The Duke and Duchess of Sussex announced they would be stepping down as senior members of the Royal Family in a bombshell statement last January. Harry has since moved to California with Meghan Markle and their son, Archie.
But David Lesperance, who advises wealthy individuals, warned Harry the clock is “running out” if he is to sort his US immigration status.
Mr Lesperance told Sky News: “There has been some relief given by the IRS for people who are effectively trapped in the US (because of Covid), but it is something that I’m sure, I hope that her and his advisers have been turning their mind to over this past year, and certainly something that he needs to deal with before the clock kind of runs out, which will be later this summer.”
In March, it will be 12 months since they left the UK and the Queen was expected to hold a review into the so-called Megxit deal – struck between the pair and the Royal Family during their departure.
But Prince Harry has been forced to cancel the plans as a mutant strain of coronavirus ravages the UK.
Meghan’s former PR agent, Nick Ede, outlined what the couple needs to do to cement the Sussex brand after they signed deals with Spotify and Netflix.
He said: “They’re becoming a global entity.
“They’ve got the podcast, they’ve got the Netflix deal, they’ve had the warts-and-all autobiography, and it has been a very interesting journey to watch.
“I feel like Meghan and Harry at the moment are almost clutching at straws at what [their brand is] – is it politics, is it women’s rights?
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Mr Holtz said: “You can safely assume that someone at the Internal Revenue Service (IRS) is looking very closely at him.
“This is a big deal.”
The expert claimed Harry faced paying both US federal and Californian state taxes under “substantial presence test”.
Mr Holtz said: “If Harry’s been in the US for 183 days straight then he’s done.
“But it is safe to assume they have had lawyers and tax experts grinding away on this issue for months.”
This requires any foreigner who spends 183 days in the country during a three-year period to pay US taxes on worldwide earnings.
Another tax expert said: “Harry’s bill could be monumental and could open up a can of worms for the Royal Family because the IRS will want to know all his sources of income.
“That’s not just his Netflix deal, but any monies he might have received in gifts from Prince Charles and any trust funds, savings accounts or other assets he has in the UK.
“That means the Royal books will be open to scrutiny.
“The US taxman is far more zealous than his UK counterpart.”
