Facebook Co-Founder Saved Big Money Giving Up U.S. Citizenship
Facebook co-founder Eduardo Saverin is expected to save hundreds of millions of dollars or more on his tax liabilities after becoming one of the more high-profile individuals to renounce U.S. citizenship in recent years. The Brazilian-born multi-billionaire now lives in Singapore, where the government does not impose capital-gains taxes or take a cut of income earned abroad.
With social-networking giant Facebook ready to launch an initial public offering (IPO) of its stock, analysts have estimated that the company could be worth as much as $100 billion. That means Saverin, who owns about four or five percent of the company, might be sitting on billions of dollars' worth of assets — a figure that almost certainly would get the Internal Revenue Service (IRS) and the big-spending U.S. government frothing at the mouth.
webmaster@jbs.org (Alex Newman) 15 May, 2012
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Source: http://www.thenewamerican.com/tech/computers/item/11391-facebook-co-founder-saved-big-money-giving-up-us-citizenship
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