Facebook Co-Founder Won't Escape All U.S. Taxes By Renouncing Citizenship
So what does that make two billion dollars? Apparently, a pretty good reason to give up your citizenship.
Brazilian-born Eduardo Saverin, who helped co-found the mega-successful social networking site Facebook in 2004 has called it quits in the U.S. The 30 year old Saverin has renounced his U.S. citizenship in advance of the May 2012 initial public offering (IPO) for Facebook. The IPO is expected to boost Saverin’s already staggering net worth, which is already estimated at $2 billion, putting him solidly at #634 on the most recent Forbes List of Billionaires.
Over the years, Saverin has divested himself of much of his Facebook holdings. He has generally eschewed the spotlight (that Zuckerberg appears to relish) and two years ago, moved to Singapore where he reportedly owns a luxury penthouse.
In 2011, Saverin moved to renounce his U.S. citizenship, joining the ranks of Princess Grace of Monaco, Queen Noor, Jet Li, Terry Gilliam and Andreas Papandreou (now the Prime Minister of Greece).
Of course, you have to choose carefully when leaving the U.S. because it makes a difference where you go. Saverin’s advisors are pretty savvy: Singapore is a terrific choice because it does not have a capital gains tax. It’s also no stranger to expats from all over the world because of its favorable tax laws. It was previously considered a tax haven though it was removed from the dreaded gray list of the Organisation of Economic Cooperation and Development (OECD) after it signed a number of financial transparency agreements with other countries.
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