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Mexit and taxit
Key points
- Could royal family finances be subject to Internal Revenue Service scrutiny?
- As a US citizen the Duchess of Sussex is subject to US tax law.
- Filing obligations of married US and non-US citizens.
- US estate and gift tax rules may apply to transfers to family members.
- Children of the duchess will also be US citizens.
- An exit tax will potentially apply if US citizenship is surrendered.
The recent announcement by the Duke and Duchess of Sussex to step back from their ‘senior’ royal status has brought back into focus that the duchess is a US citizen. When their marriage was first announced several articles raised this pointing out that as such she would still be liable for...
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