Eduardo Saverin, who became a billionaire as a co-founder of Facebook, has renounced his American citizenship and instead become a citizen of low-tax Singapore.
The decision means that Saverin will save at least $67 million in federal taxes; by some accounts, his long-term tax savings may be several times that much. Naturally, that decision has brought harsh criticism both of Saverin’s opportunism and of existing law that encourages such tax-driven citizenship transfers.
I suspect most have heard about Facebook co-founder Eduardo Saverin's decision to renounce his American citizenship, a move that will save Saverin from having to pay federal capital gains taxes just as Facebook's IPO reaps a windfal... Read Post
Eduardo Saverin, co-founder of Facebook, could have saved at least $67 million by renouncing his U.S. citizenship and moving to Singapore, where the capital gains tax is 0%. According to CNN's Dana Bash, Saverin might pay those taxe... Read Post