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Eduardo Saverin Renounces U.S. Citizenship Ahead Of Mega Facebook IPO
Forbes ^ | May 11, 2012 | Brian Solomon

Posted on 05/11/2012 10:55:49 AM PDT by C19fan

Eduardo Saverin, the Facebook co-founder immortalized by his falling out with Mark Zuckerberg in the movie The Social Network, has renounced his U.S. citizenship ahead of the company’s IPO.

Saverin, 30, may have made the move for tax reasons, hoping to avoid the highest rates before Facebook goes public. Although born and raised in Brazil, before moving to the United States in 1992, he now lives abroad in Singapore. According to a spokeswoman, Saverin actually renounced his citizenship last September, but the information didn’t become public until Bloomberg reported that the IRS released his name on April 30.

(Excerpt) Read more at forbes.com ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: citizenship; facebook
Saverin going Galt.
1 posted on 05/11/2012 10:55:57 AM PDT by C19fan
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To: C19fan

He’s not going Galt. Do a title search. He’s going Buffett. Hypocrit lib alert

http://www.freerepublic.com/focus/f-bloggers/2882622/posts


2 posted on 05/11/2012 11:03:05 AM PDT by chuck_the_tv_out
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To: C19fan

Denying the government “their fair share”

PRICELESS!


3 posted on 05/11/2012 11:03:35 AM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: C19fan

Guy responsible for a good portion of the grid goes off the grid. The irony.


4 posted on 05/11/2012 11:03:49 AM PDT by 1rudeboy
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To: chuck_the_tv_out

Buffett is a U.S. citizen, unless you know something I do not know.


5 posted on 05/11/2012 11:05:11 AM PDT by 1rudeboy
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To: C19fan

Your tax bill shouldn’t depend on your citizenship.


6 posted on 05/11/2012 11:09:55 AM PDT by FewsOrange
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To: C19fan

Paraphrasing Obama, “There would’ve been no facebook had it not been for (socialist) government.” Socialism works great! For the socialists. Then they make their pile (capitalist profits) and flee the country so the government can’t claim their “fair” share. Oh, the irony.


7 posted on 05/11/2012 11:15:25 AM PDT by Jim Robinson (Resistance to tyrants is obedience to God!!)
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To: Jim Robinson

same as Google. Most profitable liberal company ever and then pays no taxes.


8 posted on 05/11/2012 11:20:28 AM PDT by MNDude
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To: 1rudeboy

“going buffett” is a reference to having hypocritical high tax policies, e.g. http://www.tkpts.com/Buffett_says_high_taxspend_policies_good_but_buys_non-US_companies_because_of_them_18.html


9 posted on 05/11/2012 11:22:24 AM PDT by chuck_the_tv_out
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To: chuck_the_tv_out

Yes, but in this case the dude bolts the country.


10 posted on 05/11/2012 11:41:14 AM PDT by 1rudeboy
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To: FewsOrange
Your tax bill shouldn’t depend on your citizenship.

US is one of (or the) only countries in the world where citizens must pay income tax even if they don't live in the country. So this guy living in Singapore or Brazil or wherever, would have to pay income tax to the US if he maintains his citizenship.

11 posted on 05/11/2012 11:44:28 AM PDT by douginthearmy (Obamagebra: 1 job + 1 hope + 1 change = 0 jobs + 0 hope)
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To: C19fan
Certainly, he can't be considering Singapore as his new home. Taxes are very very very high there and any kind of wealth is discouraged.

Then again, he is a rich liberal and knows that big money can buy favors and preference.

12 posted on 05/11/2012 11:47:26 AM PDT by dhs12345
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To: 1rudeboy

Is there something we could do about that?


13 posted on 05/11/2012 11:50:43 AM PDT by nickcarraway
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To: C19fan

Well, as a billionaire he can pretty much go anywhere and if he is apolitical then citizenship just don’t matter.

Not that I would ever give up my US citizenship. Still the best in the world to be if you bust.


14 posted on 05/11/2012 11:56:43 AM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: dhs12345

You must be mistaken. Singapore is rated way more business-friendly than the U.S. The individual income tax rates are 0%-20%. Last time I checked, that’s better than the U.S.


15 posted on 05/11/2012 11:59:13 AM PDT by nickcarraway
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To: dhs12345

Singapore is his home - that’s where the guy lives.

Singapore has no capital gains tax. Wealth is not discouraged there.


16 posted on 05/11/2012 12:00:26 PM PDT by green iguana
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To: 1rudeboy

No, he renounces citizenship. He can still be here a lot of the time.


17 posted on 05/11/2012 12:21:18 PM PDT by chuck_the_tv_out
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To: nickcarraway

Maybe business friendly but personal wealth, heck no. Taxes are extremely high. A typical low end car costs $100K. As a citizen, you lease realestate from the government — 99 year lease and never actually own it.


18 posted on 05/11/2012 1:22:18 PM PDT by dhs12345
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To: green iguana
Have you lived there? I used to travel there frequently. Everything is heavily regulated, income and vat taxes are high, no one actually owns realestate, homes, condos, etc. — everyone “leases” their condos and homes from the government (99 year lease). That prevents wealth from being passed on.

Cars and other luxuries are heavily taxed. A typical automobile costs $100k. Not a high end car but a cheapie beater. Gasoline is heavily taxed and expensive.

19 posted on 05/11/2012 1:31:59 PM PDT by dhs12345
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To: FewsOrange

“Your tax bill shouldn’t depend on your citizenship.”

He was born and raised in Brazil and now lives in Singapore. He pays taxes in Singapore as a resident, he’d be foolish to keep paying US taxes when he doesn’t live here anymore and gets no value from the US government.

Taxes are just how members of a society pay for the services the government provides to members. No more membership, no more government services, no more taxes, right ?


20 posted on 05/11/2012 2:26:42 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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To: C19fan
Magna Cum Laude Economics Harvard 2006.

He has sold some of his shares privately and invested in several startups, all overseas. Not bad for a young guy with a bachelors degree.

Anyway, the US used to be the place to invest.

The US jobs that were never created by him or the next Bill Gates or Steve Jobs will never show up in any government statistic.

But never fear, our government will make sure the rich pay their fair share.

21 posted on 05/11/2012 2:59:56 PM PDT by Jacquerie (No court will save us from ourselves.)
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To: dhs12345

I have not lived there, but am quite familiar with their tax structure. Yes, they do have some high taxes as you mention, but his concern is with the income tax - they top out at 20%, vs our 37.5 - and capital gains tax, of which they have none.

I doubt he cares how much a car costs there.


22 posted on 05/18/2012 5:48:22 AM PDT by green iguana
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