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Tax-Arbitrage Of The Year - Facebook Founder Renounces US Citizenship
ZeroHedge ^ | 05/11/12 | Tyler Durden

Posted on 05/11/2012 10:09:38 AM PDT by RobertClark

We can only guess at his reasons. Perhaps it is the cost of real estate in Palo Alto, the price of Starbucks in Silicon Valley, or the lack of Bugatti dealerships but Eduardo Saverin - co-founder of Facebook - just renounced his US citizenship. Via Bloomberg,

FACEBOOK CO-FOUNDER SAVERIN GIVES UP U.S. CITIZENSHIP PRE-IPO

FACEBOOK CO-FOUNDER SAVERIN PLANS TO INVEST IN BRAZIL COMPANIES

Or maybe the always pioneering entrepreneurs from Facebook just gave us a preview of US tax policy, or rather the popular response to it, in 2013. Like!


TOPICS: Business/Economy; Music/Entertainment; Society
KEYWORDS: facebook
Let's see: Facebook IPO is next week - How many billions in earnings does he stand to make, tax free now? Liberal rats always flee the ship when it comes time to pay.....
1 posted on 05/11/2012 10:09:43 AM PDT by RobertClark
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To: RobertClark

Look for Obama to make a big deal of this and to push for more wealth confiscation from exiting US Citizens (or to stop approving the renunciations alltogether)


2 posted on 05/11/2012 10:18:39 AM PDT by Buckeye McFrog
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To: RobertClark

Another hypocrit lib who clamors for higher taxes on us ordinary folk sweating and bleeding just to scrape 5 or 6 figures together.

Liberals are fricking satanic.


3 posted on 05/11/2012 10:22:02 AM PDT by chuck_the_tv_out
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To: RobertClark

Heretofore I couldn’t imagine being more repulsed by this character.


4 posted on 05/11/2012 10:22:18 AM PDT by the invisib1e hand
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To: the invisib1e hand

I wish I’d never heard of Facebook It’s a huge waste of time. I need to renounce my account.


5 posted on 05/11/2012 10:32:19 AM PDT by greenhornet68
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To: greenhornet68
To: the invisib1e hand I wish I’d never heard of Facebook It’s a huge waste of time. I need to renounce my account.

after the ipo they'll probably register facebook to become a nation.

6 posted on 05/11/2012 10:46:01 AM PDT by the invisib1e hand
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To: RobertClark

Maybe he can live in the International Concourse hallways of Orly Airport in Paris


7 posted on 05/11/2012 10:49:23 AM PDT by Sasparilla
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To: RobertClark

sounds like a good plan

if you don’t want that money to leave... don’t make it so attractive to leave


8 posted on 05/11/2012 10:51:08 AM PDT by sten (fighting tyranny never goes out of style)
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To: RobertClark

He’s half Brazilian, born there, raised in Miami, now he lives in Singapore. If I had his background and cash I’d probably wave bye bye to the US too.


9 posted on 05/11/2012 10:56:26 AM PDT by discostu (I did it 35 minutes ago)
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To: greenhornet68
LOL, it's not a waste of time if you don't go there.

I probably check it once a day, and after I blocked the handful of attention-whores among my "friends," the volume of worthwhile posts by people I care about has dropped way off. I think older people like me aren't really interested in it, while the young people have apparently moved on to Twitter.

Thus the downside of basing your business model on being "cool," with what is "cool" being, by definition a fleeting thing.

10 posted on 05/11/2012 10:56:47 AM PDT by Trailerpark Badass
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To: greenhornet68

I never got an account, have looked at only one Facebook page (someone else’s computer) and feel so happy that I’m not one of the cult.


11 posted on 05/11/2012 11:25:50 AM PDT by what's up
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To: RobertClark

The answer can usually be found by simply following the money.


12 posted on 05/11/2012 11:29:16 AM PDT by bgill
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To: RobertClark

“tax free now?”

None. The IRS charges an “Exit Tax” when you renounce citizenship. He’ll actually pay more in Exit Tax than he would have in long-term capital gains tax. They treat the stock as though he sold it and as ordinary income rather than long-term capital gains. He is simply looking forward and figuring he hasn’t lived in the US for years, so why continue to pay US taxes as a citizen rather than a foreign investor ?


13 posted on 05/11/2012 2:19:52 PM PDT by Kellis91789 (The ultimate result of shielding men from the effects of folly is to fill the world with fools.)
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