Victor Jaramillo Talks to The Independent on Tax Concerns for Prince Harry
It's been over a year since the Duke and Duchess of Sussex left the UK for the U.S., with the couple settling in Montecito, California, in August 2020.
After a turbulent year, which saw the pair step back from royal duties, Megan's revelation that she experienced a miscarriage in summer 2020 , the news the pair were expecting their second child, the death of Prince Philip and their explosive interview with Oprah Winfrey , Prince Harry also confirmed he had accepted a new job.
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Victor A. Jaramillo, a lawyer specializing in taxation with Caplin & Drysdale, tells The Independent: "Typically, a wealthy non-U.S. person moving to the United States engages in pre-immigration tax planning in order to ensure he/she is not subject to excessive tax.
"The interesting aspect for someone like Harry is all of the additional information he is required to provide to the IRS. For example, if he receives distributions from a trust of which he is a beneficiary, he needs to disclose his interest in the trust (whether or not those distributions are taxable depends on a litany of factors)."
Mr. Jaramillo added that gifts received by Prince Harry from the royal family would also need to be declared.
"He would also need to report gifts he receives from his non-U.S. relatives if those gifts exceed $100,000 in value," he said.
For the full article, please visit The Independent's website (subscription required).