What does being 'financially independent' mean for Prince Harry and Megan?
According to the Sussexes website, 95% of their income comes from Prince Charles's income from the Duchy of Cornwall, a vast portfolio of property and financial investments, which brought in £21.6m last year.
Money from the Duchy - just over £5m in total in 2018-19 - pays for the public duties of Prince Harry and Meghan, as well as the Duke and Duchess of Cambridge, and some of their private costs.
It is understood the couple will continue to receive money from Harry's father under the new agreement, although it is unclear whether this will come from the Duchy, his personal wealth, or a combination of the two.
However, the pair will stop receiving money from the taxpayer-funded Sovereign Grant, which makes up the other 5% of their income.
This grant is paid from the government to the Royal Family to cover expenses for official duties and looking after royal palaces. It is worth a total of £82.4m this financial year and is funded by profits from the Crown Estate - commercial properties owned by the Crown.
This, and all the other terms of the arrangement, are thought to be up for review by Harry, Meghan and the senior royals in a year's time.
Additionally, the Duke and Duchess are to repay the £2.4m cost of renovating their home, Frogmore Cottage in Windsor, a bill initially footed by the UK taxpayer. They will also pay a "commercial rent" on the property.