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Author Topic: Facebook Co-Founder Saverin Gives Up U.S. Citizenship  (Read 2397 times)

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Offline Gina

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Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« on: May 11, 2012, 11:40:20 AM »
http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html

Quote
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.

Saverin’s name is on a list of people who chose to renounce citizenship as of April 30, published by the Internal Revenue Service. Saverin renounced his U.S. citizenship “around September” of last year, according to his spokesman.

Singapore doesn’t have a capital gains tax. It does tax income earned in that nation, as well as “certain foreign- sourced income,” according to a government website on tax policies there.
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Offline docstew

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #1 on: May 11, 2012, 11:41:34 AM »
Atlas Shrugged...
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Offline Chris_

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #2 on: May 11, 2012, 11:46:35 AM »
buh bye
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Offline FaC

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #3 on: May 11, 2012, 12:00:32 PM »
This may the first of many practical demonstrations of the "capital is portable" principle.

[sarc] I wonder if his view of current and future tax rates and schemes had anything to do with this decision?[/sarc]

FWIW
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Offline BlueStateSaint

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #4 on: May 11, 2012, 12:22:09 PM »
Quote from: docstew on May 11, 2012, 11:41:34 AM
Atlas Shrugged...

Dead on, and the H5 given.  The rub is--he's probably a Dem. ::)
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Offline obumazombie

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #5 on: May 11, 2012, 12:24:16 PM »
Quote from: BlueStateSaint on May 11, 2012, 12:22:09 PM
Dead on, and the H5 given.  The rub is--he's probably a Dem. ::)
Or at least votes dem. Wait till he gets mugged by some lib/dem/socialists.
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Offline Kyle Ricky

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #6 on: May 11, 2012, 12:25:09 PM »
Quote from: docstew on May 11, 2012, 11:41:34 AM
Atlas Shrugged...

Yep, don't want to pay the taxes. So he is getting out before the IPO so he doesn't have to. And I agree, he probably is a liberal.
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Offline ExGeeEye

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #7 on: May 11, 2012, 12:27:05 PM »
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The Brazilian-born resident of Singapore

US Citizenship of convenience; a business decision with no real allegiance involved.

Don't, door, hit, split etc.
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Offline marv

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #8 on: May 11, 2012, 12:34:19 PM »
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Offline Lacarnut

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Re: Facebook Co-Founder Saverin Gives Up U.S. Citizenship
« Reply #9 on: May 11, 2012, 12:52:31 PM »
I have given serious consideration to leaving the US and renouncing my citizenship. However, learning a foreign language would be a problem because of my hearing and health care would be a major stumbling block also. We bitch about the gov. taking away our freedoms but I think we have more than any other country. The conveniences we have of everything from food to autos is unequaled in any other part of the world. I can go to several grocery stores and restuarants within a mile of my house that are open 24/7. So, I am gonna stick it out here. 
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