Prince Harry’s Marriage to Meghan Markle Means the IRS Gets a Look at Royal Bank Accounts

by Evil HR Lady on November 28, 2017

The Prince of Wales officially announced the marriage of his son Prince Harry, to Meghan Markle. The wedding will take place in the spring of 2018. While I love a good royal wedding as much as the next Anglophile, this wedding brings unique tax consequences.

Meghan Markle is a US citizen. As such she is subject to the Foreign Account Tax Compliance Act (FATCA). This means that she must report any foreign bank accounts to the IRS every year, if they have more than $10,000 at any point during the year. If Markle and the Prince have any sort of joint bank account, then the IRS gets information about the Prince’s finances. It also means that any financial institution that she uses must comply with IRS demands or face serious financial consequences.

It’s kind of a crazy rule and for normal people it wreaks havoc. Many banks want nothing to do with American customers, which can make it difficult to live overseas. Foreign financial institutions, understandably, aren’t keen on letting a foreign government nose around their records. The easiest thing to do is keep Americans out.

To keep reading, click here: Prince Harry’s Marriage to Meghan Markle Means the IRS Gets a Look at Royal Bank Accounts

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