How Royal Family issued urgent financial warning over Prince Harry’s US citizenship
A tax expert has revealed whether Prince Harry should apply for US citizenship or a green card - and what consequences that would have for the Royal Family.
The Royal Family were cautioned by a tax expert over Prince Harry’s US citizenship, as it could be a “dagger in the heart” for the Firm’s finances.
Prince Harry has been living in America since 2020, after he and wife Meghan Markle stepped down as senior working royals, however, it is not known what visa the royal is on.
However, he is entitled to apply for a green card through his marriage to Meghan, which would make him a permanent resident in the US for tax purposes, with his worldwide income being taxed in the US, rather than the UK.
However, that would mean that he would also have to disclose aspects of the Royal Family’s finances to the US government.
Now, a tax expert said that the royals will want Harry to stay on a diplomatic visa (A1) as both parties would benefit from it.
Clayton Cartwright told the Mail: “The Royal Family wants him to stay on the A-1.
“I think they have common ground wanting him to stay on an A-1. If he’s consulted tax advisers then he will be staying on an A-1.
“The A-1 is his golden ticket. If he’s on an A-1 he can sit here (in the US) forever. The US would not care.”
He added: “The US has a foreign policy interest in not triggering US tax residency for diplomats. It is good diplomatic practice.
“It keeps things private to Great Britain, not just the foreign assets Prince Harry owns, but also other assets of the Royal Family on which he is listed.”
The expert said that if Harry were to get a green card or US citizenship, he would have to disclose the interest in his trusts to the US Internal Revenue Service.
