How Harry and Meghan might become 'financially independent'

Prince Harry and Meghan have published a detailed document outlining the structure and funding of their household.

The move will enable them to continue "charitable endeavours as well as establishing new ones," while also allowing them to earn a professional income -- which they are at present forbidden from doing.

The website declares: "Their Royal Highnesses feel this new approach will enable them to continue to carry out their duties for Her Majesty The Queen, while having the future financial autonomy to work externally."

Cutting that tie, they say, "will take time to transition in consultation with other senior members of the royal family."

The plan is to no longer receive funding from the Sovereign Grant and to achieve financial independence, according to the lengthy statement.

What is the Sovereign Grant?

According to the UK's Treasury, the grant supports the monarch's official business, meeting the central staff costs and running expenses of Her Majesty's official household.

It also covers maintenance of the royal palaces in England and the cost of travel to carry out royal engagements.

In exchange for this public support, the Queen surrenders the revenue from the Crown Estate, a collection of UK properties and farms that generate hundreds of millions of pounds a year, to the government.

The Sussexes say the Sovereign Grant covers just 5% of their costs and is specifically used for their official office expense.

In the statement, they said that they "prefer to release this financial tie."

The couple said the new approach will allow them to "continue to carry out their duties" for the Queen, while having "the future financial autonomy to work externally."

Under the current structure and financing arrangements the couple are not allowed to earn any income in any form.

In light of recent criticism about the £2.4 million (about $3 million) of public money spent on renovations to their Frogmore Cottage home, they stressed: "Public funding has never been used, nor would it ever be used for private expenditure by The Duke and Duchess of Sussex, who also do not receive any tax privileges."

They said the refurbishment was funded by the Sovereign Grant, but the fixtures, fittings and furnishings were privately funded by themselves.

The property still belongs to the Queen, and the couple intend to continue living there while in the UK.

The remaining 95% of the couple's "office expenditure" comes from money given to them by Prince Charles, generated through the Duchy of Cornwall.

A charter ruled that each future Duke of Cornwall would be the monarch's eldest surviving son and heir to the throne.

Today it funds the public, charitable and private activities of the Prince of Wales and his family -- including the Sussexes.

How might they fund their lifestyle?

The couple are unlikely to struggle when it comes to their private income -- whether it might be through sponsorship, speaking tours or the like.

Media reports have suggested that Meghan was independently worth around $5 million prior to marrying Harry.

She rose to fame as Rachel Zane in the US legal drama Suits, but her popularity also grew through her hugely popular Instagram account and her successful lifestyle blog -- The Tig -- both of which have since been closed.

In her first ever interview alongside Prince Harry in November 2017, Meghan said she intended to quit acting after their marriage, calling the change a "new chapter."

But royal biographer Penny Junor said that it was possible Meghan might revive her acting career, given the demand and fees she could command.

"Perhaps she'd have to be careful about what roles she'd do, because she is a member of the royal family," Junor said, according to Reuters.

Besides his income from the Duchy of Cornwall, Harry inherited several million from the Queen Mother, and a few million more was left to him in trust by his late mother, Princess Diana.

His personal wealth is estimated to be around $40 million.

The cost of travel, which has landed the pair in hot water in recent months, is privately funded and will continue to be so, the couple said.

Any official visits that they may do in future will continue to be funded by the Sovereign Grant, plus contributions from the host country, the statement added.

The cost of security will continue to be the responsibility of the British government as the couple are "classified as internationally protected people which mandates this level of security."

No breakdown of the costs has been revealed, with the UK government citing security reasons.