The Duke and Duchess of Sussex are said to have invested millions of dollars in a new Portugal home.

Prince Harry, 40, and his wife Meghan, Duchess of Sussex, 43, who have children Archie, five, and Lilibet, three, have spent years living in their mansion in Montecito, California, but are now said to have pumped a huge chunk of their fortune into expanding their portfolio.

A source told The Sun: “They’re being smart with their money.”

The newspaper reported the Sussexes’ new home abroad is “around the corner from Harry’s cousin Princess Eugenie and her husband”.

But the publication said the pair “do not plan to live in their new pad”.

It added it is not known if the property will be rented out, used for family holidays or is simply an investment.

It added the apparent purchase is being seen as “the first step of putting earnings from their TV and book deals into a global property empire”.

Harry and Meghan have made $97 million from streaming giant Netflix for their six-part series about their family life and infamous ‘Megxit’ departure from the royals.

The prince also banked a $20 million advance for his autobiography ‘Spare’ and inherited $10 million from the late Queen Mother after he hit 40 in September.

Yet there have been reports there are concerns the Sussexes are burning through their cash with a lavish US lifestyle that includes private security in America and for Harry when he visits the UK.

They are also still paying a huge mortgage on their $14.2 million Montecito mansion, which they purchased after leaving Britain and official royal duties in 2020.

The Sun added insiders say the pair’s Portugal home “will be part of a financial portfolio which will include more real estate”.

Meghan is also set to bolster their finances by launching a Goop-style wellness site, set to sell everything from jam to yoga mats.