On Jan. 9, Prince Harry and Meghan Markle announced that they were stepping down from their roles of senior royals. As they move towards their goal of becoming financially independent, Prince Harry and Meghan said that their decision to give up the money received from the Sovereign Grant will allow them to continue “charitable endeavors as well as establishing new ones.” Although they are working towards becoming financially independent, they will continue to carry out their charitable duties for the Queen. 

According to a document on their website, 5% of their income was provided by the Sovereign Grant and the other 95% is generated by Prince Charles. The Sovereign Grant is the Queen’s annual allowance from the UK government to cover the expenses of the royal family. In exchange, the Queen surrenders the Crown Estate’s annual income to the government. 

Even though they will no longer be receiving money from the Sovereign Grant, Prince Charles will continue to provide for Prince Harry and Meghan. A royal correspondent confirmed that Prince Charles will offer them around $3 million annually. 

Although BBC News reported a palace official has revealed that the couple hadn’t consulted any members of the royal family before releasing the statement on Instagram, Queen Elizabeth ll voiced her support for them. In a statement, she wrote, “Harry, Meghan, and Archie will always be much loved members of my family. I recognize the challenges they have experienced as a result of intense scrutiny over the last two years and support their wish for a more independent life.” 

As the couple works to sever ties from their royal life, they’ve also made the decision to leave the royal rota system, which is a group of journalists from British newspapers with exclusive access to the royal family’s affairs. The royal rota includes: The Daily Express, The Daily Mail, The Daily Mirror, The Evening Standard, The Telegraph, The Times, and The Sun. 

The couple is expected to live part-time in Canada. Whenever they visit England, the couple will continue to reside in Frogmore Cottage. Harry and Meghan have agreed to pay the $3.1 million taxpayer dollars they used to renovate their home. 

Due to their decision to live a more independent life, they’ve relinquished their rights to the HRH title. To support their lifestyle, they have trademarked their brand “Sussex Royal”. Last year, they announced that they left the Royal Foundation, which William and Kate, the Duke and Duchess of Cambridge, are a part of. They are currently working towards forming a charitable organization of their own, the Foundation of the Duke and Duchess of Sussex.

Photo courtesy of GLAMOUR.COM