Facebook co-founder renounces U.S. citizenship - May. 11, 2012

Facebook co-founder renounces U.S. citizenship - May. 11, 2012

money.cnn.com

money.cnn.com/2012/05/11/technology/eduardo-saverin-facebook-citizenship/

3 hours ago ... Eduardo Saverin is no longer a U.S. citizen. NEW YORK (CNNMoney) -- Eduardo Saverin, one of Facebook's four co-founders, has renounced ...

(visit the link for the full news article)

Hi ATS Co founder of Face Book is giving up his citizenship? How odd. Most folks are flocking to the shores of America hoping to become citizens some day.
I guess this is about money. I am not sure how it all works. I wonder if he can ever get it back at another time.
What is the reaction of the folks that have accounts on Face Book.
I do not use Face Book so I really do not know much about it
Cheers ATS ljb.

money.cnn.com
(visit the link for the full news article)

I say he's trying to dodge some big taxes like the article suggests.

Makes enough sense to me.

Well, he is brazilian born and became a US citizen in 1998, and hasn't lived in the US since 2009. Besides, according to the article facebook employee's will be paying a very hefty tax..

Facebook said in a recent regulatory filing that many employees will have to pay 45% in taxes on the millions of dollars they will come into once the stock becomes publicly traded. The average tax hit: $1.1 million per employee.

So for someone not living in the US, and hasn't been an active part of the company for years, this makes sense

Originally posted by Echotebarknwhale
Well, he is brazilian born and became a US citizen in 1998, and hasn't lived in the US since 2009. Besides, according to the article facebook employee's will be paying a very hefty tax..

Facebook said in a recent regulatory filing that many employees will have to pay 45% in taxes on the millions of dollars they will come into once the stock becomes publicly traded. The average tax hit: $1.1 million per employee.

So for someone not living in the US, and hasn't been an active part of the company for years, this makes sense

Exactly my thoughts. Why pay into a system you don't even get to experience?

All of the comments on the CNN page lead me to believe that nobody read the actual article.

reply to post by longjohnbritches


The USA treats expats like criminals. If he stayed in Singapore he'd have to pay double taxes (American and Singapore) even though he doesn't live nor plan on living in the USA. If down the road he decides to stay in Singapore the USA would then leverage a massive "exit" tax on him, taxing ALL assets as if he "sold" them.

There has been a dramatic increase in American renouncing their citizenship..

Saverin, who provided some of Facebook's initial financing, has not played an active role in the company for many years.

Since everyone assumed he left because of the money...I think he left because he got tired of it. I think he saw something he didn't agree with, and just bailed...I don't know, we can assume all we want right now.

Originally posted by seeker11
I say he's trying to dodge some big taxes like the article suggests.

Makes enough sense to me.

Hi see,
I am sorta in the dark about Face Book and tax laws so I understand trying to keep all you earn.
But ,is face book not American? I know he is Brazilian or whatever?
Didn't he use the face book American connection to make the bundle?
Don't ca think he owes America something?
just askin. thanks ljb
PS any one?

How lame.
He comes to a country, becomes successful and doesn't want to give back?
Come on, they guy is getting 3.8 BILLION dollars. BILLION!

Originally posted by Rockpuck
reply to post by longjohnbritches

 

The USA treats expats like criminals. If he stayed in Singapore he'd have to pay double taxes (American and Singapore) even though he doesn't live nor plan on living in the USA. If down the road he decides to stay in Singapore the USA would then leverage a massive "exit" tax on him, taxing ALL assets as if he "sold" them.

There has been a dramatic increase in American renouncing their citizenship..

Singapore is like the Monaco of Asia. It's a former British colony, now city-state, clean & beautifully maintained -- very unlike most Asian cities (except those in Japan). Low crime rate.

Singapore has very strict immigration standards (like Switzerland) -- they don't let just anyone in.

I read that a number of rich Americans fled right after Obama was elected. They recognized Obama as a socialist. It's not surprising that even more are fleeing since Obama has been beating the "Raise Taxes on the Rich" drum.

After countless examples, the socialists & communists refuse to face that their economic policies drive wealth out of a nation and ensure that all the citizens will be EQUALLY poor -- except the party bosses.

Like austerity measures apply to Obama and his cronies. They will maintain a lavish lifestyle on the taxpayer's dime.

reply to post by longjohnbritches

Don't ca think he owes America something?

What does he owe America? He funded a company called Facebook, and now everyone is addicted to it like crack..

Originally posted by Rockpuck
reply to post by longjohnbritches

 

The USA treats expats like criminals. If he stayed in Singapore he'd have to pay double taxes (American and Singapore) even though he doesn't live nor plan on living in the USA. If down the road he decides to stay in Singapore the USA would then leverage a massive "exit" tax on him, taxing ALL assets as if he "sold" them.

There has been a dramatic increase in American renouncing their citizenship..

Hi roc,
Interesting. I would think that if the tax laws were not so screwed up things like this would be different???
They almost force honest folks to take it off shore just like the hoods.
thanks ljb

Originally posted by longjohnbritches


Hi ATS Co founder of Face Book is giving up his citizenship? How odd. Most folks are flocking to the shores of America hoping to become citizens some day.
I guess this is about money. I am not sure how it all works. I wonder if he can ever get it back at another time.
What is the reaction of the folks that have accounts on Face Book.
I do not use Face Book so I really do not know much about it
Cheers ATS ljb.

money.cnn.com
(visit the link for the full news article)

i am on facebook
this will not impact users whatsoever
this probably is about taxes, money, as you suggested

i am surely not among those flocking to the shores hoping to become a citizen.
Since Dubya bush destroyed civil liberties I even refuse professional missions if they require me traveling to the US. as i refused to be in the hand of a bunch of undereducated morons in a uniform that bully people around.
I do love my american friends, however. And i'm sure most of the american people are just fine people.

reply to post by longjohnbritches


Taxation is just the tip of the iceberg in regards to renouncing citizenship. It is the horrid and most unconstitutional 14th Amendment that is the true problem. While the 13th Amendment was a necessary act of legislation to put an end to the heinous and criminal act of abrogation and derogation of slaves unalienable rights, Congress then turned around and enacted the 14th Amendment inviting us all to become slaves of a federal government. The 14th Amendment most arrogantly presumes to grant rights to people who've always had them. Agreeing to citizenship is tantamount to either express, or tacit agreement that "civil rights" have more lawful authority than the unalienable and natural rights that all people everywhere have had since the moment they took their first breath.

if you're a multi-billionaire or about to be one, there are better places to live than the united states.

and since uncle sam picks your pocket anywhere in the world, and you're a billionaire, its better to renounce your american citizenship and become a citizen of the world.

reply to post by longjohnbritches


Good riddance, can I swop my citizenship in leui of his?
Seriously, there should be lottery for this kinda thing.
They do it for green cards, why not renounced citizenships?

Originally posted by longjohnbritches


Hi ATS Co founder of Face Book is giving up his citizenship? How odd. Most folks are flocking to the shores of America hoping to become citizens some day.
I guess this is about money. I am not sure how it all works. I wonder if he can ever get it back at another time.
What is the reaction of the folks that have accounts on Face Book.
I do not use Face Book so I really do not know much about it
Cheers ATS ljb.

money.cnn.com
(visit the link for the full news article)

You are misguided...the only people that are flocking to the US now are the undesirables. I wont mention which nations, but some of you will know.

He knows that the US will be one big JAIL for its citizens soon....NO RIGHTS FOR US CITIZENS and the constitution that people still think exists will be used by Obama to wipe his butt....Literally!!! It will be reality tv viewing. The US will be the new reality tv show....millions to be made watching its citizens trying to escape the FEMA camps!!

reply to post by Cuervo


Hi cue,

Do you think the IRS will be gunning for some H+R Block financial advisor??
Cheers ljb

reply to post by Six6Six


Yikes!
Well that still makes a flock.
Do you think they will let him flee with the Bread??

Originally posted by Cuervo

Why pay into a system you don't even get to experience?

Thats what every American who still lives in America is thinking. lol.