“Eduardo Saverin, the billionaire co- founder of Facebook Inc. (FB), renounced his U.S. citizenship before an initial public offering that values the social network at as much as $96 billion, a move that may reduce his tax bill,” Danielle Kucera, Sanat Vallikappen and Christine Harper report for Bloomberg. “Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company. Saverin’s stake is about 4 percent, according to the website Who Owns Facebook. At the high end of the IPO valuation, that would be worth about $3.84 billion. His holdings aren’t listed in Facebook’s regulatory filings.”
Kucera, Vallikappen and Harper report, “Saverin, 30, joins a growing number of people giving up U.S. citizenship, a move that can trim their tax liabilities in that country. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dorm and stand to reap billions of dollars after the world’s largest social network holds its IPO. ‘Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,’ said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.”
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“Saverin moved to the U.S. in 1992, and became a citizen in 1998, his spokesman said,” Kucera, Vallikappen and Harper report. “Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, according to government records. Income-tax rates for top U.S. earners will rise to 39.6 percent from 35 percent next year, and rates on capital gains and dividends also are scheduled to rise unless Congress blocks the increases. ‘It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,’ said Richard Weisman, an attorney at Baker & McKenzie in Hong Kong. ‘The tax cost, complexity and the traps for the unwary are among the considerations.'”
Read more in the full article here.
” ‘It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,’ said Richard Weisman, an attorney at Baker & McKenzie in Hong Kong. ”
LMAFO… Oh the irony…Thy name is Richard
Liberals SUCK!
America is a land of opportunity. Well people come and go when they have the opportunity….
The US is the only country in the world that taxes non resident nationals on their income in other countries.
They have exceptions up to a certain income level, but you still have to fill out the complicated tax forms.
You would be stupid to remain a US citizen if you have an option.
Well said. Especially with all of the lunatic, statists in government these days.
Let me guess Rudolph… You are not a US citizen or you have not yet fully grasped how precious your citizenship in the most powerful and most-free country on the planet is and will remain.
Giving up one’s US citizenship for some tax money you couldn’t begin to spend if you worked hard at it for years (which is the case for this greedy young billionaire) is short-sighted and immature.
Eduardo will one day deeply regret his decision.
Not if the Marxist keep stealing US elections. Then the US will be just like every other hell hole dictatorship around the globe.
The only known failed US presidential election was the Presidential Selection by the Supreme Court in 2000, where one of the “liberal” members went along so her friends George and Barbara wouldn’t be disappointed. Bleeding heart liberals, always going with their feelings instead of the law.
There was nothing failed about the 2000 election except for a typical libtard response. Lose legitimately and then file law suits to Libtard judges and hope to steal the election. Didn’t pan out for you Aholes. Justice Served!!!! SCREW YOU!!!!!
You make me smile.
You make me want to PUKE!
Not only rich people, but an increasing number are giving up their US citizen ship.
You should know, that even those who give up their passports are still liable to pay tax on their US income. It is the rather unusual habit of the US to milk their citizens of their foreign earned and taxed income.
As to the US being most powerful and free it is rather dangerous when you start to believe your own propaganda.