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Facebook founder Eduardo Saverin could be BANNED from the U.S. after renouncing citizenship
Daily Mail ^ | 05/17/2012

Posted on 05/17/2012 2:13:10 PM PDT by SeekAndFind

Facebook co-founder Eduardo Saverin may not be allowed to return to the United States after he renounced his citizenship to save millions in tax.

The 30-year-old, who has a $3.64billion stake in the social networking site, migrated to Singapore ahead of the company's massive stock market floatation tomorrow. The timing of the move has raised eyebrows since Singapore does not have a capital gains tax, which could vastly reduce his bill on any payout.

According to an immigration law, he could be refused re-entry to the U.S. if he is judged to have relocated for the purposes of avoiding taxes.

Section 212 of the law, highlighted by Talking Points Memo, states: 'Any alien who is a former citizen of the United States 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 is excludable.'

A link was also posted on TPM to a document that someone would need to file with the U.S. State Department's Bureau Of Consulate Affairs when renouncing citizenship. The document says: 'My renunciation/relinquishment may not exempt me from United States income taxation...I understand that if my renunciation of United States citizenship is determined by the United States Attorney General to be motivated by tax avoidance purposes, I will be found excludable from the United States under Immigration and Nationality Act, as amended.'

Earlier this week, it emerged that Saverin had moved to Miami at the age of 13 because he was at risk of kidnapping.

The 30-year-old was on a gangster's list of potential kidnap targets which led his wealthy parents to flee Brazil in a potentially lifesaving move.

But now he has shunned the country in which he made his fortune through social networking site.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: citizenship; expats; facebook; loveitorleaveit; renouncecitizenship; saverin; taxes Comment #1 Removed by Moderator

To: SeekAndFind

Here’s the gist of it all:

* Saverin, 30, migrated to Singapore ahead of site’s stock market floatation.

* He Could save on payout as south-east Asian country has no capital gains tax.

* Law states he can be excluded if relocation was deemed for tax avoidance


2 posted on 05/17/2012 2:14:19 PM PDT by SeekAndFind
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To: SeekAndFind

Seems legit. I agree that the US should be looking at policies that drive people to renounce their citizenship, but the law also seems justified to me and I think it would be relevant in this case.


3 posted on 05/17/2012 2:16:10 PM PDT by Skeez (O)
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To: SeekAndFind

Playboy lifestyle: Eduardo Saverin (far right) enjoys a rooftop party with friends and models in his new home of Singapore. He may not be allowed to return to America if his move was judged to be down to tax avoidance


Investment: Saverin has invested in a start-up cosmetics company run by Rachel Kum, former Miss Singapore 2009, to whom he also offers his business expertise.
4 posted on 05/17/2012 2:16:13 PM PDT by SeekAndFind
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To: SeekAndFind
Investment: Saverin has invested in a start-up cosmetics company run by Rachel Kum

"Uh huh huh huh...."

5 posted on 05/17/2012 2:18:35 PM PDT by dfwgator
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To: SeekAndFind

Is Chuckie Schumer the one only member of Congress who votes on this? Geesh. Media hype is sickening. This “proposal” will never get anywhere.


6 posted on 05/17/2012 2:19:13 PM PDT by shalom aleichem
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To: SeekAndFind

I hate facebook even more now.


7 posted on 05/17/2012 2:22:04 PM PDT by RC one (all y'all had to do was vote for Newt but noooooo, he wasn't good enough.)
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To: SeekAndFind

Hey, isn’t Eduardo hispanic? Would that make a victim of hate then?


8 posted on 05/17/2012 2:22:21 PM PDT by GraceG
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To: SeekAndFind

Put him on the No Fly list too!


9 posted on 05/17/2012 2:24:44 PM PDT by SandRat (Duty - Honor - Country! What else needs said?)
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To: SeekAndFind

LOL — the left wing freaks THREATENED to leave 11+ years ago and no one seemed worried about their return.


10 posted on 05/17/2012 2:26:19 PM PDT by treetopsandroofs (Had FDR been GOP, there would have been no World Wars, just "The Great War" and "Roosevelt's Wars".)
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To: RC one

Facebook sucks...


11 posted on 05/17/2012 2:26:25 PM PDT by AngelesCrestHighway
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To: shalom aleichem

First, there are 33k ways that a guy in this position can stay American and keep the vast majority of his wealth from such a sale....all compliments of the Senators and their fantastic campaign handlers. Eduardo could have easily slide $50 million over to the Obama campaign and gotten six lines added into law to allow him to keep the vast amount of wealth.

Chuck simply is unhappy that no offer was made....so he wants this fantastic piece of legislation to pass. The problem is...it goes nowhere in the House, and I doubt that the Senate could even get around to passing this with fifty votes this year. If I were Eduardo...I’d offer $400k each to ten Democratic senators to guarantee they won’t vote for it.

The injustice here is that some Senators believe all of your wealth....belongs to America (not the country, but the federal government). A bunch of political folks would quickly jump on board and spend the billions in tax if he just paid it....handing it out left and right...like some Lord in a feudal society. Third-world behavior, at best.


12 posted on 05/17/2012 2:26:30 PM PDT by pepsionice
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To: SeekAndFind

Just a couple questions.

1) Who owns Saverin? Is he a citizen of the US, or property of the US? Is he a free man, or a slave that must purchase his freedom?

2) Once he renounces his American citizenship, it is nearly impossible to get it back. He may never own a gun or purchase ammunition in the US, should he return.

3) Every year, we have some number of Americans who move to a foreign country and renounce their citizenship. Instead of looking at the reason “Why” they did this, Libtards instead chose to attack them, as if this person is chattel, and owes them something.

As a US Citizen, you owe the US taxes; however should you renounce the USA - you are no longer a citizen and owe the USA nothing. But, the USA owes you nothing in return.

You are either a slave, property of the USA; or you are a free citizen. What they chose to do to Saverin, they can do to us all. He made his decision, he owes the USA nothing as he has renounced his citizenship. But, worse for him - the USA owes him nothing, and he can never again petition the USA for the rights all citizens enjoy.


13 posted on 05/17/2012 2:27:13 PM PDT by Hodar ( Who needs laws; when this FEELS so right?)
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To: SeekAndFind
Let's see here, leave the US and not return for 67 million dollars. I could do that.

Isn't it interesting that that the scumbag progressives (but I repeat myself) immediately see the need for more regulation and taxes instead of a need to re-examine the situation and perhaps make changes. Not only do they lose the tax money on gains but also on any purchases he would have made over the rest of his life.

14 posted on 05/17/2012 2:27:27 PM PDT by Drill Thrawl (The United States of America, a banana republic since 1913)
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To: treetopsandroofs

When it comes to saving a fortune most liberals would renounce their citizenship in a heartbeat. I’d rather stay here and fight. My citizenship is the last thing to go!


15 posted on 05/17/2012 2:28:23 PM PDT by AngelesCrestHighway
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To: GraceG
Hey, isn’t Eduardo hispanic? Would that make a victim of hate then?

Umm no. Look at his skin tone. He is a "White Hispanic" so by definition he is the perp and cannot be a victim.

16 posted on 05/17/2012 2:33:16 PM PDT by Drill Thrawl (The United States of America, a banana republic since 1913)
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To: SeekAndFind
If you want to confiscate the wealth of your citizens, you have to make sure they can't just leave.

The Soviet Union didn't build walls to keep people out.

17 posted on 05/17/2012 2:33:42 PM PDT by dead (I've got my eye out for Mullah Omar.)
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To: Hodar

Why is Saverin Banned from entering the USA?

He followed the rules, he followed American laws. He didn’t commit any crime.

Singaporeans aren’t banned. Why is he singled out for special treatment?

I thought this administration was all about fairness?


18 posted on 05/17/2012 2:34:31 PM PDT by SeekAndFind
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To: SeekAndFind

The way I look at it.....it’s his money, not the governments. If he wants to live in Singapore with more of his money, so be it. The govt gets to much of our money anyway, and I would think he would spend it better.


19 posted on 05/17/2012 2:34:43 PM PDT by Sporke (USS-Iowa BB-61)
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To: SeekAndFind

Facebook is an utter waste of time, a vanity, and seems absolutely pointless to me. I just can’t figure out how it succeeded, much less so how it is worth billions.

But as it has hundreds of millions of users, brought Saverin $ Billions in wealth, and has brought him a girlfriend that looks like that - I guess I am the foolish one!


20 posted on 05/17/2012 2:36:08 PM PDT by PGR88
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To: SeekAndFind

Edwardo said he considered himself “a citizen of the world” with a straight face in response to the question as to whether he was renouncing US citizenship for tax purposes. I wonder if he would have said that if the UN imposed a 50% citizen of the world capital gains tax


21 posted on 05/17/2012 2:43:06 PM PDT by chuckee
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$3.64 billion?

I’d buy a country and re-name it Eduardostan.

Then I’d apply for foreign aid from the USofA.


22 posted on 05/17/2012 2:48:55 PM PDT by moovova (OBAMA: The first US President to come out of the closet.)
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To: SeekAndFind
The 30-year-old, who has a $3.64billion stake in the social networking site, migrated to Singapore ahead of the company's massive stock market floatation tomorrow. The timing of the move has raised eyebrows since Singapore does not have a capital gains tax, which could vastly reduce his bill on any payout.

Lets see, Chuckie...you and Bob Casey would ban him because he knows how to invest in STOCKS (Facebook) instead of INVESTING in what the STOCKBROKER IN CHIEF wanted the TAXPAYERS to invest in.

Now you want to punish his SUCCESS??

We'll punish the FAILURES of the STOCKBROKER In CHIEF in NOVEMBER!!

And Bobby Casey, Jr. you might look for a new job, too.

23 posted on 05/17/2012 2:52:39 PM PDT by ExCTCitizen (If we stay home in November '12, don't blame 0 for tearing up the CONSTITUTION!!)
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To: ExCTCitizen

One cannot help but wonder — What would have happened if Saverin put money into one of those Solar/Green companies that Obama favors?


24 posted on 05/17/2012 2:57:27 PM PDT by SeekAndFind
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To: SeekAndFind

“who is determined by the Attorney General to have renounced United States citizenship for the purpose of avoiding taxation by the United States is excludable”

That’ll help with revenue. Right up there with giving tax breaks on top of the higher taxes to businesses that move back to the U.S.

Idiots! If you lower taxes, they will come.


25 posted on 05/17/2012 3:20:11 PM PDT by Tublecane
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To: GraceG

“Hey, isn’t Eduardo hispanic? Would that make a victim of hate then?”

Not if he’s a white hispanic, or a white man of hispanic descent, or a black-white-hispanic white guy, or whatever Zimmerman is.


26 posted on 05/17/2012 3:21:50 PM PDT by Tublecane
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To: Skeez

“the law also seems justified to me”

Not to me. We let non-citizens in the country all the time, millions of whom don’t do so legally without anyone caring. Why single out this guy? Because we think his money belongs to us? Well, it doesn’t, you greedy bastards.


27 posted on 05/17/2012 3:24:49 PM PDT by Tublecane
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To: SeekAndFind; All
One cannot help but wonder — What would have happened if Saverin put money into one of those Solar/Green companies that Obama favors?

jeez...he would be looked on as a nice guy to the LIBS!! Not as an EVIL CAPITALIST!

28 posted on 05/17/2012 3:43:17 PM PDT by ExCTCitizen (If we stay home in November '12, don't blame 0 for tearing up the CONSTITUTION!!)
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To: SeekAndFind
tax avoidance is NOT tax evasion!!! the former is legal where the latter is not...
29 posted on 05/17/2012 3:45:08 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: SeekAndFind

Schumer is an ass.

The guy won’t care if he ever comes here.

His life is Disneyland from now on, no matter where he is.


30 posted on 05/17/2012 3:50:11 PM PDT by Vendome (Don't take life so seriously, you won't live through it anyway)
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To: SeekAndFind
Upchuck Shummer's just jealous.He's spent years getting inside info on stocks and industries and has profited very handsomely indeed...but by comparison he'll now be a pauper.Banned for life? Thirty percent "departure tax"?

Shummer's beneath despicable.

31 posted on 05/17/2012 3:59:24 PM PDT by Gay State Conservative (Julia: another casualty of the "War on Poverty")
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To: SeekAndFind

It is next-to-near impossible to renounce one’s citizenship of this country.

Don’t believe me?

Ask Lee Harvey Oswald or Angela Davis. Once you have citizenship, the state department takes citizenship very seriously.


32 posted on 05/17/2012 4:02:36 PM PDT by spel_grammer_an_punct_polise (I wanna start a Seniors' Motor Scooter Gang. Wanna join?)
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To: SeekAndFind
He made his money in the US, as a US citizen. He should pay US taxes. Then if he wants to go be a Singaporean more power to him. It's just fair.
33 posted on 05/17/2012 4:03:24 PM PDT by hinckley buzzard
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To: hinckley buzzard
He made his money in the US, as a US citizen. He should pay US taxes.

Is he behind on his taxes?

34 posted on 05/17/2012 4:04:06 PM PDT by dfwgator
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To: hinckley buzzard
He made his money in the US, as a US citizen. He should pay US taxes. Then if he wants to go be a Singaporean more power to him. It's just fair.

As far as has been reported, he has paid his taxes on all income earned while an American citizen. He just chose to relieve himself of that obligation BEFORE he hit his big payday - so he owes nothing to the US government for any money he makes tomorrow on the Facebook IPO.

35 posted on 05/17/2012 4:10:58 PM PDT by CA Conservative (Texan by birth, Californian by circumstance)
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To: shalom aleichem

I would be more impressed with schumer’s battle for US revenue if his party’s Treasury Secretary choice was a person who bothered to properly file and pay his taxes he actually owes — not might owe.


36 posted on 05/17/2012 4:12:08 PM PDT by KC Burke (Plain Conservative opinions and common sense correction for thirteen years.)
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To: PGR88
Facebook is an utter waste of time, a vanity, and seems absolutely pointless to me. I just can’t figure out how it succeeded, much less so how it is worth billions.

You've stated the reason yourself in your next sentence:

But as it has hundreds of millions of users,...

Hundreds of millions of people that don't find it a waste of time and a pointless vanity are what makes it worth those billions.

37 posted on 05/17/2012 4:15:15 PM PDT by Bob
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To: hinckley buzzard
He made his money in the US, as a US citizen. He should pay US taxes.

I'll bet he's paid more US taxes in the last five years than I will in a hundred lifetimes.

38 posted on 05/17/2012 4:24:25 PM PDT by Drew68 (I WILL vote to defeat Barack Hussein Obama!)
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To: hinckley buzzard
Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one’s taxes.

Over and over again the courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands: Taxes are enforced exactions, not voluntary contributions.

To demand more in the name of morals is mere cant.

39 posted on 05/17/2012 4:30:44 PM PDT by Last of the Mohicans
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To: Last of the Mohicans

I agree with Tyler Durden of Zero Hedge when he said thusly:

It’s interesting that, rather than change their ways of doing business and introducing legislation that provides incentives for productive people to come here and stay here, Congress maintains policies that chase people away, and introduce new ones to lock the door after they’re gone.

The lesson here (especially for natural-born citizens) is this: simply by accident of birth, you are born with a lifelong obligation that you never signed up for to finance the corrupt misdealings of the political class. And if you choose to abandon this obligation, they will bar you from ever entering your homeland again.

Regardless of what the propaganda says, this is not how a free society treats people. It might look and feel like a representative democracy on the surface, but under the hood it’s the modern day equivalent of feudal serfdom.

The land of the free has certainly fallen a long way.


40 posted on 05/17/2012 7:57:47 PM PDT by SeekAndFind
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To: spel_grammer_an_punct_polise

RE: It is next-to-near impossible to renounce one’s citizenship of this country.

______________________

Many people seem to have forgotten the Republican Debates.

There was a segment about border fences to keep illegals out. Ron Paul was laughed at when he said he was more concerned with border fences being used to keep us IN (i.e., to keep us from leaving).

Now I’m beginning to understand what he meant and I’m not laughing anymore.


41 posted on 05/17/2012 8:01:04 PM PDT by SeekAndFind
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To: SeekAndFind

Americans have a long and colorful history of avoiding taxes. Look up the Gaspee Affair as an example.

Paying your fair share of taxes is one thing. Deductions and loopholes were put there deliberately and we can deliberately use them to our advantage. Are you a criminal for taking a tax deduction?

What I don’t like is giving the tax man MORE power over your life. Isn’t there a new law working its way through Congress that would prevent you from getting a passport if you owe back taxes? Tyrants wear many hats.


42 posted on 05/17/2012 8:36:52 PM PDT by DNME (A monarch's neck should always have a noose around it. It keeps him upright. — Robert Heinlein)
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To: shalom aleichem

Schumer is grandstanding, but it means nothing.

This has already been the law since 1996. Having such a spiteful law is just more proof that we have the worst tax system in the world. If we had the best, we wouldn’t have to attempt to intimidate and threaten people into staying. Laws like this make it look like the USA is no better than the Soviet Union or Red China — treating people like they are property of the state.


43 posted on 05/20/2012 12:26:15 AM 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: GraceG

Hey, isn’t Eduardo hispanic? Would that make a victim of hate then?
No he’s not! He’s Brazilian. (Portuguese Latin Romance Language)


44 posted on 05/20/2012 6:51:43 PM PDT by Asker
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