The Royal child of Meghan Markle and Prince Harry has not yet entered an appearance, but it is not too soon to be thinking about U.S. taxes.
If Markle were to renounce her U.S. citizenship, America charges $2,350, a fee that is more than
of other high-income countries. Moreover, to exit, one generally must prove 5 years of IRS tax compliance. And getting into IRS compliance can be expensive and worrisome. For some, a to get into compliance is only to renounce, which itself can be expensive. Even some time ago, Markle was said to have a, which would mean also paying an exit tax to the U.S. if she renounces.
Fortunately, the royal baby should get one big U.S. tax break. If the child relinquishes before the age of 18 and a half years, and has not lived in the U.S. for the prior 10 years, there is a kind of get-out-of-jail-free card for the U.S. exit tax. This is an important rule, that many young people do not learn about until it is too late. Here, I'm betting that a cadre of U.S. and U.K.
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