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Wow - Facebook Co-Founder Eduardo Saverin Renounces U.S. Citizenship Prior To IPO.

Saverin was born in Brazil, but resides in Singapore and plans to be there for an indefinite period of time.

Apparently, a record 1,780 people surrendered their U.S. passports last year, compared to just 235 in 2008.

Would you give up your (U.S.) citizenship... if it saved you several million dollars in taxes?
(I have dual citizenship: Canadian - my place of birth, and Scotland - the place of my parents' birth. Much as I love living in the U.S., in my 13 years here, I haven't felt drawn to surrender one or other of my Canadian or British passports and become an American citizen. Amazing to think of the tax implications when in the mutli-gazillion earnings bracket. Hmm!)
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31 comments
 
"So long and thanks for the fish"
 
US taxes its citizens regardless of where they are. Even if you end up not paying US taxes, you are still required to file with the IRS. And if you don't, you get hit with penalties when you return. And thanks to FACTA and a host of other laws meant to catch tax evaders (thanks in part to BJB docs posted to Wikileaks), us regular folk get hit harder than tax evaders. Not surprised so many have renounced their US citizenship, but doing so can create a whole new set of problems, especially when it comes to wills, trusts and estates.
 
If I ever got ahold of that much money I'd be happy to pay my taxes. Just saying... not that I'm in on the FB IPO.
 
+Paula Jones Plus 1000. I heard a guy say once that it was his goal to pay a million dollars in taxes. If you think about it for just a moment, you will understand his point.
 
I have dual citizenship US and Canada. As far as I know I didn't have to surrender my citizenship. I pay Canadian taxes. Not sure what I would do but this seems rather dickish.
 
It is a wise decision.. Why would someone waste talent is US, especially if Mitt Romney hopes to be the next US president. There was a reason why many great leaders and much brain power, when republican US President Bush was in power..respectfully.
 
Will, states "Not sure what I would do do but this seems dickish"...Really, how can one comment, without having mental capacity of reasoning?
 
+Kenneth L. Fax Before you accuse someone of "not having mental capacity or reasoning" maybe you should look at your own comment which seems to credit Bush for "so much brain power" - I am not sure if I have ever heard something that ridiculous.

I believe that +Will Kriski point was that he made his money from this country and now dumps it for money. Hardly seems like a principled person.
 
People wouldn't need to go anywhere else because of taxes if the congress would realize that the Fair tax bill is the way to help keep the money here in the U.S. not in overseas banks, the fair tax eliminates the income tax and other taxes so that the only time you pay tax is on new products and services . the bill is being prepared for introduction and all should go to www.fairtax.org and do a good read on the bill and all it's advantages , not just dismiss it without all the facts
 
A tax on only products and services would place a wildly disproportionate tax burden on the lower & middle classes. Makes me wonder why Romney's not supporting it? Such simple minded tax schemes always sound alluring on the surface, but don't withstand any real scrutiny. Remember 9-9-9?
 
Wow that is insulting. You can't understand why avoiding tax to pay for services you enjoy is dickish?
 
My citizenship is my identity. My identity is priceless. I too have dual citizenship British and Canadian. It is not for sale.
 
The fair tax is not simple minded and you have posted a comment with out knowing all the facts an example of dismissing something with checking it out completely
9-9-9 was not a copy of the fair tax it was a flat tax and the people would still end up in the same mess we are in now ,
 
I guess when you can't argue the facts you have to make ad hominem attacks instead. Google it since you probably won't understand what I just said.
 
You're right Charles, I don't know all the details of the fair tax ... and taking a look I admit it looks quite a bit better thought out than most flat tax proposals, taking some efforts to be less regressive. So I'll retract my previous comment, for now :) I remain a bit skeptical but will give it due consideration.
 
Thanks for the comment , the flat tax keeps the IRS in your pocket, and still hits you with the embedded corporate income tax and compliance costs that in the price of every product you by and thats form 15% to 26% of the price, and the tax bill of the 9-9-9 would be these taxes and the other costs , which under the Fair Tax the corporate taxes and costs would be eliminated, and you would not have to run the expenses to file taxes , and if you rich granddad left you millions or you won the lottery you would have no Federal taxes coming out of it , giving you more spending power and the only tax you would pay is on retail purchase of new not used products .
 
Boy, talk about a rich person's problem.
 
At one point he wanted to be a citizen inorder to take part in the riches of this country. THen when he makes it big and becomes a billionaire from working in our system, he can't pay his share of the taxes??? We do not need that leeches in our country, love it or leave it. Glad he left!
 
What about the illegals in the states they don't pay or file taxes. the employers pay them under the counter as they call it .
With the Fair Tax sales tax they would have to pay a tax for new products and services and that would be getting tax income to the government they wouldn't normally get . the same for all non taxed organizations including you friendly neighborhood drug dealer, etc. (the drug dealers are an example I do not support or use any drugs )
 
Agree, Fair tax is better system. But I have no use for the "Facebook Fruitloop".
 
Poor don't pay taxes , rich don't pay taxes either. Looks like I am the only one who pays uncle Sam a big buck . 
 
Everybody pays taxes they pay the corporate income tax and compliance costs,these are embedded in the price of the item and it's from 15% to 26% of the price.. check out my previous posts for Fair Tax information
 
there is a 3 year wait for slew of Canadian dual citizens to renounce their American citizenship, apparently there is a $20,000 annual tax collected if you are!
 
The guy dropped his citizenship last September already. But of course it's news now just before the FB IPO. This is how 'news' is made... 
 
I think this will save him more than just a few $million
 
+Alice Zhou - I heard that a Canadian passport/citizenship is one of the hardest to get if you were not born there and it's one of the most respected passports in the world as a result. I plan to keep my Canadian citizenship foreva! :)
 
hahaa +Will Kriski - I LOLd at 'dickish.' It all depends on where one resides, too. I only pay U.S. taxes because I live and work here. It would be different if I had a secondary residence in Canada (and/or the UK) and was earning money directly in those countries, too.
 
+Mari Smith: Canadian citizenship: I knew that we had more than a passion for social media in common. :)
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