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-IPOOr 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!FACEBOOK CO-FOUNDER SAVERIN PLANS TO INVEST IN BRAZIL COMPANIES
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)
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.
Heretofore I couldn’t imagine being more repulsed by this character.
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.
Maybe he can live in the International Concourse hallways of Orly Airport in Paris
sounds like a good plan
if you don’t want that money to leave... don’t make it so attractive to leave
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.
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.
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.
The answer can usually be found by simply following the money.
“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 ?
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