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Prince Harry and Meghan Markle’s 16-month-old son, Archie Harrison Mountbatten-Windsor, could benefit greatly from his parents’ decision to leave the royal family and settle in the United States.
The Duke and Duchess of Sussex resigned as royalty and moved first to Canada and then to the United States when their son Archie was less than a year old.
According to a report published by the Daily Express UK, although the inheritance tax rate in Britain and the US is the same at 40 percent, but in the US, a tax-free allowance is a whopping $ 11.58 million and in the UK it’s just £ 325,000.
It means that if Archie were to inherit from his mother Meghan, who is a US citizen, he would automatically qualify for a tax break of $ 11.58 million.
But for his father’s tax-exempt inheritance, Archie’s father, Harry, would have to have a US domicile, which means he pays US taxes.
In addition to this whopping $ 11.58 million, which also includes all money donated during his life and after death, the Duke could also give his son an additional annual sum of tax-free money that is around $ 15,000 per year throughout his life. In the USA.
Also, Archie will benefit financially in the US by earning his own, however if he was in the UK he had to spend all his time doing charity work on behalf of royalty.
