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GOODBYE, AMERICA: Billionaire Facebook Cofounder Renounces Citizenship (Your taxes are not for me)
Business Insider ^ | 05/11/2012 | Nicholas Carlson

Posted on 05/11/2012 2:24:03 PM PDT by SeekAndFind

Billionaire Facebook cofounder Eduardo Saverin is renouncing his citizenship ahead of the company's IPO at the end of next week.

Saverin is the cofounder who got booted from the company WAY back in 2005. They made a movie about it.

His 4 percent stake is worth about $4 billion and he's going to save a boatload on taxes with the move.

Singapore, where Saverin lives, does not have a capital gains tax.

He will have to pay an exit tax on his holdings, but it will be at Facebook's valuation now, not after the IPO.

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Tom Goodman, a spokesman for Saverin, tells Bloomberg's Danielle Kucera, Sanat Vallikappen and Christine Harper.

Mostly, Saverin got in the way of Facebook's early development. At one point, he froze the company's bank account because he wasn't getting enough attention. Still, he was its first outside investor. And for that, insiders have described him as one of the most important people in company history.

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


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: citizenship; eduardosaverin; expats; facebook; facebookipo; loveitorleaveit; renouncecitizenship; tax; taxes
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To: SeekAndFind

IIRC, he did this months ago, September.....value then was debatable


21 posted on 05/11/2012 2:49:06 PM PDT by Gaffer
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To: a fool in paradise

[The 1996 law included a provision to bar entry to any individual “who officially renounces United States citizenship and who is determined by the Attorney General to have renounced United States citizenship for the purpose of avoiding taxation by the United States.” There is no known case of this provision, known as the Reed Amendment, having ever been enforced.]

“1996 HIPAA (Health Insurance Portability and Accountability Act of 1996), H.R. 3103, 104th Congress, page 158” (PDF). Retrieved 2012-05-11.

So, at least theoretically, this guy would be rejected for a travel visa to the US.


22 posted on 05/11/2012 2:49:27 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: GrandJediMasterYoda

I have a cooler ideer. A discussion forum where those who don’t get an obvious joke (such as #6) get their credit card charged for $10.


23 posted on 05/11/2012 2:49:46 PM PDT by Revolting cat! (Let us prey!)
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To: SeekAndFind

Exactly. Eduardo is now investing (conservatively, I read in the WSJ)in Singapore. D’uh!


24 posted on 05/11/2012 2:52:04 PM PDT by Revolting cat! (Let us prey!)
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To: Da Coyote

“He’s liberal.”

Where in the article mentions his political leanings?

He is smart looking after his interests. There is nothing wrong with that.


25 posted on 05/11/2012 2:54:41 PM PDT by GatĂșn(CraigIsaMangoTreeLawyer)
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To: Pearls Before Swine

This is the modern version of Going Galt I guess


26 posted on 05/11/2012 2:55:11 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: SeekAndFind

Yes, but those are taxes on the value NOW, not after the IPO.


27 posted on 05/11/2012 2:56:17 PM PDT by GeronL (The Right to Life came before the Right to Pursue Happiness)
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To: SeekAndFind

I’m guessing he’s pretty sure it’s a good idea.


28 posted on 05/11/2012 3:02:32 PM PDT by stuartcr ("When silence speaks, it speaks only to those that have already decided what they want to hear.")
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To: SeekAndFind
And I’m not sure leaving America for the still in effect, one party ruled Singapore (where the press is not free ) is a good idea.

The desired condition is a civil society and rule of law. Elections and the free press are just tools that have often been effective at helping societies get to that goal.

OTOH, free elections do not necessarily mean that the goal will be reached. See 1930s Germany and the Middle East today.

A one party state is not necessarily oppressive, it's just that it tends to head in that direction because there are no checks and balances.

29 posted on 05/11/2012 3:03:11 PM PDT by Sherman Logan
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To: TurboZamboni

One nice thing about FR...no one here ever posts that kind of stuff about people.


30 posted on 05/11/2012 3:04:05 PM PDT by stuartcr ("When silence speaks, it speaks only to those that have already decided what they want to hear.")
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To: SeekAndFind
Jim Rogers moved his family there- good quality of life if you are wealthy

However Rogers did not renounce his citizenship, as far as I know

This guy doesn't look very “Singaporean” if you know what I mean

But I suspect to guys like this, nationality is nothing more than where you own a home and have passport

31 posted on 05/11/2012 3:11:05 PM PDT by silverleaf (Funny how all the people who are for abortion are already born)
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To: SeekAndFind

Smart.


32 posted on 05/11/2012 3:13:15 PM PDT by aMorePerfectUnion ("I'm comfortable with a Romney win." - Pres. Jimmy Carter)
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To: SeekAndFind
"If you want money to come flowing IN to the US, you have to COMPETE with the likes of Switzerland, the Cayman’s and Singapore."

Barak Hussein Obama, "I don't care about more revenue, only fairness. If you have more, you should pay more or leave."

yitbos

33 posted on 05/11/2012 3:15:15 PM PDT by bruinbirdman ("Those who control language control minds." -- Ayn Rand)
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To: SeekAndFind

What’s Ebay?


34 posted on 05/11/2012 3:16:15 PM PDT by willyd (your credibility deficit is screwing up my bs meter...)
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To: SeekAndFind

LOL........I bet the left never saw that coming!


35 posted on 05/11/2012 3:19:01 PM PDT by blueyon (The U. S. Constitution - read it and weep)
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To: SeekAndFind

36 posted on 05/11/2012 3:19:36 PM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: Pearls Before Swine

It’s a exit tax... and it mark to market. An it’s not cheap.

Also, Singapore... mandated universal health care (tho’ I should be careful there... it seems very complicated) and strict gun control.


37 posted on 05/11/2012 3:22:39 PM PDT by BlueLandRed
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To: SeekAndFind
Seems perfectly rational to me.

You take a hard look at this country, its leaders in particular, its sense of entitlement among a large swath of the population and its decaying culture, Singapore looks good. Particularly if you're that wealthy.

That's the way I feel these days anyway.
38 posted on 05/11/2012 3:24:16 PM PDT by Jay Santos CP ("Idiocracy"... It's no longer just a movie.)
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To: FlingWingFlyer

> I agree with Eduardo. I’d be nothing but a
> cloud of dust too if I had any money.

Leave... but for where. Out of the 200 odd places to pick, you’ve either got dictators, religious kooks, gun laws, or socialism. And those are just the best options.


39 posted on 05/11/2012 3:26:23 PM PDT by BlueLandRed
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To: stuartcr

LOL. right on.


40 posted on 05/11/2012 3:29:06 PM PDT by TurboZamboni (Looting the future to bribe the present)
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