Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO

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    May 12, 2012 8:12 PM GMT
    Remember how some here said that rich people wouldn't leave no matter the taxes? Yes, idiots. It's important to note however that Saverin has been living in Singapore for quite some time but don't expect him to be the first to figure out that it is not advantageous to pay US taxes for the benefit he gets.

    http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html

    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.

    Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company. Saverin’s stake is about 4 percent, according to the website whoownsfacebook.com. At the high end of the proposed IPO market capitalization, that would be worth about $3.84 billion. His holdings aren’t listed in Facebook’s regulatory filings.

    Saverin, 30, joins a growing number of people giving up U.S. citizenship ahead of a possible increase in tax rates for top earners. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dormitory and stand to reap billions of dollars after the world’s largest social network holds its IPO.

    “Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.

    [...] “It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, head of the global tax practice at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”
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    May 12, 2012 8:49 PM GMT
    Oh my God! Zuckerberg's sure to be next!

    I know! Let's not have anyone pay any taxes at all!

    This has completely changed my mind. People whose entire wealth is based on the infrastructure of the US shouldn't have to pay a dime in return.

    In fact, let's just ship all of our money to Singapore. It's inevitable that everyone will live there anyway. I mean, 20% income tax!

    #sarcasm
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    May 12, 2012 8:54 PM GMT
    riddler78 saidRemember how some here said that rich people wouldn't leave no matter the taxes? Yes, idiots. It's important to note however that Saverin has been living in Singapore for quite some time but don't expect him to be the first to figure out that it is not advantageous to pay US taxes for the benefit he gets.

    http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html

    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.

    Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company. Saverin’s stake is about 4 percent, according to the website whoownsfacebook.com. At the high end of the proposed IPO market capitalization, that would be worth about $3.84 billion. His holdings aren’t listed in Facebook’s regulatory filings.

    Saverin, 30, joins a growing number of people giving up U.S. citizenship ahead of a possible increase in tax rates for top earners. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dormitory and stand to reap billions of dollars after the world’s largest social network holds its IPO.

    “Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.

    [...] “It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, head of the global tax practice at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”
    Oh ridd........... I guess I have to INCLUDE that which you purposely ignore to fan your Flame..

    Brazilian-born Saverin, 30, became a US citizen in 1998. Oopsie.. two thirds of his life he has been a citizen of BRAZIL!

    Yeah no shit.. and he left the US in 09...............permanently.
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    May 12, 2012 8:58 PM GMT
    TropicalMark_GySgtUSMC said
    riddler78 saidRemember how some here said that rich people wouldn't leave no matter the taxes? Yes, idiots. It's important to note however that Saverin has been living in Singapore for quite some time but don't expect him to be the first to figure out that it is not advantageous to pay US taxes for the benefit he gets.

    http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html

    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.

    Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company. Saverin’s stake is about 4 percent, according to the website whoownsfacebook.com. At the high end of the proposed IPO market capitalization, that would be worth about $3.84 billion. His holdings aren’t listed in Facebook’s regulatory filings.

    Saverin, 30, joins a growing number of people giving up U.S. citizenship ahead of a possible increase in tax rates for top earners. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dormitory and stand to reap billions of dollars after the world’s largest social network holds its IPO.

    “Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.

    [...] “It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, head of the global tax practice at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”
    Oh ridd........... I guess I have to INCLUDE that which you purposely ignore to fan your Flame..

    Brazilian-born Saverin, 30, became a US citizen in 1998. Oopsie.. two thirds of his life he has been a citizen of BRAZIL!

    Yeah no shit.. and he left the US in 09...............permanently.


    No Mark! If one billionaire leaves the US, we have to submit to whatever they want! It's not like they haven't rigged the tax code to completely remove any real burden to the ultra-wealthy.

    If we don't immediately renounce our socialist ways, we'll be the national equivalent of an empty parking lot by the time Facebook's IPO goes through!
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    May 12, 2012 9:04 PM GMT
    Christian73 said
    TropicalMark_GySgtUSMC said
    riddler78 saidRemember how some here said that rich people wouldn't leave no matter the taxes? Yes, idiots. It's important to note however that Saverin has been living in Singapore for quite some time but don't expect him to be the first to figure out that it is not advantageous to pay US taxes for the benefit he gets.

    http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html

    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.

    Facebook plans to raise as much as $11.8 billion through the IPO, the biggest in history for an Internet company. Saverin’s stake is about 4 percent, according to the website whoownsfacebook.com. At the high end of the proposed IPO market capitalization, that would be worth about $3.84 billion. His holdings aren’t listed in Facebook’s regulatory filings.

    Saverin, 30, joins a growing number of people giving up U.S. citizenship ahead of a possible increase in tax rates for top earners. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dormitory and stand to reap billions of dollars after the world’s largest social network holds its IPO.

    “Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Tom Goodman, a spokesman for Saverin, in an e-mailed statement.

    [...] “It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” said Richard Weisman, head of the global tax practice at Baker & McKenzie in Hong Kong. “The tax cost, complexity and the traps for the unwary are among the considerations.”
    Oh ridd........... I guess I have to INCLUDE that which you purposely ignore to fan your Flame..

    Brazilian-born Saverin, 30, became a US citizen in 1998. Oopsie.. two thirds of his life he has been a citizen of BRAZIL!

    Yeah no shit.. and he left the US in 09...............permanently.


    No Mark! If one billionaire leaves the US, we have to submit to whatever they want! It's not like they haven't rigged the tax code to completely remove any real burden to the ultra-wealthy.

    If we don't immediately renounce our socialist ways, we'll be the national equivalent of an empty parking lot by the time Facebook's IPO goes through!
    Oh no! yes lets renounce our 'socialist' ways!

    (Singapore pursued a state-led model of economic development under the People's Action Party, which initially adopted a Leninist approach to politics and a broad socialist model of economic development. The PAP was initially a member of the Socialist International. Singapore's economy is dominated by state-owned enterprises and government-linked companies through Temasek Holdings, which generate 60% of Singapore's GDP.

    The state also provides substantial public housing, free education, health and recreational services, as well as comprehensive public transportation. Today Singapore is often characterized as having a state capitalist economy that combines economic planning with the free-market. While government-linked companies generate a majority of Singapore's GDP, moderate state planning in the economy has been reduced in recent decades.)
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    May 12, 2012 9:08 PM GMT


    "Brazilian-born Saverin, 30, became a US citizen in 1998. Oopsie.. two thirds of his life he has been a citizen of BRAZIL!

    Yeah no shit.. and he left the US in 09...............permanently."

    So he was only a US citizen for 11 years, made a lot of money, and is zipping out to avoid having to help pay for the US recovery.

    Now that's patriotism.


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    May 12, 2012 9:10 PM GMT
    Christian73 saidOh my God! Zuckerberg's sure to be next!

    I know! Let's not have anyone pay any taxes at all!

    This has completely changed my mind. People whose entire wealth is based on the infrastructure of the US shouldn't have to pay a dime in return.

    In fact, let's just ship all of our money to Singapore. It's inevitable that everyone will live there anyway. I mean, 20% income tax!

    #sarcasm


    Except to the point of particularly Savarin - his wealth wasn't dependent on US infrastructure - in fact, his contributions to US infrastructure are quite likely much greater than any usage he had of them. Further he left the US to build other businesses which is not to the advantage of the US.

    Of course, again you wouldn't and couldn't possibly understand that the real assets that are leaving aren't the assets.
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    May 12, 2012 9:14 PM GMT
    In fact I know of one wealthy family and individual, who have left the USA to call NZ home, and I know My American husband will ever go back either as he knows hes better off here than the US, albeit the cost of living is so very cheap in America compared to Oz, but we also have a better standard of living down here in Oz too.
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    May 12, 2012 9:15 PM GMT
    Let the douchebag go to Singapore and get killed by a street gang.
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    May 12, 2012 9:18 PM GMT
    meninlove said

    "Brazilian-born Saverin, 30, became a US citizen in 1998. Oopsie.. two thirds of his life he has been a citizen of BRAZIL!

    Yeah no shit.. and he left the US in 09...............permanently."

    So he was only a US citizen for 11 years, made a lot of money, and is zipping out to avoid having to help pay for the US recovery.

    Now that's patriotism.


    RIDDLER style!icon_wink.gif
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    May 12, 2012 9:19 PM GMT
    riddler78 said
    Christian73 saidOh my God! Zuckerberg's sure to be next!

    I know! Let's not have anyone pay any taxes at all!

    This has completely changed my mind. People whose entire wealth is based on the infrastructure of the US shouldn't have to pay a dime in return.

    In fact, let's just ship all of our money to Singapore. It's inevitable that everyone will live there anyway. I mean, 20% income tax!

    #sarcasm


    Except to the point of particularly Savarin - his wealth wasn't dependent on US infrastructure - in fact, his contributions to US infrastructure are quite likely much greater than any usage he had of them. Further he left the US to build other businesses which is not to the advantage of the US.

    Of course, again you wouldn't and couldn't possibly understand that the real assets that are leaving aren't the assets.


    Really? The US government created the Internet, so I'd say Savarin's wealth is pretty dependent on it.
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    May 12, 2012 9:29 PM GMT
    Christian73 said
    riddler78 said
    Christian73 saidOh my God! Zuckerberg's sure to be next!

    I know! Let's not have anyone pay any taxes at all!

    This has completely changed my mind. People whose entire wealth is based on the infrastructure of the US shouldn't have to pay a dime in return.

    In fact, let's just ship all of our money to Singapore. It's inevitable that everyone will live there anyway. I mean, 20% income tax!

    #sarcasm


    Except to the point of particularly Savarin - his wealth wasn't dependent on US infrastructure - in fact, his contributions to US infrastructure are quite likely much greater than any usage he had of them. Further he left the US to build other businesses which is not to the advantage of the US.

    Of course, again you wouldn't and couldn't possibly understand that the real assets that are leaving aren't the assets.


    Really? The US government created the Internet, so I'd say Savarin's wealth is pretty dependent on it.


    Ah ok - so they were the only ones who developed it. Nevermind CERN or the commercialization that allowed it to be truly useful. Basically then your claim then is that the US should seize any wealth domestic and foreign as the result of the internet?

    That idiot TropicalMark could reason better than this.