the us gave him the oppertunity to get rich and now that he is he pulls a stunt like this to evade taxes? 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. Renouncing your citizenship well in advance of an IPO is âa very smart idea,â from a tax standpoint, said Avi-Yonah. âOnce itâs public you canât fool around with the value.â Saverin moved to the U.S. in 1992, and became a citizen in 1998, http://www.bloomberg.com/news/2012-...erin-gives-up-u-s-citizenship-before-ipo.html
Good move on his part. Thumbs up to any way he can reduce his taxes and retire back to his homeland. Don't be a hater. He's a baller.
all of them did same thing. http://www.forbes.com/sites/deborah...ok-billionaires-dodge-mega-millions-in-taxes/ http://www.forbes.com/sites/deborah...-shifted-more-than-200-million-gift-tax-free/ Us tax code is FUBAR (just like stock market and many other things,where government and lawmakers FAIL to do what they suppose to do)
Zuckerberg already screwed him out of 15 billion dollars already. Can't blame the guy for trying to keep all of his last 2 billion.
Whats the alternative? To let B.O. take 40% off the top? Then let a state like CA skim another 10%? Then kick in another 3% for ObamaCare? Finally, when he's leaving the country get fondled by TSA and have his laptop mysteriously disappear? Then have the IRS shake him down for 10 years because he didnt read the ex-pat fine print carefully enough so requiring a law firm to stonewall those grifters and settle out of court? Sounds reasonable! The ultimate irony is he probably a Democrat who voted for Obama and was at Clooney's 40k a plate dinner last night. Not to mention the future probability that FB will fall like a lead balloon in no time after the 99% are left holding the bag on the IPO, tweeting on their Iphones as the protest Wall St in Zuccotti park. Bye, bye Birdie.
As a closely held corporation he can value the facebook stock at zero / no market value.. no public market and contractually barred from selling his shares... etc. This is a genius tax move...
That's ridiculous. The IRS takes a look at the recent trading in the private placement market for unregistered shares and values it. If his return has valued it differently he will lose the battle. Value it a zero? That's truly delusional.