[ad_1]
NEW YORK, April 14 – Talk about being born with a silver spoon ta mouth: the royal baby Prince Harry and Meghan Markle will have a particularly brilliant
The US tax authorities will want to know how much is worth this utensil
This is because the baby will have dual citizenship: British because from his father and American from his American mother, whose official title is the Duchess of Susbad.
"When one of the parents is American and resides in the United States for five years, with at least two years after the age of 14. , the baby is automatically a citizen, "said David Treitel, founder of American Tax Returns, a consulting firm for American expatriates living in Britain.
" This is the case of Meghan ", has said Treitel, pointing out that it was the first time the British royal family.
U S nationality comes with many restrictive conditions: like any American born, grows up and dies No matter where in the world, Meghan and Harry's child will, year after year, show the US tax authorities that its tax status is untouched. "19659005] From birth, the funds deposited in the banks by the Royal parents – anxious to ensure a bright future to their offspring – should be duly reported to the tax collector.
The same goes for the money that happens if mom and dad decide, for example, to leave the child follow in the footsteps of his former actress mother for to become a star on television or in the cinema.
& # 39; Accidental Americans & # 39;
Forget about privacy, says Treitel. The IRS will "learn a lot more about couple wealth" through the couple's and their mother's tax returns. "A lot more information will arrive in the United States," he added.
Namely: the IRS will require all valuable gifts donated by non-Americans to Harry and Meghan's child – and he will be celebrated, will not he? – also be declared active.
"Imagine the queen offering the baby beautiful art books from the royal collection, with paintings by Van Gogh or Miro. If this gift is worth more than US $ 100,000 (RM400,000), it must be declared, "said Treitel.
However, the baby shower gifts that Markle recently received in New York will not have to be declared. They came from other Americans
And although the baby and the mother will have to present forms that will take a lot of time to their accountants, they may not have to pay a lot of taxes : In Britain, tax expert Laura Saunders told The Wall Street Jo urnal
The US tax authorities' efforts to monitor American expatriates can have serious consequences for people whose only connection with America is
This is the case of so-called "accidental Americans", such as thousands of French people in France who have automatically got US citizenship because they were born in the United States but left America as little children and that they no longer have any links to the country.
Fines
Since the pbadage of the Foreign Accounts Tax Compliance Act in 2010, which replaced the criterion of nationality with that of fiscal domicile, these persons are required to declare their income to the United States tax authorities and, in some cases, pay money.
Many of these people left the United States while they were very young. Last year, the Association of Accidental Americans who brought them together asked President Donald Trump to find a solution to their dilemma.
Their status can be a delicate subject. If they refuse to play ball with US tax authorities, their home banks can be punished. These institutions may therefore deny them services such as bank accounts and mortgages.
To a lesser extent, the British royal family can not escape its US tax obligations either: an imperfect tax return can result in heavy fines.
But there is a solution. avoid headaches for the royal couple's accountants: Meghan can give up her American citizenship. However, even if she did, tax returns should still be filed for the child up to the age of 18. – AFP
Source link
