Last Updated:April 18 @ 11:06 am

Facebook Co-Founder Gives Up Citizenship

By GOPUSA Staff

Anything for a buck, right? How about for billions of bucks? Ahead of Facebook's initial public offering (IPO), co-founder Eduardo Saverin has renounced his U.S. Citizenship, choosing Singapore as his residence. The tax savings of such a move will be enormous.

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.

Read the full story at Bloomberg

The United States has the highest corporate tax rate in the world as shown in this March 2012 article. Obama want's to raise it even higher in the name of 'fairness.'

As of Sunday, April first, the United States will have the highest corporate tax rate in the world. This new record is not something that would make most Americans proud.

We take the title as Japan cuts its tax rate by five percent. America’s business tax rate now tops out at 35 percent. Add state taxes and American job creators face a median rate of 39.2 percent.

Read more at Fox News:

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7 Comments

  1. petertravettiComment by Peter
    May 12, 2012 @ 10:21 am

    very smart idea. More rich people will do this if Obama is re-elected. GOD FORBID.

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  2. Mort_fComment by Mort_f
    May 12, 2012 @ 12:07 pm

    Brazilian born, Singapore resident? A poster child for those who tout what immigrants can do to help make our country great. A loyal American, whose only loyalty is to ‘Take the money and run.’.

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  3. Pingback: Diersen’s News Clips & Upcoming Events; 5-12-12 – They Don't Fool ME!

  4. TRUTHTELLERComment by TRUTHTELLER
    May 12, 2012 @ 1:28 pm

    Obummer lets these guys off the hook because they donate big time to his campaigns. With Obummer, it’s not grab the money and run. It’s grab the money and let the crooks and tax cheats escape.

    What did your tax return look like on April 15th? Betcha it wasn’t saving you that kind of dough.

    Are we having fun yet?

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  5. wdjincComment by wdjinc
    May 12, 2012 @ 5:04 pm

    This is only the beginning. Whenever Obama’s taxes for the rich goes through (if and when) more corporations and individuals will embrace foreign countries for residency and citizenship.

    In order to keep USA corporations from continuing to set up plants and business facilities overseas we need to provide better incentives for them to remain here. Already millions of American jobs have been exported to countries such as India and China.

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    • TRUTHTELLERComment by TRUTHTELLER
      May 12, 2012 @ 6:32 pm

      Amen to that, brother

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  6. cynicalobserverComment by cynicalobserver
    May 13, 2012 @ 1:03 pm

    Many American citizens who can afford it are seeking asylum in Australia from our present form of government.

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  7. KMcCComment by KMcC
    May 13, 2012 @ 2:45 pm

    Ok, I have looked into this in the past. An American Citizen who renounces his/her citizenship is Still Liable for US Taxes for the Following 10 YEARS.
    Now what does this really mean, 1. well this person located in the proper country could hid part or a great deal of real earings, or 2. When death does occure After 10 years there will be little or NO DEATH Taxes for their heirs.
    I guess thess are good options in Singapore and not in returning to Brazil!

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