questionmark Posted May 12, 2012 #1 Share Posted May 12, 2012 Eduardo Saverin, the billionaire co- founder of Facebook Inc. (FB), 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. Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company. Saverin’s stake is about 4 percent, according to the website whoownsfacebook.com. At the high end of the proposed IPO market capitalization, that would be worth about $3.84 billion. His holdings aren’t listed in Facebook’s regulatory filings. Read more 1 Link to comment Share on other sites More sharing options...
Mentalcase Posted May 12, 2012 #2 Share Posted May 12, 2012 So he's moving to make more money? I think the US better make an example of this. Link to comment Share on other sites More sharing options...
questionmark Posted May 12, 2012 Author #3 Share Posted May 12, 2012 So he's moving to make more money? I think the US better make an example of this. I have news for him: You are liable for US taxes up to 10 years AFTER you quit citizenship Link to comment Share on other sites More sharing options...
Mentalcase Posted May 12, 2012 #4 Share Posted May 12, 2012 I have news for him: You are liable for US taxes up to 10 years AFTER you quit citizenship That makes me feel good. Link to comment Share on other sites More sharing options...
Babe Ruth Posted May 12, 2012 #5 Share Posted May 12, 2012 The article tells the details of the appropriate tax rules in his case. Deferments and interest rates. Not only that, but the number of people renouncing their citizenship has increased from 235 in 2008 to 1780 in 2011. Interesting story. Link to comment Share on other sites More sharing options...
+and-then Posted May 12, 2012 #6 Share Posted May 12, 2012 I remember that many British rockers from the '70s did something similar and became US citizens to escape the burden of an out of control British tax system at the time. I think it was 80% or above for millionaires. Hmmmm so much for the 1%. Link to comment Share on other sites More sharing options...
Sir Wearer of Hats Posted May 12, 2012 #7 Share Posted May 12, 2012 Quite a few actors as well became British tax exiles - the guy who played Doctor Bombay in Bewtiched/Colonel Chricton in Hogan's Heroes/token British guy in the 60s and 70s for example. Link to comment Share on other sites More sharing options...
+and-then Posted May 12, 2012 #8 Share Posted May 12, 2012 Quite a few actors as well became British tax exiles - the guy who played Doctor Bombay in Bewtiched/Colonel Chricton in Hogan's Heroes/token British guy in the 60s and 70s for example. I know he was an over the top caricature but I LOVED that actor's work..... calling Dr Bombay..please come right away. Link to comment Share on other sites More sharing options...
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