GOODBYE, AMERICA: Billionaire Facebook Cofounder Renounces Citizenship (Your taxes are not for me)

Business Insider ^ | 05/11/2012 | Nicholas Carlson

[Gaffer]

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

[Kellis91789]

[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.

[Revolting cat!]

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.

[Revolting cat!]

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

[Gatún(CraigIsaMangoTreeLawyer)]

“He’s liberal.”

Where in the article mentions his political leanings?

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

[GeronL]

This is the modern version of Going Galt I guess

[GeronL]

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

[stuartcr]

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

[Sherman Logan]

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.

[stuartcr]

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

[silverleaf]

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

[aMorePerfectUnion]

Smart.

[bruinbirdman]

"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

[willyd]

What’s Ebay?

[blueyon]

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

[dfwgator]

[BlueLandRed]

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.

[Jay Santos CP]

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.

[BlueLandRed]

> 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.

[TurboZamboni]

LOL. right on.