- As an American citizen, Pope Leo XIV might be required to file a tax return with the U.S. authorities, and his tax legal responsibility might attain six figures. As a result of the U.S. taxes its residents on their worldwide revenue, Leo might want to file a return, with some further particulars based mostly on the financial institution accounts he controls as head of the Vatican, except the U.S. makes an exception for him or he renounces his citizenship, consultants mentioned.
One of many first issues Pope Leo XIV might have to do because the newly elected chief of the Catholic Church has nothing to do with faith, however moderately funds: discovering an accountant.
The U.S. is one in every of solely a handful of nations that taxes residents dwelling overseas. Thus, due to his American passport, the 69-year-old Chicago-born pope, recognized till final week as Robert Prevost, will seemingly have to file a tax return to the U.S. authorities similar to every other citizen, consultants instructed Fortune.
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