Skip to comments.Eduardo Saverin Renounces U.S. Citizenship Ahead Of Mega Facebook IPO
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 companys 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 didnt become public until Bloomberg reported that the IRS released his name on April 30.
(Excerpt) Read more at forbes.com ...
He’s not going Galt. Do a title search. He’s going Buffett. Hypocrit lib alert
Denying the government “their fair share”
Guy responsible for a good portion of the grid goes off the grid. The irony.
Buffett is a U.S. citizen, unless you know something I do not know.
Your tax bill shouldn’t depend on your citizenship.
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.
same as Google. Most profitable liberal company ever and then pays no taxes.
“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
Yes, but in this case the dude bolts the country.
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.
Then again, he is a rich liberal and knows that big money can buy favors and preference.
Is there something we could do about that?
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.
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.
Singapore is his home - that’s where the guy lives.
Singapore has no capital gains tax. Wealth is not discouraged there.
No, he renounces citizenship. He can still be here a lot of the time.
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.
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.
“Your tax bill shouldnt 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 ?
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.
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.