photo (C) GETTY

Here’s how.
According to the BBC , Meghan is currently living in the UK on a family visa. One of the conditions of this visa is she will have to marry within six months of obtaining it.

So far, so good.

The visa will need to be renewed every two-and-a-half years, and Meghan will only be able to apply for permanent residency when she’s lived in the UK for five years.

What this means, financially, is she’ll be paying taxes to the IRS on any income she makes — regardless of where in the world she earns it.

Royal wedding It is believed Meghan Markle and Prince Harry will copy Kate and William's caterers Photo (C) GETTY
Royal wedding It is believed Meghan Markle and Prince Harry will copy Kate and William’s caterers Photo (C) GETTY

“US citizens, green card holders, and permanent residents are required to file tax returns with the IRS every year no matter where they reside,” Avani Ramnani, director of financial planning and wealth management at Francis Financial , told Business Insider .

Prince Harry and Meghan Markle may be getting a seriously impressive wedding present off the Queen
“This is a special tax return called the expatriate tax return,” she said. “US citizens, including Meghan Markle , get taxed on international income earned outside the US.”

While Meghan won’t be earning money in the traditional sense, Harry, William and Kate all receive an allowance from various estates which is taxable.

Meghan Markle A source has also told the Sun that Meghan’s dress from the brand will cost £40,000 Photo (C) GETTY
Meghan Markle A source has also told the Sun that Meghan’s dress from the brand will cost £40,000 Photo (C) GETTY

So, if Meghan profited from the same sort of allowances, she’d be paying tax on them in the UK and the US.

There are various (potential) exemptions to this rule, and she could be eligible for receiving a credit for living abroad expenses.

However this does not include “expenses that are lavish or extravagant under the circumstances.”

Bakes beans on toast then, Meghan?

Source: DAILYSTAR CO UK

Tags: Meghan Markle, Prince Harry, Harry and Meghan, Royal Wedding, Wedding Preparation, Wedding News, Royal Wedding, Harry Wedding, Meghan Wedding, British Royal Family, British Royal News, British News, Royal News, Prince William, Kate Middleton, Catherine Duchess of Cambridge

hashtags: #MeghanMakle #BritishRoyal #Royals #Royal #RoyalFamily #RoyalFamilyNews #Wedding #WeddingNews #PrinceHarryandMeghanMarkle #HarryWedding #MeghanWedding #RoyalNews #PrinceWilliam #KateMiddleton #Catherine #DuchessofCambridge #CatherineDuchessofCambridge

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