Prince Harry’s US green card could be a financial ‘dagger’ for royals: Why he may be on a rare golden visa
Prince Harry’s residency status in the United States has sparked speculation, with one key theory suggesting a diplomatic visa may hold the answer. The choice could be tied to financial implications for the Royal Family, according to a Daily Mail report.
The Royal Family probably views a diplomatic visa as a win-win situation. By keeping Prince Harry on an A-1 visa, they can safeguard their economic interests and keep a certain degree of influence over his public image which is tied to their heritage.
Is Prince Harry’s permanent residency a threat to royals?
There has been much speculation about Prince Harry’s potential permanent U.S. residency since he moved to California with his wife Meghan Markle and their children. Yet, a tax specialist shared with Daily Mail that should the Duke of Sussex settle in the U.S. or secure a green card, it could pose a major financial ‘dagger in the heart’ for the royals.
This is due to the fact that the royals would be obligated to disclose any shared financial matters involving Harry, including “information on any British bank accounts or trusts,” to the U.S. Internal Revenue Service. Moreover, the Duke would have to provide a comprehensive account of his global earnings to the department.
Prince Harry may be on A-1 Head of State visa
Finance experts suggest that Prince Harry might be on an A-1 Head of State visa. The Department of Homeland Security has so far refused to disclose details about his visa status, leading to speculations and wild theories about the same. The Heritage Foundation, a conservative think tank, has filed a Freedom of Information Act lawsuit alleging that the U.S. government has shown favouritism towards the estranged royal, suggesting he may have received preferential treatment in his entry and stay. The case is currently pending despite a court ruling which asked the DHS to disclose the papers.
“The Royal Family wants him to stay on the A-1,” expert Clayton Cartwright told Mail. “I think they have common ground wanting him to stay on an A-1. If he’s consulted tax advisers then he will be staying on an A-1,” they added.
The expert shed light on the fact that the “A-1 visa is his golden ticket,” allowing him to stay in the U.S. forever without issue and only be subject to U.S. income tax on his American earnings, such as his Netflix or Spotify deals.
What will happen if Harry receives a green card?
Prince Harry could get a green card in the U.S. because he’s married to Meghan Markle who is an American citizen. It is reported that he’s going to get a big chunk of money in the U.K. on his 40th birthday, thanks to an arrangement his great-grandma, the late Queen Mother, made. But, if he gets U.S. citizenship, he’d have to tell the IRS about his money from all over the world, including money from trusts like the one set up by the late Queen.
Experts suggest the Royal Family would prefer to avoid this, as it could spotlight complex financial ties. If he keeps his diplomatic visa, any money from the trust would be taxed in the U.K. But, with a green card, it’d be taxed in the U.S. as part of his worldwide income.