What does financial independence mean for Prince Harry and Meghan Markle

Prince Harry and Meghan Markle have announced their decision to become "financially independent" from the royal family, but it raised a lot of questions about the potential sources of their future income.

The Duke and Duchess of Sussex published a series of questions and answers on their website sussexroyal.com, to explain the logistics behind their decision to achieve financial independence. As Prince Harry and Meghan Markle step back as the senior members of the royal family, they will no longer receive funding through the Sovereign Grant, the annual funding mechanism of the monarchy that covers the work of the royal family in support of Queen Elizabeth II.

"This phased approach will take time to transition in consultation with other senior members of the Royal Family, but Their Royal Highnesses are hopeful that this change is in the best interest for all and look forward to carrying out their duties to the monarch as well as their charitable work with financial autonomy," the website stated.

The royal couple says they "look forward" to become members of the royal family with financial independence, and "value the ability to earn a professional income." The current structure of the royal family does not allow the members of the royal family from earning a professional income in any form.

In the existing structure, while five percent of costs for The Duke and Duchess were covered by Sovereign Grant and was used for their official office expense starting in 2019, 95 percent is obtained from income allocated by Harry's father Prince Charles, the Prince of Wales, generated through the Duchy of Cornwall. The couple did not receive any tax privileges or benefit financially from their charitable and cause-driven work, the questionnaire clarified.

The royal couple also clarified that they used to and will continue to privately cover the costs of their travel in their private time. "Wherever possible and unless advised otherwise on security grounds, their logistical arrangements are undertaken via commercial air carriers, local trains and fuel-efficient vehicles, be it for official or personal travel," the website informed.

Ever since the couple announced stepping back from their royal duties, there have been speculations whether Meghan, an American-born self-made former actress, will return to her previous profession. According to a report in Money published in May 2019, Meghan's net worth was around $5 million at the time of her marriage thanks to her work on "Suits" and other acting gigs. While Harry's wealth was estimated to be between $25 and $40 million, it is not clear how it will be affected by his decision to step back as a senior member.