Skip to comments.Facebook founder Eduardo Saverin could be BANNED from the U.S. after renouncing citizenship
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 ...
RE: It is next-to-near impossible to renounce ones 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.
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.
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.
Hey, isnt Eduardo hispanic? Would that make a victim of hate then?
No he’s not! He’s Brazilian. (Portuguese Latin Romance Language)