Prince Harry could soon be facing a massive tax bill which will leave the Royal books “open to scrutiny” – unless he takes a break from the US.
Prince Harry could be facing a “monumental” tax bill if he is to remain in the US, experts have warned.
Currently, The Duke of Sussex has reportedly resided in California for 151 days, and if he is to stay for a mere 32 more, he will be liable to pay US taxes.
After their controversial departure from Britain earlier this year, Prince Harry and Meghan Markle initially stayed in Vancouver, Canada.
In April, the couple, along with their baby Archie, relocated to a Beverly Hills mansion in California, where they’ve been ever since. It’s now been 151 days since they relocated, and whilst Megan is already a US taxpayer, Harry will be obliged to pay taxes once he has lived in the US for 183 days.
It comes as Prince Harry also recently faced backlash after reportedly signing a $203 million Netflix deal, with calls from some for the Duke to be stripped of his royal title.
Prince Harry has paid more taxes than Donald Trump. https://t.co/3CJMl6XGdd
— Henry VIII (@SussexHenryVIII) September 27, 2020
According to The Sun, a top LA tax lawyer, David Holtz, described: “You can safely assume that someone at the Internal Revenue Service [IRS] is looking very closely at him. This is a big deal.”
Elsewhere, another tax expert warned that Harry’s tax bill could be “monumental” and “could open up a can of worms for the Royal Family because the IRS will want to know all his sources of income.”
The source continued that it would not only be Harry’s Netflix deal that would be subject to scrutiny, but also money gifted from Prince Charles, as well as any trust funds, savings accounts or other assets from the UK.
This would mean that the “Royal books will be open to scrutiny” the source continued, warning: “The US taxman is far more zealous than his UK counterpart.”
I still think about how Prince Harry and Meghan Markle showed up in England in matching outfits after saying Fuck the Monarchy, the media and the racists!
Nobody is doing it like them pic.twitter.com/i6615wFftC
— Myra (@SussexPrincess) October 3, 2020
Of course, it’s likely that the pair already have lawyers and tax experts attending to the issue, but it will be interesting to see what their next move will be, regardless.