As an American living overseas, Archie Harrison Mountbatten-Windsor, the newborn son of Prince Harry and Meghan Markle, will have to navigate complex tax rules.
It's official: Baby Sussex has greeted the world and the royal family. And he will eventually have to say hello to Uncle Sam.
Archie, like all Americans abroad, will be required to disclose income and assets of a certain level to the IRS. "It will really depend on how the baby earns money or how money is given to the child what kind of tax reporting situation it would have," McKeegan said."They probably have already set up trusts that keep the assets out of the child's name," said Dean Hedeker, principal of Hedeker Wealth.
As Archie, who does not have a royal title, grows older and his financial situation gets more complicated, he could face additional costs. If the taxes in the U.K. are higher, that could offset what he owes to the United States."Assuming the U.S. rate is lower, it's just going to be an exercise in shuffling paper," Hedeker said.
"The value of [his] U.S. passport would have to be such that it's more valuable than the trouble it takes to remain compliant," said attorney Doug Andre, partner at Phillips & Barker.
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