Will Meghan Markle's and Prince Harry's baby one day have to pay US taxes?
Meghan, Duchess of Sussex, and Prince Harry visit the Andalusian Gardens in Rabat, Morocco, on Feb. 25, 2019.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.Meghan Markle's and Prince Harry’s baby will be born into privilege as a member of the British royal family, but he or she will also have the rights of an American citizen.
“If you are an American citizen, you owe U.S. tax no matter what,” said Steve Dean, faculty director of the Graduate Tax Program at The New York University School of Law.to a child born abroad, as long as the parent has lived in the U.S. at some point over the past five years. In the case of the royal baby, it’s likely he or she will be eligible for an American passport.
“The U.S. is exceptionally broad in its idea of citizenship taxation,” said Michelle Lyon Drumbl, a clinical professor of law and director at Washington & Lee University School of Law’s Tax Clinic. “For most people it’s not so much of a big issue, but if you’re vastly wealthy, you’d have a lot to worry about filing obligations,” Dean said. While the royal baby theoretically wouldn’t have to file a tax return next year, any investment in his or her name could potentially be within the reach of the IRS.
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