[a fool in paradise]

Facebook:

Facebook co-founder renounces citizenship ahead of IPO
Published May 11, 2012 /
FoxNews.com
http://www.foxnews.com/tech/2012/05/11/facebook-co-founder-renounces-citizenship-ahead-of-ipo/
Facebook co-founder Eduardo Saverin, who made billions off the world’s most popular social network, stands to rake in about $3.84 billion from his 4 percent share of Facebook, Bloomberg reported.

American citizens pay several taxes, including taxes on salary and investments. Saverin would be hit with about $600 million in capital gains taxes whenever he sold the Facebook shares (or “realized the income,” in financial speak).

But Saverin may not have to pay — he’s chosen to renounce his U.S. citizenship for residence in Singapore, Bloomberg reported, where there is no capital gains tax.

[A_Former_Democrat]

Right. Right country, wrong ex company. My bad.