Yes, the royal wedding of Meghan Markle and Prince Harry seems like something straight out of a modern-day fairy tale, but impending royalty doesn’t mean that the future duchess will be exempt from a complicated series of tax procedures once she ties the knot on May 19.
According to a new report in the Wall Street Journal, as a US expat who is getting married to a non-US citizen (i.e. the fifth in line to the throne of Great Britain, in her case), Meghan will have to report various details of her financial arrangements to the IRS in the United States. By complying with this reporting system, she will have to reveal details about the royal family’s financial arrangements that are typically kept away from the public sphere.
According to the Wall Street Journal, she will have to declare everything from the value of any piece of jewelry given or even just loaned to her by Queen Elizabeth II (potentially including her wedding tiara, should she choose to wear one), any debit or credit card linked to a bank account of Harry’s holding more than $10,000, any vacations at one of the queen’s royal residences, and the projected value of her portion of the rent on the Kensington Palace property she shares with her future husband (which is hypothetical, given that Harry and Meghan do not pay rent on royal residences, but must still be noted down for the IRS). Should she fail to follow these strict regulations, she could incur financial penalties.
If the mere thought of all this paperwork is giving you uncomfortable flashes to the one time you tried to fill out a tax return, you’re not alone. The potential red tape for Meghan is enough that some financial commentators are suggesting she gives up her US citizenship entirely, rather than opting for the dual status she is currently thought to be pursuing.
Want to know how Meghan Markle really feels about becoming a royal? Check out the video below.
This post was written by Katie Rosseinsky. For more, check out our sister site, Grazia.