Facebook’s Eduardo Saverin Renounces U.S Citizenship, Avoids Taxes
The Facebook co-founder has renounced his U.S citizenship just ahead of the IPO
Eduardo SaverinBrazilian-born, Eduardo Saverin, famously portrayed by Andrew Garfield in ‘The Social Network’ has decided to renounce his U.S citizenship just before Facebook’s IPO on Friday.
Saverin, 30, gained U.S citizenship as a teenager. Although he claims to have absolutely no ill motive, Saverin’s renouncement timing is being met with criticism.
Many are accusing the billionaire of trying to skip out on his taxes. Saverin has not done anything illegal at this point, but it’s believed that he will save upwards of $67 million in taxes.
Saverin owes a 4 percent share of Facebook, which has been estimated at a worth of over $3 billion when Facebook goes public.
Saverin currently resides in Singapore, and explains his reasoning for giving up U.S citizenship is simplly a logical choice based on where he intends to spend the next few years.
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” Tom Goodman, a spokesperson for Saverin, said in a statement.
Saverin will not be avoiding all U.S taxes. Apparently, citizens that give up their citizenship owe an “exit tax” on all the capital gains from stock holdings.
“This had nothing to do with taxes,” Saverin insisted. “I was born in Brazil, I was a U.S. citizen for about 10 years. I thought of myself as a global citizen.”
The Danish supermodel stepped in when Kate Upton couldn’t make herself available.
The former actress tossed a bong out of her 36th story Manhattan apartment window.
Barack Obama feted the iconic 71-year-old at a tribute concert.
This 12-year old 'Touch' star has a rare combination of incredible ambition, determination, and talent.
Sammy and Amy Bouzaglo may have to leave the United States
Actor Comes Out in Support of Jacob Ostreicher
The Danish supermodel stepped in when Kate Upton couldn’t make herself available.
The former actress tossed a bong out of her 36th story Manhattan apartment window.
Barack Obama feted the iconic 71-year-old at a tribute concert.
This 12-year old 'Touch' star has a rare combination of incredible ambition, determination, and talent.
Sammy and Amy Bouzaglo may have to leave the United States
Bangkok, Thailand is ready and welcoming for all Jewish visitors from around the world. Numbering in the tens of thousands each year, there is one place where they all flock to, and rightly so.
The 19 year old sophomore sat on the exam table looking at the floor. A college student with obvious charm
In 1971, researchers set up a prison in the basement of Stanford University's Psychology Department. The idea was to
As I have tried to make abundantly clear the United States is the only country in the industrialized world that
Alright, that does it.Since the terrorist attacks of September 11, 2001, Americans have been willing to do their part for
A study appeared in a journal titled “Obesity” which was reported by a group from the University of Colorado. In
Sixty-five years ago today, World War II officially came to an end. On September 2, 1945, Japanese Foreign Minister
Share This Story With Your Friends!
Friend's Name:
Friend's E-Mail:
(This information will not be displayed publicly)
Optional Message:
