Eduardo Saverin, the billionaire co- founder of Facebook Inc., renounced his U.S. citizenship before an initial public offering that values the social network at as much as $96 billion, a move that may reduce his tax bill, reports Bloomberg.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.
(htChrisRossini)
Brilliant.
ReplyDeleteAnd in the movie, he was the NAIVE one!! :)
ReplyDeleteI believe he still has to pay US taxes for 10 years after he renounces. Isn't that the case?
ReplyDeleteAwesome. He walks the talk. Can't wait to watch the hilarious fallout to come.
ReplyDeleteFor that much money, I can see why renunciation is important. But most people, just take your assets and leave. Join up with another country and forget the US. If you get a job overseas, they won't be sending payroll statements/withholding to the US. You are "required" to tell the IRS how much you made, and pay taxes on it. But, there is no way for them to know if you don't tell them. So, why bother? That "voluntary compliance" thing works if you are in the US, where they can check up on you if they want to. But will other countries even respond to such queries? If you are worried, just change your name, and don't do something stupid like giving a foreign employer your Social Security number. It is theoretically possible that you could be "extradited back to the US for tax evasion", but I have never heard of this actually happening. And I think that foreign governments will become less compliant, as the US government becomes weaker and more desperate for money. Especially if you are just making enough to live on, and not pulling in over $100k. I expect this to become the norm for everyone with a student loan, who can't get a job here.
ReplyDeleteThe brain and wealth drain has been going slowly, but certainly going, for a while.
ReplyDeleteThe real question is will more follow? I'm sure more are already past the planning stage and ready to as Capt Picard would say, make so.
ReplyDeleteWill Eduardo Saverin be made an example by the IRS, Congress, and the press?
ReplyDeleteMaybe he's pissed off he wasn't invited to the tech dinner with O?
If I had that kind of money, I would get the hell out of the US, too.
ReplyDeleteI hope the Singaporeans throw him in jail after he says something bad about their leader and laugh at him when he whines about "free speech."
ReplyDeleteI guess talking smack to the rapist is more important than stopping the rape.
DeleteFacebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO this is because MONEY CAN TALK, MONEY CAN WALK...
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