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Facebook Co-Founder quits US citizenship

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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.

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So he's moving to make more money? I think the US better make an example of this.

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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 :devil:

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I have news for him: You are liable for US taxes up to 10 years AFTER you quit citizenship :devil:

That makes me feel good. :)

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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.

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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%.

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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.

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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.

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