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Arts & Entertainment

Facebook co-founder renounces US citizenship

Facebook co-founder Eduardo Saverin, seen in a 2010 interview from Singapore, where he lives

The world’s most popular social network co-founder, Facebook , Eduardo Saverin, has renounce his US citizenship.

He lived the American Dream … and then he packed up and left.
American citizens pay several taxes, including taxes on salary and investments. Saverin would be hit with about $600 million in capital gains taxes whenever he sold the Facebook shares (or “realized the income,” in financial speak).

But Saverin would not have to pay because he’s chosen to renounce his U.S. citizenship for residence in Singapore, where there is no capital gains tax.

The move was “practical” Tom Goodman, a spokesman for Saverin, told Bloomberg
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.

But even if he’s no longer an American, Saverin may not escape all U.S. taxes, Bloomberg explained.
Americans who give up their citizenship owe what is effectively an exit tax on the capital gains from their stock holdings even if they don’t sell the shares, a tax specialist at the University of Michigan’s law school explained.

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