Facebook Co-Founder Saverin Gives Up U.S. Citizenship Before IPO (income, tax)
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I'm split on this subject. I believe he is smart to denounce his citizenship and hope he will give at least 100million to charity of his choice.
On the other hand I learned he came here on assylum so in his case to use the USA for all these years and then when pay back time is there to walk away to me is wrong and should be in an assylum agreement when someone comes over here that if they get assylum and later denounce their citizneship they have to pay at least half of what they owe...but still he is leaving before he is cashing in!
He is selfish, but in the free world you have the right to be selfish. Personally I support his right to do this. One day he might regret it, but the truth is that rich people can purchase US green card, so if he wants back, he can just buy the green card. This move will save him millions of dollars. Of course if he is kidnapped overseas, he better not expect the US to send a team of Navy SEALs to rescue him.
He is selfish, but in the free world you have the right to be selfish. Personally I support his right to do this. One day he might regret it, but the truth is that rich people can purchase US green card, so if he wants back, he can just buy the green card. This move will save him millions of dollars. Of course if he is kidnapped overseas, he better not expect the US to send a team of Navy SEALs to rescue him.
Truth be told, he can hire ex-navy Seals, CIA ops and NSA counter intel folks to protect him. ANd he would probably be better off hiring them because the red tape won't get in the way of their taking action.
Truth be told, he can hire ex-navy Seals, CIA ops and NSA counter intel folks to protect him.
Somehow I get a feeling he is not doing that. What kind of life would that be? Also, the guy seems to a little on the cheap side, so I don't think he'd spend the money on bodyguards.
Somehow I get a feeling he is not doing that. What kind of life would that be?
I don't know what type of security the guy has, but because he can't just waltz around Times Square like everyone else, I'm sure he has safeguards for himself and any family that has any connection to him.
But companies privately contract out to those guys all the time. Once they leave the US service or Intel community, they take on high paying gigs that make use of their "special skills." It would be similar to his own Secret Service.
"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."
"For tax purposes, the IRS treats the stock as if it has been sold. Renouncing your citizenship well in advance of an IPO is “a very smart idea,” from a tax standpoint."
Out of curiosity for the foreign tax specialists here, what other county or countries in the world apply capital gains on unsold securities when one renounces citizenship? Is the US the only one that does it?
I just never understood how a country believes it can apply a taxable event when no taxable event occurred. This was before Obama, so notice that while Obama shares the blame, I never said it was his alone.
Oh, and in before "good riddance, we didn't want you anyway" blind nationalism BS, but figured I was too late.
You need to look up the definition of "tax loophole". Tax loopholes are certainly not available to everyone evenly. Mainly the rich use lawyers, and off shore corporations, on paper only, to skirt the spirit and letter of tax law. They find flaws in tax codes, totally unintentional by the legislation, and exploit them, to get out of paying taxes.
Not one bit of your posting has anything to do with the hijacking of this thread.
He became a citizen in 2008. He's spent the last 3 years in Singapore. That means he was only here in the US for 1 year as a citizen.
I think he's making a smart move from a tax and preserving his wealth standpoint.
It's not like he was born and raised here and live here all his life.
Right. He can do whatever he wants. If he prefers Singapore, then he can stay there.
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