BBC News – Prince Harry 'thrilled' to marry girlfriend Meghan Markle next year – It's "tax colonization through marriage" https://t.co/Y8xrH1mVnJ
— U.S. Citizen Abroad (@USCitizenAbroad) November 27, 2017
The mainstream media along with Isaac Brock poster “Mike” informs us:
“Breaking news!: With the upcoming marriage of Prince Harry with an American, the British Royal Family will now have to pay American taxes.. Maybe somebody in the government will wake up at that point. Meghan Markle is too rich to renounce without getting an unaffordable exit tax.”
And I bet they both have no idea.
Without Ms. Markle renouncing U.S. citizenship, it would seem that Ms. Markle will give the IRS a port of entry into the finances of the Royal Family. Think of it:
“Tax Colonization through marriage!!”
Clearly both Prince Harry and Ms. Markle need advice. In your comments could you please give them your best wishes and a bit of advice.
What should Prince Harry do?
What should Meghan Markle do?
What should the Royal Family do?
They should contact their Secretary of State for Foreign Affairs, Boris Johnson after he sold his residence he has a view.
Cheers
Megan Markle while born in the US has lived in Canada for many many years. Probably qualifies for Canadian citizenship if she doesn’t have it already.
@USCitizenabroad
You beat me to it. Do you think that the Royal family will have to deal with the IRS..? I doubt it. The Royal accountants must know, I am sure nothing from the Royal purse will be in her name
Perhaps she has a Twitter page where the subject can be broached.? I don’t do social media.
@Tim Smyth
She can have as many other citizenships as she likes, but if she still has her US one, she and Harry have a problem. She has been working in the US so she must be cognizant of the US tax system.
LMAO!!! If the IRS rained down on Boris, then Meghan can expect an intrusion as well. If any attention is paid to this issue, it might be helpful because she is well-liked and reaches a broad spectrum of people.
We already know the IRS is a royal pain.
But don’t the royals have diplomatic immunity so they can break other countries laws without fear?
@petlover
Boris was easy pickings but ‘somehow’ was persuaded to keep silent after his initial outburst. but I think the IRS will tread carefully with the Royal family. They have managed to keep the truth from the general world population and it will benefit them to continue to do so.
Well this might prove to be a bit of the sticky wicket…wot, but I doubt it.
The late king of Thailand, HRM Bhumibol, was by every letter and every definition of the IRS code a “US person”; having been born on US soil, specifically Cambridge, Mass. He was also the richest monarch in the world, with his wealth estimated at thirty billion USD. Despite all this he was never, ever, considered a candidate for FATCA.
Politics will always trump the law, especially tax law. Among other felonies, congressmen and senators have been getting away with tax evasion for a century. When they are caught they usually get a slap on the wrist. Political donors in the US, almost exclusively liberal donors, are whitewashed, excused, ignored by prominent newspapers and even pardoned by the POTUS. I give you Mark Rich and prez BJ Clinton as exhibit A. Okay, FATCA was only a DNC wet dream when Rich was pardoned but the foundation for FATCA, i.e., CBT was there in law.
FATCA should be renamed the minnow law because it’s for damn sure only meant to devour us miserable little fish.
When the IRS has to flip a coin over who gets shafted if Harry meets Meghan in church, it will get called “heads you win Harry”. If they do tie the knot they’ll never be burdened by such inconveniences as FATCA can offer. At sixty-four I will bet whatever years I have left on it. They will go unscathed and be blissful in their royal ignorance of fatca forever after.
We caught on to it as soon as she was rumoured to be Harry’s girlfriend. It will be useful to ask the questions publicly so that the way the Royal Family deals with them is also made public. We need a few more high ranking people to be affected and publicise the plight us “us persons” abroad. I am not sure how to get the British media interested..
Dear Miss Markle and Prince Harry,
Congratulations and all the best to both of you on your engagement!
And a word to the wise: Whatever happens, please don’t forget to have your best tax advisors inform the IRS that the Royal Family is off-limits to them.
The IRS seem to have problems stopping at borders. I know that sounds a bit strange to the uninitiated but it really is true. And if you don’t believe me, just ask Boris Johnson.
Furthermore, while they’re at it, maybe your tax specialists could research whether taxing and penalizing Europeans for having been born in the USA is in line with international tax law, the UN Human Rights Charter etc. If not, some 8 to 9 million “US persons” (IRS-speak for foreigners deemed American for tax purposes due to their circumstances of birth, green card holders etc.) living outside the USA would greatly appreciate any legal or other effective action against Citizenship Based Taxation and FATCA that your councillors might deem worth taking.
But, most important of all, please don’t allow the IRS to ruin the lives of such a beautiful young couple as yourselves!
All the best to both of you!
Dave L.
This is brilliant.
This could bring more media attention on this to the masses than everything done in years.
This could embarrass the US government deeply.
Just think if she renounced and said why!
Absolutely bloody fantastic!
@Mike
We had the same hopes when Boris initially spoke out against US tax hedgemony but for some ‘reason’ he then became silent. I expect Eric is right, there will be different rules for her to preserve the cover up. It might help if some social media savvy people could bring this to the notice of the British public.
Haven’t I read this story before — “The Prince and the
PauperParty Pooper”? Will the Markle lose its sparkle when the Royals learn ALL the facts of FATCA/FBAR and how USpersonsprisoners carry their nationality around like a wrecking ball attached to a chain linked directly to the IRS? BTW, royal marriages are not always long lasting (Anne, Charles, Andrew) so if Harry and Meghan divorce she will not have her homeland to retreat to should she have chosen to get a CLN in an attempt to remedy the risk of her USness to the “Firm” (i.e. Royal Family). Sticky wicket, indeed.@Heidi
Who could have known?
https://twitter.com/meghanmarkle
I too suspect that this will be hushed up by the US and the UK, a quiet little exception made for this couple, while the persecution and discrimination continue for the plebs.
The US has a lot to lose by her renouncing in order to protect Harry, and they know it.
Still, emails getting posted to UK tabloid press journalists in the morning.
Just imagine, in years to come Harry could be reporting on the entire UK royal estate to the IRS, FINCEN and any other US agency that fancied the data.
I’m going to milk this for all it’s worth.
Questions breaking out all over Quora. loads of opportunity to educate the masses.
I dont understand the problem. Markle will file taxes as martied filing separately, she has all her accounts in the states anyway (with todays banking standards it is really not an issue to have your bank in the states and live elsewhere).
“I dont understand the problem.”
No, you don’t. For starters, the first filing has to be done jointly and as Harry has fingers in numerous pies including at least 22 charities, lord knows how many family trusts he’s involved in ete etc – It’s going to be EPIC!
Every aspect of a UK royal family members financial life, plus many involved with him, reported to the USA IRS, Financial Crimes Enforcement Network and any of the security agencies that fancy having it as well.
And serious, are you suggesting a UK princess living in the UK will be able to keep a bank account in the US and have absolutely nothing to do with her UK husband financially?
@Yaacov
Well the first issue is this:
Assuming that the Prince has one or more U.K. corporations (a virtual certainty), the moment that the marriage ceremony is over, Ms. Markle will (through the U.S. attribution rules ) be required to file a Form 5471 disclosing her interest (even though it is zero) in the corporations owned by the Prince.
The second issue is this:
Assuming that the Prince is showering expensive gifts and spending money on Ms. Markle (assuming that these amounts exceed 100,000 USD) Ms. Markle will have to file the Form 3520 with the IRS disclosing all of this.
The third issue is:
Assuming that Ms. Markle and the Prince have royal offspring those offspring could be considered to be “U.S. citizens” under U.S. nationality laws. Think of it American citizens with royalty! But, they will have to live their lives under this U.S. tax regime. FBAR and more, much more
These are the ones that immediately come to mind. Remember that a “U.S. person” is an instrument of U.S. foreign policy. From a U.S. perspective this is fantastic because Ms. Markle (unless she lives a very separate life from the prince) can always be used as the “U.S. representative in England”.
Ms. Markle as a “U.S. Person” will always be subject to the whims of the U.S. Government.
But, maybe these issues are of no significance whatsoever. Love is blind!
The marriage of U.S. “Special Agent Markle” to the “Unsuspecting Prince” could be the event that will trigger the U.K. requesting to become the 51st state.
While this is all very amusing, and possibly a good opportunity for some public education, let’s be realistic here. One of two things will happen.
1. She’ll renounce US citizenship on the spurious grounds that one must do this to become a royal princess, or something, which the American public will understand. (As with Conrad Black renouncing Canadian so he could accept a British title.)
2. The couple’s financial affairs will be carefully structured such that Harry and the rest of that lot are not exposed to any US tax or reporting obligations.
We tend to forget that Boris, god love him, had US income from book royalties and speaking fees so the IRS had leverage to make him behave and agree to a settlement. I’m sure he negotiated some sort of discount in exchange for his shutting up.
@yaacov
All her UK accounts will now have to be reported including anything she shares with Harry. Any investments the couple make will have to be reported. Any residence the couple buy then sell will have to be reported and any gain taxed in the US.
@ Yaacov
I suspect it will be made easy for Ms. Markle but it isn’t easy or even advisable for ordinary folks who live outside Prison USA to have ALL their accounts locked up in a US bank.
Congratulations to the happy couple. I wonder how much, if anything, they know about FATCA? It will be interesting to watch just how this “US Royal Person” situation unfolds.
http://isaacbrocksociety.ca/2015/01/26/the-2nd-royal-fatca-t-tax-evader-to-be-born-in-stockholm-this-summer/
Royal family carries get out of the razorwire free card