LONDON, UK - While Prince Harry will continue to be Prince Harry, and he and his wife will remain the Duke and Duchess of Sussex, the pair will relinquish their HRH titles, and step aside from being a part of the Royal Family.
They will no longer receive public funding, and in fact will reimburse the £2.4 million ($3.135 million) of British taxpayers' funds used to refurbish their official residence Frogmore Cottage, which they will retain.
The new arrangements were formally agreed to on Saturday and confirmed in statements from Queen Elizabeth and Buckingham Palace. They will take place from spring this year.
Details of the pair's security, and that of their son Archie, were not disclosed as part of protocol. The arrangement will be complex as the Sussexes are expected to spend a large part of their time in residence in Canada as well as maintaining ties with the UK.
"The Duke and Duchess of Sussex are grateful to Her Majesty and the Royal Family for their ongoing support as they embark on the next chapter of their lives, a formal statement issued by Buckingham Palace on Saturday said.
"As agreed in this new arrangement, they understand that they are required to step back from royal duties, including official military appointments. They will no longer receive public funds for royal duties."
"With The Queen's blessing, the Sussexes will continue to maintain their private patronages and associations. While they can no longer formally represent The Queen, the Sussexes have made clear that everything they do will continue to uphold the values of Her Majesty," the Buckingham Palace statement said.
"The Sussexes will not use their HRH titles as they are no longer working members of the Royal Family."
"The Duke and Duchess of Sussex have shared their wish to repay Sovereign Grant expenditure for the refurbishment of Frogmore Cottage, which will remain their UK family home," said the statement.
"Buckingham Palace does not comment on the details of security arrangements. There are well established independent processes to determine the need for publicly-funded security," the statement concluded.
Separately the Queen issued a statement in support of the soon-to-be formally Royal couple.
"Following many months of conversations and more recent discussions, I am pleased that together we have found a constructive and supportive way forward for my grandson and his family," Queen Elizabeth's statement said..
"Harry, Meghan and Archie will always be much loved members of my family."
"I recognise 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," the statement said.
"I want to thank them for all their dedicated work across this country, the Commonwealth and beyond, and am particularly proud of how Meghan has so quickly become one of the family."
"It is my whole family's hope that today's agreement allows them to start building a happy and peaceful new life," Queen Elizabeth said.