Meghan Markle: The Fortune She’ll Acquire From Royal Family, But May Be Hit With Double Taxes
Meghan Markle has quickly become the future royal who has overtaken the stage and is constantly in the spotlight ever since she and Prince Harry finally announced their engagement in December. Initially, Meghan was not fully accepted by royal enthusiasts, seeing as she is an American actress who has been married once before. Additionally, Markle reportedly has a family drama that seems to be ongoing. The Suits star was also targeted in the early days of her and Harry’s romance, due to race and religion. However, Prince Harry put a stop to this by requesting that people show his then-girlfriend respect.
The tides have changed, so it seems, and Meghan is swiftly winning over onlookers with her stunning fashions and confident manner when in the spotlight. The royal wedding is set for May of this year and new reports have emerged that Meghan will be receiving a royal allowance once the actress marries into the family.
As Business Insider indicates, Markle will come into a royal fortune of $500 million as soon as she marries Prince Harry. However, Meghan may come into the wealth of the royals at a cost to her.
“Markle’s family visa will be effective in 2.5-year increments and she won’t be granted permanent residency until she’s lived in the UK for five years. After that, she can finally apply for UK citizenship and potentially become a dual citizen of the US and the UK. All the while, the ‘Suits’ actress will be paying taxes to the IRS on any income she makes — regardless of where she earns it.”
If Markle earns any additional allowance over roughly $100,000, the star will be expected to pay double taxes- in the U.K. and to the IRS, as Express, U.K. notes. It is unclear as to whether Markle will continue any sort of acting after she marries into the royal family. In regards to finances, the beauty seems pretty well set and has no need to cut a paycheck onscreen.
Prince Harry and Prince William are handsomely set up with $450,000 yearly from their late mother’s estate, and each son, in addition to William’s wife, Kate Middleton, receives a seven-figure annual income, from Prince Charles.
To avoid having to pay out extra taxes initially, expert Avani Ramnani, director of financial planning and wealth management at Francis Financial, told Business Insider how Markle can best set herself up financially in the U.K.
“The key for Meghan and her advisors would be to figure out what type of income she will be getting. Will this income be from the investments of a trust, or ‘wages’ for any work that she does, or any other type of income? Sometimes, getting one form of income is more advantageous than another.”
