Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO

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.

Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for anInternet 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.

http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html

wouldnt you?

I suspect you can only renounce citizenship if you have another citizenship to take its place. I doubt whether you can make yourself stateless. So what is he, Montenegran?

I suspect you can only renounce citizenship if you have another citizenship to take its place. I doubt whether you can make yourself stateless. So what is he, Montenegran?

Yes that is true & also if you have assets over 2 million you need to pay an exit tax.

The US.....you may check out anytime you like but you may never leave......free of charge

In his case the exit tax will be MASSIVE

To renounce your citizenship yes you need a country.

He is Brazilian born so I suppose he holds a Brazilian passport too.

Once obtained you walk into the nearest embassy & renounce.

Just remember the exit tax because until paid you are not free from extradition for tax evasion in many countries

I met a former-American businessman who gave up his US citizenship for that of some island I never heard of in the Caribbean. Apparently it saved him millions in taxes.

But, hey, the class warfare warriors swear that bleeding the rich and the corporations are the way to pay for everything. Never realizing that corporations pass the cost on to the consumer and that millionaires/billionaires will just leave the country. I love my country (USA) but if changing citizenship might save me hundreds of millions in tax money (that would just be wasted by gov't anyway) I could probably renounce it for another. I'm sure if I had that much money, the USA would happily take me back if I ever changed my mind - AND paid the repatriation fee.

I suspect you can only renounce citizenship if you have another citizenship to take its place. I doubt whether you can make yourself stateless. So what is he, Montenegran?

he was brazillian to begin with , but now lives in Singapore ( he has a thing for Asian Babes ) ....

wouldnt you?

When you have more money than you could spend in a dozen lifetimes. probably not.

Would you pay this exit tax on money you hadn't earned yet?

He's renounced citz before the public offering that will give him billions.

Reminds me of a guy who renounced his Australian citizenship so he could take up citizenship in a third world country where he subsequently took over every media outlet, and unhealthily influenced the fragile,conservative minds of what was a primitive god worshipping country.

His name was Murdoch.

Would you pay this exit tax on money you hadn't earned yet?

He's renounced citz before the public offering that will give him billions.

Yes you do not pay on future earnings

but I am sure he has already more than 2 million

So he will pay something..........But if I were him I would do the exact same.

Why not? What does US citizenship offer someone like him that he cannot just as easily get

from many other passports....without being taxed on money he makes outside of the US

That article mentions taxes on *future* investments & also a reason for getting Singapore residence.

If he remains a US citizen he is liable for a cut of all of it....from both inside & outside the US...current & future

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

http://abcnews.go.co...ins-tax-scheme/

The plan would bar individuals like Saverin from ever reentering the United States again.

We will continue to see more & more of this sort of thing.

As the US gets more & more desperate to look under every stone for revenues.

I am not suggesting tax evasion either. But it is your right to decide when you want to give up

your right to citizenship for any reason. Other wise where is the difference between places that once had walls?

This is not limited to tax reasons either.

There is also the expatriation act that is being thrown about.

Basically everyone knows you cannot be a man without a country.

So if through things like S.1698 or HR3166 if they can strip your citizenship

you then have no rights what so ever to trials or anything else. Nor can you enter

another country without some form of passport. Unless of course you are accepted

for political asylum etc.

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

http://abcnews.go.co...ins-tax-scheme/

Of course this guy, like many French rich and similar, are welcome in the UK, where the government is reducing op level taxes in the hope of encouraging these people to join us.

Makes a change from the hundreds of thousands of penniless Africans and similar who came here through the Labour government and were handed taxpayer's money on arrival (and every week since)

The plan would bar individuals like Saverin from ever reentering the United States again.

We will continue to see more & more of this sort of thing.

As the US gets more & more desperate to look under every stone for revenues.

I am not suggesting tax evasion either. But it is your right to decide when you want to give up

your right to citizenship for any reason. Other wise where is the difference between places that once had walls?

Well, the places that once had walls were run by a similar vein of people who promote class warfare in the USA so it makes sense.

I suspect you can only renounce citizenship if you have another citizenship to take its place. I doubt whether you can make yourself stateless. So what is he, Montenegran?

Yes that is true & also if you have assets over 2 million you need to pay an exit tax.

The US.....you may check out anytime you like but you may never leave......free of charge

In his case the exit tax will be MASSIVE

To renounce your citizenship yes you need a country.

He is Brazilian born so I suppose he holds a Brazilian passport too.

Once obtained you walk into the nearest embassy & renounce.

Just remember the exit tax because until paid you are not free from extradition for tax evasion in many countries

Flying,

name a few countries which extradite a non-US citizen to the USA because of tax evasion. when searching don't forget to use a magnifying glass.

Would you pay this exit tax on money you hadn't earned yet?

He's renounced citz before the public offering that will give him billions.

Yes you do not pay on future earnings

but I am sure he has already more than 2 million

So he will pay something..........But if I were him I would do the exact same.

Why not? What does US citizenship offer someone like him that he cannot just as easily get

from many other passports....without being taxed on money he makes outside of the US

That article mentions taxes on *future* investments & also a reason for getting Singapore residence.

If he remains a US citizen he is liable for a cut of all of it....from both inside & outside the US...current & future

but I am sure he has already more than 2 million

are you also sure he was stupid enough to leave his assets exposed in the US?

Flying,

name a few countries which extradite a non-US citizen to the USA because of tax evasion. when searching don't forget to use a magnifying glass.

That is true though we also know they ( IRS) do pressure foreign banks to divulge info on US passport holders accounts.

Then again this guy has two so maybe he always opened...probably did.....with his other passport?

If you have that much money, who cares about the rules? So long as the country(ies) concerned get their cut.

If you have that much money, who cares about the rules? So long as the country(ies) concerned get their cut.

I know if I were a multi-billionaire I wouldn't worry too much about it.

Thing is folks who are well off did not get that way by not caring.

I have spent years in the company of folks who pull in numbers like 140+ million a year.

They are the worst tippers I have known

Then there is another side to it.....Some folks...myself included....may not be so rich

but we do things based on principal too. We know in our hearts it will not mean sh!t in the bigger picture.

But we/ourselves are the only ones we can definitely do something about.

If we see a system is so corrupt we opt out. Now I will also say right here that it may be biting our nose off

to spite our face in a way......Because some folks...again myself included....could still make $$$ in this corrupt system

but again we have a line in our minds/sand that we choose not to cross so we opt out.

Nothing noble per se' about it....just a personal choice we make.

Flying,

name a few countries which extradite a non-US citizen to the USA because of tax evasion. when searching don't forget to use a magnifying glass.

That is true though we also know they ( IRS) do pressure foreign banks to divulge info on US passport holders accounts.

Then again this guy has two so maybe he always opened...probably did.....with his other passport?

take a wild guess

http://www.businessinsider.com/us-citizens-now-one-step-closer-to-becoming-permanent-tax-slaves-2012-5

http://www.businessi...x-slaves-2012-5

EXACTLY !!

They wanted to rewrite it & now have the perfect excuse!

FUBAR

This is the same as the latest supposed Terrorist

Some crazy lady claimed she has something implanted in her on a flight yesterday.

Turns out she was just some crazy person

But.............Today the TSA said this is something they had worried about & will now act accordingly.

I am guessing there will be full x-ray scans shortly

wouldnt you?

He had no problems with getting all the opportunities that America provided him, and when those opportunities came to fruition he bails. I think the US is better off without him.

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

http://abcnews.go.co...ins-tax-scheme/

This is so typical of how blind the begger can be. The politicians i.e government takes money that they have nor right to and the feel cheated when we wont pay. F..k Them and F..k taxes.

Senators to Unveil the ‘Ex-Patriot Act’ to Respond to Facebook’s Saverin’s Tax ‘Scheme’

Sen. Chuck Schumer, D-N.Y., has a status update for Facebook co-founder Eduardo Saverin: Stop attempting to dodge your taxes by renouncing your U.S. citizenship or never come to back to the U.S. again.

The senators will call Saverin’s move an “outrage” and will outline their plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country. Their proposal would also impose a mandatory 30 percent tax on the capital gains of anybody who renounces their U.S. citizenship.

The plan would bar individuals like Saverin from ever reentering the United States again.

http://abcnews.go.co...ins-tax-scheme/

This is so typical of how blind the begger can be. The politicians i.e government takes money that they have nor right to and the feel cheated when we wont pay. F..k Them and F..k taxes.

The gov't chases "the rich" and their money away, and when they leave, they punish them (exit tax) and in this case actually make up new rules to punish them even harder. Instead, the gov't should be thinking of ways to maximize revenue without chasing people out of the country. Policies that would make the rich want to keep their money in the USA and invest at home would be a good start.

It's not so much a matter of keeping the rich in the country as of keeping the 'movers and shakers'. These are the people who create wealth... and who can therefore yield a lot in taxes without being skinned. The 'old rich' are less important than people like Saverin, Bill Gates, etc.

The gov't chases "the rich" and their money away, and when they leave, they punish them (exit tax) and in this case actually make up new rules to punish them even harder. Instead, the gov't should be thinking of ways to maximize revenue without chasing people out of the country. Policies that would make the rich want to keep their money in the USA and invest at home would be a good start.

This is the heart of the problem & shows their short sightedness even in these financial crisis times.

Not that it is anything new either...They have chased many a business offshore with regulations & taxation

They just miss the bigger picture.

Instead they should offer tax incentives to create business & employment.

Kill off some of the stifling useless regulations.

Trust me I know as a contractor of over 25 years it takes 3-5 months sometimes just to get a building permit.

Why? They dont want folks to work? They dont want the revenues the property taxation will bring?

Beats me but seems so counter productive.

Dont even get started with the unions & their lobbyist that drove wages to rarefied air heights & priced our products right out

of the world marketplace....& yet no import duties raised at a similar rates made many a company go offshore just to remain competitive.

There are a few States though that now see the light & offer businesses 3-5 years to start a business of X size in their State with no or reduced State taxation.

They see now although it might be too late that a business of X size is good for the locals employment wise & good for the state govt in the long run

as they will get theirs too. But, I am afraid it may be too late.