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FACEBOOK CO-FOUNDER GIVES UP U.S. CITIZENSHIP


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#1 Rogerdodger

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Posted 11 May 2012 - 01:44 PM

FACEBOOK CO-FOUNDER 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.
Saverin, 30, joins a growing number of people giving up U.S. citizenship, a move that can trim their tax liabilities in that country.


Kinda reminds my of one of my clients: A doctor with one foot out the door and a 2nd home in Costa Rica.
LINK

Edited by Rogerdodger, 11 May 2012 - 01:49 PM.


#2 fib_1618

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Posted 11 May 2012 - 01:52 PM

Actually, I do believe he renounced his citizenship last September, but that wouldn't make good copy going into next weeks IPO now would it? Fib

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#3 diogenes227

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Posted 11 May 2012 - 02:32 PM

How much is that "exit tax" on the capital gains? And it doesn't matter if he sells the shares or not? If that's the case, and if the estimated worth of his shares is fairly accurate, doesn't that mean he's going owe something like 570 million dollars in taxes here the day Facebook goes public? I must be missing something because this looks like the dumbest tax move since Zuckerberg shut him out of his 30 percent share according to "The Social Network." Maybe he can run the 570 million on his VISA card and end up paying another 27 percent in interest fees. That would be a smooth move too. Come to think of it, his tax bill could have paid off Greece's current debt payment and preserved the European Union with enough left over for to buy baklava for everyone in Germany. If he has trouble coming up with cash for the tax payment or if it just takes a while, maybe we should seize his entire stake in Facebook for tax evasion and use the interest in the meantime to save the whole world. It's not like he can come back from Singapore to fight us on it (if he thinks getting cheated out of a tiny bit of his 3.8 billion by the government now is stressful, just think how he'll be crying with the entire government itself in his face...book, so to speak). Anyway, this way he wouldn't have to worry about the taxes anymore and he could feel good about himself for helping to save the world and I'm sure somehow he won't starve (he went to Harvard after all).
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#4 selecto

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Posted 11 May 2012 - 02:46 PM

Don't let the door hit you on the way out.

#5 arbman

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Posted 11 May 2012 - 02:56 PM

Some would not mind dying for their country, some would rather put a price tag on their citizenship...

#6 BigBadBear

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Posted 11 May 2012 - 03:15 PM

often those that hold their citizenship for a price[usually a few mill$ or 2] are the same 1's that proclaim their eternal patriotism daily constitution in pocket[Bachman] or seek deferments during war time [ 1 VP had 5 during Veitnam !] and are the quickest to send 35K/yr marines into battle

#7 milbank

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Posted 11 May 2012 - 03:28 PM

And they say taxes don't drive away the rich


"Singapore doesn’t have a capital gains tax."

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#8 milbank

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Posted 11 May 2012 - 03:33 PM

Some would not mind dying for their country, some would rather put a price tag on their citizenship...


"The Brazilian-born resident of Singapore"

His loyalties are to himself.

"The power of accurate observation is commonly called cynicism by those who have not got it."
--George Bernard Shaw


"None are so hopelessly enslaved as those who falsely believe they are free."
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#9 milbank

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Posted 11 May 2012 - 04:05 PM

Eduardo's father was a Brazilian industrialist working in export, clothing, shipping, and real estate.

By 1993, Saverin's father had become wealthy, and in 1993 it was discovered that his son Eduardo´s name had been placed on a list of kidnapping victims by gangs specializing in kidnapping for ransom. As a result, the family moved to Miami to find a safer place to live.

Saverin took advantage of Brazil's lax insider trading regulations and made $300,000 via strategic investments in the oil industry.

Since 2010, Saverin has lived in Singapore. He reportedly owns a luxury penthouse suite in Singapore's tallest residential building.

His girlfriend is Wong Hui Ling, a 25 year old university graduate.


http://en.wikipedia....Eduardo_Saverin

It seems the United States served its purpose and now it's over.

Then again. . .

Maybe he wants to go to a country where they have national health care. . .

Singapore has a non-modified universal healthcare system where the government ensures affordability of healthcare within the public health system, largely through a system of compulsory savings, subsidies and price controls. Singapore's system uses a combination of compulsory savings from payroll deductions to provide subsidies within a nationalized health insurance plan known as Medisave. Within Medisave, each citizen accumulates funds that are individually tracked, and such funds can be pooled within and across an entire extended family. The vast majority of Singapore citizens have substantial savings in this scheme. One of three levels of subsidy is chosen by the patient at the time of the healthcare episode.


http://en.wikipedia....re_in_Singapore

Edited by milbank, 11 May 2012 - 04:12 PM.

"The power of accurate observation is commonly called cynicism by those who have not got it."
--George Bernard Shaw


"None are so hopelessly enslaved as those who falsely believe they are free."
--Johann Wolfgang von Goethe


#10 IYB

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Posted 11 May 2012 - 05:06 PM

Somehow it just strikes me as sad when "we the people" start to actually believe that we have the right {or is it the "duty"} to take more and more from our fellow citizens, and then when someone dares to object by "voting with their feet", the only vote they are offered in the matter, we condemn them as selfish and unpatriotic. But that's just me. :huh:
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, one by one.” Charles Mackay, Extraordinary Popular Delusions and the Madness of Crowds