Facebook Co-Founder Ditches U.S. Citizenship — & Tax Burden — Right Before IPO
- Posted on May 11, 2012 at 2:04pm by
Becket Adams
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Just in time for Facebook’s initial public offering (IPO), which values the company at approximately $96 billion, billionaire co-founder Eduardo Saverin had decided that he doesn’t want to be an American citizen anymore.
This will significantly 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,” Bloomberg reports.
Eduardo Saverin
“Saverin’s stake is about 4 percent, according to the website Who Owns Facebook. At the high end of the IPO valuation, that would be worth about $3.84 billion,” the report adds.
However, Saverin’s decision to drop his citizenship isn’t exactly groundbreaking. He’s just one of a growing number of citizens who have renounced their citizenship in what some experts think is an effort to trim the fat off their tax burden.
According to recently published IRS documents, Saverin’s name is on a list of people who have opted to drop their citizenship as of April 30. Saverin renounced his U.S. citizenship “around September” of last year, according to his spokesman.
“Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008,” Bloomberg reports.
“Income tax rates for top U.S. earners will rise to 39.6 percent from 35 percent next year, and rates on capital gains and dividends also are scheduled to rise unless Congress blocks the increases,” the report adds.
While Singapore has no capital gains tax, the country does tax personal income as well as “certain foreign- sourced income.”
Saverin will also have to pay an an “exit tax” when his citizenship ends.
“Americans who give up their citizenship owe what is effectively an exit tax on the capital gains from their stock holdings, even if they don’t sell the shares,” said Reuven S. Avi-Yonah, director of the international tax program at the University of Michigan’s law school.
Ditching your citizenship right before an IPO is “a very smart idea,” from a tax standpoint, Avi-Yonah told Bloomberg. “Once it’s public you can’t fool around with the value.”
Saverin’s spokesman is assuring people that his client has long been invested in Asia.
“[Saverin] 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 to Bloomberg.
However, some experts are convinced Saverin decided to renounce his citizenship because a) he stands to make a massive chunk of change from Facebook’s IPO and b) he’d like to hold on to as much of it as possible.
“It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, an attorney at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”
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Comments (134)
Cavallo
Posted on May 11, 2012 at 2:56pmI don’t blame him. Logical choice. Citizenship really only offers tax liability or access to food stamps. I am at a slight loss of what other than a chance to cast a single measily vote citizenship offers. But an exit tax?! Welcome to the land of the free.
Report Post »soybomb315
Posted on May 11, 2012 at 3:11pmOh please dear God let there not be an ‘exit tax’
Report Post »Cavallo
Posted on May 11, 2012 at 3:36pmOh, that’s right. They own us. At least they no longer own Saverin.
Report Post »13th Imam
Posted on May 11, 2012 at 3:53pmHe should just buy Haiti. Probably have alot left over.
Report Post »Jaycen
Posted on May 11, 2012 at 4:29pm@13th Imam
I would. Purchase it from the government, then give everyone 30 days to get off my property before the bulldozers and Jaycen Federal Defense Force shows up.
Report Post »soybomb315
Posted on May 11, 2012 at 5:18pmThe debt burden on the average american is now almost $50,000. If you include future “obligations”, it is $500,000.
Some people on here call him unamerican, sounds like he is calling the rest of us crazy.
Report Post »madmanGTR1
Posted on May 11, 2012 at 9:08pmSo, you make a whirlwind of cash then… just leave. Well if everyone used that stupid method of tax avoidance, our country would look like the cast and crew of “Idiocracy”. He knew (if he was as bright as everyone’s saying) before going big how our tax system works, yet stayed here and most likely gleaned a lot of help/benefits/education/clean working environment and everything needed to nurture the business model. If you ask me he’s a typical liberal : selfish and a coward.
Report Post »carl_in_ohio
Posted on May 12, 2012 at 4:27amI see that your patriotism is being based on “dollars” alone.
That’s a real shame, since citizenship has more than a monetary worth.
its our unity, our common heritage, our strength, being able to travel 3,000 miles on the same roads using the same currency and the same language and same culture.
its being defended by the top-ranked military and a strong police force of federal, state, local forces.
its because of our schools, our public free education. We have schools that everyone around the world comes to use.
So, think beyond the box and your dollar snide remark.
this it the best country on the planet, bar none.
And if you still want to debate,
Report Post »bring it on. I’m here waiting.
soybomb315
Posted on May 12, 2012 at 7:31am@Carl
America WAS the greatest country – until we became like everybody else. Everything you mentioned could be said of every major country in the world.
What set us apart was our constitutional government and moral character. We have lost both, not to say that it cant be recovered. But at this point you are more likely to see a constitutional government arise in another country than the USA return to it.
Report Post »christopher.duncan2388
Posted on May 12, 2012 at 8:19pmSoybomb, well said, sadly enough we are far from the great nation we used to be, one of the few things keeping me here (aside from family and a complete inability to go somewhere else) is our right to own firearms… Where else can you go and hold onto the tools needed to defend the things most important things to yourself? That and a dwindling hope that we can pull this country out of the miserable hole we’ve gotten it into
Report Post »Pigpen
Posted on May 13, 2012 at 2:54pmMADMANGTR1: “If you ask me he’s a typical liberal : selfish and a coward.”
MADMANGTR1 is absolutely correct. And why is this non-citizen being allowed to still live here? Why the **** isn’t he in HIS HOME COUNTRY of Singapore now? What kind of sheep are you people? You need to DEMAND that your congressmen and senators put a stop to this anti-American behavior and force, Force, FORCE these PARASITES out of OUR COUNTRY!
Report Post »disenlightened
Posted on May 11, 2012 at 2:55pm…just like every other liberal out there, a tax cheat.
Report Post »Goldlady
Posted on May 11, 2012 at 3:19pmObama brought this on his very own self. The successful are bright. That’s generally how they got that way. Therefore, I wouldn’t expect them to subject themselves to giving nearly half their hard earned dollars to a system that allows illegals making $14k a year to claim so many dependents, they get $10k back.
It’s called the Laffer Curve. It’s how things work.
Report Post »http://www.conservativedailynews.com/wp-content/uploads/2011/02/LafferCurve.jpg
SgtB
Posted on May 11, 2012 at 3:48pm“Tax cheat”??? Taxes are theft in the first place! You wouldn’t call a person who is under mob protection a cheat for getting the hell out of dodge and not paying the protection dues would you? If we lived under the FairTax and stopped taxing productivity and wealth, we would be getting people like this from other nations to bring their investment capital to our shores where it can be used to create even more wealth.
Report Post »Patriot of My America
Posted on May 11, 2012 at 8:31pmWell lets see, the 16th amendment was a fraud. As at that time the Solicitor General signed it in as fully ratified. His name was Solicitor general Knox. You see as set by Law the ratification of an amendment must be ratified by 37 states. And it must be ratified as set down by congress, That means
Report Post »not one word, not a misspelled word or any other change may be made. Well all 37 states made changes to the 16th amendment as set down by congress. And then sent it back to congress to have the changes made as all states made hundreds of changes. The Solicitor general Knox at that time falsely signed it in to Law. As the 16th amendment was changed by at least 3/5ths of the states. The income tax code and the amendment that allows you to be taxed on your labors is actually a Law that never was. . Additionally the only tax that is permitted by the Constitution is tax on Corporations. And those taxes were / are to be the funds that fund the Federal Government .
The federal government has no lawful authority to levy a personal income tax. It is a very complex issue. how ever any man forfeiting his citizenship in order to maintain his personal property ( ie ) money. And as any property money is a persons personal property. And not wanting the government to confiscate ones own property through the guise of a law that never actually even was fully ratified is just plain old fashioned common sense. Kudo’s to that man for his convictions.
nobull14
Posted on May 11, 2012 at 2:48pmHe see’s the rats running off the sinking ship? I can not blame him ? But he should pay his taxes on the IPO before he leaves Facebook was created here and should be taxed here !!!!!
Report Post »soybomb315
Posted on May 11, 2012 at 3:05pmyes, and may there never be another facebook again! Lets tax every good idea out of existance
Report Post »progressiveslayer
Posted on May 11, 2012 at 3:10pmSOY Don’t forget regulations,the Marxist POS favorite weapon against businesses and citizens.
Report Post »KickinBack
Posted on May 11, 2012 at 2:47pmThe new American way. Become un-American.
Report Post »SgtB
Posted on May 11, 2012 at 3:50pmAs soon as I believe that I have enough weapons bought and I can afford to move around, I’d revoke my citizenship as well. I’d do it in an instant if our nation cannot get its crap together and votes in Obama or Romney (Obama lite)_ for the next 4 years. I’m sorry, but there is no reason anyone should remain a slave to a government that piles on 6 grand in debt to their name each year.
Report Post »SacredHonor1776
Posted on May 11, 2012 at 4:25pmKeep in mind there are few countries that would let you keep your weapons…
Report Post »BurntHills
Posted on May 11, 2012 at 2:45pmno doubt these big jobmaker moneymaker guns who are leaving America know that our taxes are going to be funding obama’s destruction of America and his own private little fuhrerdom. why be part of it, why give him another red cent.
Report Post »soybomb315
Posted on May 11, 2012 at 2:43pmahahahahahaahaha! Less money for the government – the better
At least the youth are not completely braindead.
Report Post »progressiveslayer
Posted on May 11, 2012 at 2:53pmStarve the beast,save the republic!
Report Post »docgreen
Posted on May 11, 2012 at 3:12pmIf I had my own company and my Gov. was threatening me with High Taxes, I’d move to! keep in mind what I’v been saying. The top 1% pay most taxes, but what happens when that 1% up and moves away because of their taxes? So who do we get to pay for everyone? Its starting people and don’t be suprised if this is the only one!….. I can’t blame him and its unfortunate for the US. I would bet the justice dept, is looking at ways to get to this company allready. Like maybe looking at it as a monopoly! God help us because were on the Titanic, and unlike the Titanic”s Catain our POTUS has jumped ship and is watching US go down! Don’t you see people this is all being set up. He never wanted to get us out of Debt. He made it look like it! And at the same time he’s increasing out deficits, so we can’t get out of Debt. One more thing we don’t even know how much Debt, the Federal Reserve has! I think when we add that up; and why do we pay taxes for it to go to the Fed? If you ask me we’ve hit the Ice Berg and keep in mind, Obama’s looking for more to hit! All these billionare’s know whats happening and their going to jump ship before going down or being taxed to death! Didn’t we come to the US because of being taxed to much? Last not to make everyones day get any worse, have you seen this? http://www.gatestoneinstitute.org/3055/mexican-jihad And we have Obama letting them in!
Report Post »docgreen
Posted on May 11, 2012 at 3:25pmOne last thing, If I was in Romney‘s campain I would SLAM this down Obama’s throat!…… Romney should Ask the American people if they want to see people like this leave! Then explain to US that these people will keep leaving and eventually we’ll have no wealthy people to tax! Thats the problem with Obama’s taxing the 1%!……………………………………………
Report Post »soybomb315
Posted on May 11, 2012 at 3:30pm@doc
Report Post »You know it wont happen – this presidential race will be nothing more than a beauty contest
TheEDGE
Posted on May 11, 2012 at 4:53pmDoc green- I hear you. But have you ever tried to explain something like that to an Obama supporter? Logical arguments are like a foreign language to most of these fools.
Report Post »BurntHills
Posted on May 11, 2012 at 2:43pmactually, instead of the democRATS fleeing the sinking ship America, our moneymaking entrepreneurs are. that filthy commie obama has deiberately and maliciously shut down our energy and crippled our major businesses, no wonder these big guys are leaving Dodge. .
Report Post »FromSeaToSea
Posted on May 11, 2012 at 2:39pmThe really smart people when appropriate are bailing or at least getting dual citizenship.
The people are blind and crippled. If they had an ounce of brain they would have started evaluating candidates for 2012 by “majoring in the majors”.
If you major in the majors and turn off your controlled media, Ron Paul was the solution to our problems.
Hitler said this —
“What good fortune for governments that the people do not think.” Adolf Hitler
“Enlighten the people, generally, and tyranny and oppressions of body and mind will vanish like spirits at the dawn of day.” Thomas Jefferson
“Liberty cannot be preserved without a general knowledge among the people.” John Adams
“A democracy is nothing more than mob rule, where fifty-one percent of the people may take away the rights of the other forty-nine.” Thomas Jefferson
“To follow by faith alone is to follow blindly.” Benjamin Franklin
“To say that people are not fit for freedom, is to make poverty their choice and to say they would be rather loaded with taxes than not.” Thomas Payne
“If you want total security, go to prison. There you are fed, clothed, given medical care and so on. The only thing lacking…..freedom.” President Dwight D. Eisenhower
Report Post »soybomb315
Posted on May 11, 2012 at 2:52pmIf I had an option, I would drop citizenship in a heartbeat. The way the IRS goes after citizens capital and money they make while overseas is tyrannical.
What value is there in being a US citizen? To vote (practically worthless these days, we saw how many people got behind Ron Paul….)? For constitutional protection (US government got out of the constitutional rights business a long time ago)? For social security (nothing left for future generations – ponzi scheme)?
It is no wonder so many people are heading for the exits. Unfortunately, we are left behind with the fools….
Report Post »progressiveslayer
Posted on May 11, 2012 at 3:04pmSOY I‘m afraid you’re right we stopped governing within the constitution many years ago and our founders would be ashamed of politicians today.I‘ve heard some heavy hitters in gold say we won’t see hyperinflation and I hope they’re correct because if not that will produce a civil war alone.
You might want to read this,http://thelawthatneverwas.com/
Report Post »Cavallo
Posted on May 11, 2012 at 3:42pm@Soy, the SCOTUS ruled that visitors and residents have Constitutional protection as well, whatever is left of it. So nothing special in being a citizen there either.
Report Post »Todd P
Posted on May 11, 2012 at 3:44pmI’m working on dual-citizenship right now, but I still need the USA to get back the money I’ve invested in Social Security. Fortunately, you can earn up to $70,000 overseas tax-free, and in some countries that’s a small fortune! Otherwise, I can no longer recognize the country I grew up in, so I’m ready to move on to new adventures.
Report Post »nick e l
Posted on May 11, 2012 at 2:36pmyou little ba**ard… You would and probably voted for your Co*mie buddy in the WH.. but you dont have the b*lls to pay your “fair share”… just everyone else.. You and your kind need and deserve a 9 to the back of the head.
Report Post »just my opinion maybe not yours
Posted on May 11, 2012 at 2:35pmHe is from Brazil anyway, born there came to the US in 1992 became a citizen in 1998. So he isn‘t a Natural Citizen in the first place so I really don’t care if he leaves!! What is wrong about this is that the US gave him the chance to become who he is and now he just spits in the face of our country after we gave him the rights of a citizen. Doesn’t want to pay his fair share so he renounces his citizenship, I don’t think we need these spoiled rotten self absorbed people here in the US anyway!! Would like him to take the rest of Hollywood with him!!
Maybe when Mr Obama is done playing President maybe he will renouce his US citizenship and go back to the Middle East with the people he holds in higher esteeme then he does the American people!! One can only hope!!!
Report Post »Cavallo
Posted on May 11, 2012 at 3:43pmWhat rights are those? How could he have not done the same thing as a foreign national?
Report Post »Blackhawk1
Posted on May 11, 2012 at 3:56pmFair Share? Just how much is his fair share? Sounds like Obama’s plan is working on some here. Class Warfare!
Report Post »Brown3y3z
Posted on May 11, 2012 at 2:34pmweaseling his way out of paying taxes huh typical.he needs to pay taxes then for the years he was here then.then kick his ass out and can never return.
Report Post »progressiveslayer
Posted on May 11, 2012 at 2:40pmHere’s some interesting reading,http://thelawthatneverwas.com/
Report Post »korbin
Posted on May 11, 2012 at 2:43pmNo, he can cross the Mexican border claim he is no english’e and then obtain food stamps, healthcare etc. They refuse to check id after all.
OATHKEEPERS.ORG
Report Post »soybomb315
Posted on May 11, 2012 at 2:47pmwhat does he owe the government? He paid taxes on his salary while he was here. Just because he helped create something that was incredibly valuable – does not mean the government is entitled to a share of it.
Report Post »Blackhawk1
Posted on May 11, 2012 at 3:52pmEvidently Obama’s class envy plan is working on the weak minded.
Report Post »SREGN
Posted on May 11, 2012 at 2:34pmMore proof of the Laffer curve. Facts: Liberal Kryptonite.
Report Post »bassist237
Posted on May 11, 2012 at 2:31pmIs it me, or does that first picture of him say Common sense in the background? HAHA
Report Post »progressiveslayer
Posted on May 11, 2012 at 2:30pmCan’t blame him really,when you have a regime bent on redistributing his wealth it’s the logical choice.
Mr.Saverin just made a wise business decision with the largest tax increase in U.S history ready to go into effect on Jan 1st.
The Marxist regime’s game of class warfare will result in more people with wealth fleeing the oppressive regime,only when the Marxist is fired in November can we restore sanity to our tax code.
The Marxist heathen is right about one thing though,the wealthy aren‘t paying their ’fair share‘ they’re paying too much,look it up the figures are out there.But the Marxist will continue to demonize the wealthy to the populace in hopes that enough will believe the BS lies he spews constantly and keep him in power to finish off capitalism.
Report Post »Brown3y3z
Posted on May 11, 2012 at 2:38pmdoes one person honestly need billions of dollars? He needs to at least give to charity or something.
Report Post »progressiveslayer
Posted on May 11, 2012 at 2:52pmI’m sure he could spend his money more efficiently than the federal government,we see the waste they engage in and it’s obscene.Our government has put us in a hole we can’t get out of and taxing at 100% will do nothing to reduce the national debt,105 trillion reasons proves me right.
Report Post »Blackhawk1
Posted on May 11, 2012 at 3:44pmBrown3y3z
does one person honestly need billions of dollars?
It‘s none of your business what he does or doesn’t need or want! It’s his money and you ARE NOT ENTITLED to any of it!
Report Post »MittensKittens
Posted on May 11, 2012 at 2:26pmchickensh(i)t…take your social media with you punk!
Report Post »kindling
Posted on May 11, 2012 at 2:26pmYou gota love that hope and change (countries).
Report Post »Landon410
Posted on May 11, 2012 at 2:26pmhe is still going to live here, just not get his income taxed, laffer curve in action, raise the tax rate get les income
Report Post »Snowleopard {gallery of cat folks}
Posted on May 11, 2012 at 2:20pmSo the wealthy are fleeing the ship of Obamatanic as fast as possible now? Seems like they see the writing on the wall; something is going to break soon, and Obama will unleash Hades for all it is worth.
Report Post »kindling
Posted on May 11, 2012 at 2:28pmI can’t wait to see how the progressives spin this in history books. “It is all Bush’s fault”
Report Post »Hammerdown
Posted on May 11, 2012 at 2:20pmIsn’t greed wonderful! He could lower his taxes by giving some to charities but I guess he needs it to live on.
Report Post »kindling
Posted on May 11, 2012 at 2:30pmIf you don‘t like him having all that money then don’t get a facebook page and don’t buy things from the advertisers on facebook. The only reason he is rich is because people are willing to give him that money……idiots!
Report Post »progressiveslayer
Posted on May 11, 2012 at 2:36pmI know,the audacity of Mr.Saverin to think that his money is his,maybe the regime can make a law to get their money from him or maybe detain him when he tries to leave.
Report Post »Blackhawk1
Posted on May 11, 2012 at 3:49pmHammerdown
Do you have personal inside information to know he doesn’t give to charity? Why are you worried about what someone else has? No part of it is yours no matter what Obama tells you.
Report Post »Hammerdown
Posted on May 11, 2012 at 5:19pmWhen a self-avowed liberal who backs “the rich should pay their fair share” gives up his citizenship to get out of taxes it speaks of hypocrisy.
Report Post »Belwraith
Posted on May 11, 2012 at 7:02pmHammer,
Come Jan 1, one of the things that’s going to cause the massive increase in taxes for all…including the middle class…is that charitable contributions will no longer be allowed…and that one is all Obama’s
Report Post »Belwraith
Posted on May 11, 2012 at 7:19pmmeaning, no longer a tax deduction…it’s not just the end of the Bush tax cuts…it’s a whole lot more.
Report Post »Babci
Posted on May 11, 2012 at 2:17pmHe’ll make a fortune and lose his soul…haven’t we heard this story before…
Report Post »Cavallo
Posted on May 11, 2012 at 3:52pmNot really. He gains his freedom. He has no reason to remain in bondage to those who despise him. Likely he already gives more to charity than many small towns do in an entire year. Only God can judge his soul.
Report Post »PCsince1776
Posted on May 11, 2012 at 2:15pmCool .. and when he changes his mind and wants to come back (After conservatives take over and lower tax rates) he will need to go through the LEGAL IMMIGRATION process by waiting in line with all the others.
Oh and … possibly can we require that he take the Hollywood libbers with him that always whine about leaving the country about this time in the election cycle?
Report Post »TSUNAMI-22
Posted on May 11, 2012 at 2:24pmNo, he’ll just become another illegal immigrant that sneaks in to reap the benefits without suffering the way the rest of us do with regards to taxation.
Report Post »soybomb315
Posted on May 11, 2012 at 5:08pmwhy would he come back to a war torn country? just kidding…well maybe not
Report Post »PCsince1776
Posted on May 11, 2012 at 8:34pm@TSUNAMI-22 @SOYBOMB315 Mmmm …. me thinks you both have a good point.
Report Post »HKS
Posted on May 11, 2012 at 2:15pmIs this guy a liberal that’s saving his own ass?
Report Post »BurntHills
Posted on May 11, 2012 at 2:46pmand a very wealthy one at that, who doesn’t want to share with fuhrer obama.
Report Post »Wilma
Posted on May 11, 2012 at 2:13pmI don’t blame him.
Report Post »EqualJustice
Posted on May 11, 2012 at 2:12pmSMARTEST people won’t give Obama and his Commies all their EARNED INCOME. Obama is LOSING more tax revenue by targeting the very people who PAY the most. Moron.Take any wealth you have worked for and RUN. You can always return once Romney takes over. :)
Report Post »Shasta
Posted on May 11, 2012 at 4:05pmObama was once asked if he would still be for raising the capital gains tax, even if it was proved that said tax would reduce federal revenue. He responded to the affirmative, saying raising the capital gains tax would be the ‘fair’ thing to do. He was talking about redistribution of course. I guess he assumed that the capital gains tax only applied to rich people, when in fact most retired people of all income ranges get capital gains redistributions. Then again, he probably doesn’t care about poor people either. As is coming to light, all of what he says, or has ever said, has been proven to be only lies.
Report Post »BeingThere
Posted on May 11, 2012 at 2:11pmGood, don’t ever come back!!! Stop using Facebook!!!!
Report Post »