Skip to comments.Facebook's Eduardo Saverin gives up citizenship
Posted on 05/11/2012 4:35:31 PM PDT by paudio
Saverin, who was immortalized in the film The Social Network as Zuckerbergs contentious former friend and business partner, has a 4% stake in the company, according to the Who Owns Facebook? website. His stake could be worth nearly $4 billion after the IPO.
It's definitely savvy tax planning, said Edward D. Kleinbard, a professor of law at USC who specializes in federal tax policy and international taxation. He can argue that the value of the Facebook shares in September, when he gave up his citizenship, were significantly less than the value that will be set at the IPO next week.
(Excerpt) Read more at latimes.com ...
OWS should have a field day with this. I would submit that my US citizenship is more valuable to me than money.
Not to me. I’d vacate faster than you can say “confiscatory tax rates!”
My cursory search failed to find anything to suggest that Saverin worshiped Obama and his edict that all pay their “fair share.” No doubt he is one them “do as I say, not as I do,” “I am special and you’re not” liberals.
Its still going to cost him. The IRS takes a chunk for leaving.
Baraq says we're no better than anyone else, and he's working hard to make it that way.
Same here. I’d rather be dirt poor Among Americans than filthy rich among foreigners.
he already left before he received the stock, so irs can’t tax him
who are the investors in facebook. They’re so stupid. They’re buying a stock at the very top while the owners are cashing out
Ha, then you’re pretty stupid imho. You could help America, not by going down with the ship, but by protecting your wealth so that one day you could reinvest your capital back in America.
The stock is not traded until their IPO next Friday, the current inside owners cannot sell until after the 6 month lock up period is over.
IIRC, he was born in Brazil, retains its citizenship, had been dual with US, and now lives in Singapore. This may just be the very reason, tho, that the Founders insisted our POTUS be ‘natural born,’ i.e., someone so ingrained in the USA that he wouldn’t leave for financial gain.
5-10 years ago I wouldn’t have considered giving up my natural born citizenship - the thought never would have occurred. Today I’m not so sure. If O is reelected in November, it might just become downright attractive.
Liberals are destroying the country and you want to go down with them. You help America by staying alive with include anyway you can to help preserve your wealth to help rebuild America again. You’re not standing by your country by dying and contributing nothing
Whatever it takes to convince yourself that you aren’t the coward. Be my guest.
taxes in singapore are 10% for everyone. there might even be a cap
so yea... MUCH more attractive.
if the US was trying to attract the job creators (ie: people with investment dollars).. they wouldn’t make it detrimental to invest here.
since they’ve been pushing everything out of the country, why wouldn’t someone either with wealth or with the means to make it... go to another country to do their work?
especially if that business is internet based
Most definitely. Besides, Saverin is a rock star in Singapore. In the US, not so much...
I read an article last week that the rules have become so “Draconian” (that’s the word used) for Americans in foreign banks that overseas banks not only are not accepting American accounts, they are starting to close established ones.
This is just the beginning of a flood, as if the politicians care. Atlas is shrugging.
He has no intention of “building America again” although he does have a clear intention to love his money. He loves his money more than the loves America. When the Chinese take over his new residency, that money will mean less and his lost freedom will mean more.
Article. Notice how halfway down they talk about sentiment in Singapore, where this guy is.