Yes, the royal wedding of Meghan Markle and Prince Harry seems like something straight out of a modern-day fairy tale (or, at the very least, the plot for an early 90s romantic comedy) 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 Saturday, May 19.
According to a new report in The Wall Street Journal, as a US expat who is married to a non-US citizen (aka 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. By complying with this reporting system, Meghan will have to reveal details about the royal family’s financial arrangements that are typically kept away from the public sphere.
According to the WSJ, she will have to declare everything from the value of any piece of jewelry given or even just loaned to her by Queen Elizabeth (potentially including her wedding tiara, should she choose to wear one), and any debit or credit card linked to a bank account of Harry’s holding more than $10,000.
Meghan will also have to declare any vacations spent at one of the Queen’s royal residences, and the projected value of her share of the rent that would be charged 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 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.
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This post was written by Katie Rosseinsky. It originally appeared on our sister site, Grazia Daily.