May 11 - Facebook Co-Founder Renounces US Citizenship To Dodge Paying Taxes

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 6 years ago '05        #1
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chi town hustla 193 heat pts193
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May 11 - Facebook Co-Founder Renounces US Citizenship To Dodge Paying Taxes
 

 

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You know what sucks about coming into a large sum of money? Being forced to hand over a large chunk of that large sum to grabby old Uncle Sam. In America, hefty fees await winners of both the lottery and the stock market alike. It's like the old saying: the only two things certain in life are death and taxes.

Or are they?

Facebook co-founder Eduardo Saverin, also known as Andrew Garfield's character in the Hollywood motion picture The Social Network, has cannily dodged a large portion of the taxes he would owe the U.S. government after his company's IPO by renouncing his citizenship to the United States of America.

Saverin, instead, will become a citizen of Singaporeó where he first decamped last fall, Bloomberg reports.

Though he hasn't been active in the management of Facebook for years (remember how Jesse Eisenberg/Mark Zuckerberg stabbed him in the back?), Saverin still owns approximately four percent of the company, which, for those keeping score at home, will soon be worth something like $4 billion.

In Singapore, which doesn't have a capital gains tax, the 30-year-old Brazil-native will only be subject to a small fraction of the taxes that he would face in America. Zuckerberg for instance, stands to owe up to $2 billion in taxes for his Facebook shares, according to some estimates.


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

57 comments for "May 11 - Facebook Co-Founder Renounces US Citizenship To Dodge Paying Taxes"

 05-11-2012, 08:20 PM         #2
dlettern 
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He was really Brasilian anyway though plus he's been in Singapore. He got got and still took home 4 billi?! Homeboy won
 6 years ago '04        #3
hockeythug 66 heat pts66
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prolly would have done the same thing
 6 years ago '11        #4
TheOne87 9 heat pts
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n*gga Wesley Snipes mad as hell he aint do that






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Last edited by TheOne87; 05-12-2012 at 03:17 PM..
 6 years ago '10        #5
frankfmoney 10 heat pts10
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Nice move by him. Only problem I see with this is that the muhfu*ka made his money here, using the American folk.
 6 years ago '11        #6
2HIGHlife 
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 TheOne87 said:
n*gga Wesley Snipes mad as hell he aint do that






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lmao!
 6 years ago '06        #7
Yung Dilla 1478 heat pts1478
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Lol good move tax is a rip off anyways
 6 years ago '08        #8
RustyLorcin 11 heat pts11
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I was just in Singapore last month, lot's of entrepreneurs are moving there to get their start ups going, the quality of life is better, the food is better and you have budget airlines like tiger air that will take you to Philippines, Malaysia, Thailand, Vietnam, China for under $80 bucks.

Singapore is amazing..I'm thinking of making the move myself, after 2 years you get your citizenship there if you are a normal person.. this dude is loaded so he probably got it right away.
 6 years ago '04        #9
Cap Peeler 7 heat pts
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 RustyLorcin said:
I was just in Singapore last month, lot's of entrepreneurs are moving there to get their start ups going, the quality of life is better, the food is better and you have budget airlines like tiger air that will take you to Philippines, Malaysia, Thailand, Vietnam, China for under $80 bucks.

Singapore is amazing..I'm thinking of making the move myself, after 2 years you get your citizenship there if you are a normal person.. this dude is loaded so he probably got it right away.
 6 years ago '11        #10
rec1989 5 heat pts
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 RustyLorcin said:
I was just in Singapore last month, lot's of entrepreneurs are moving there to get their start ups going, the quality of life is better, the food is better and you have budget airlines like tiger air that will take you to Philippines, Malaysia, Thailand, Vietnam, China for under $80 bucks.

Singapore is amazing..I'm thinking of making the move myself, after 2 years you get your citizenship there if you are a normal person.. this dude is loaded so he probably got it right away.
that sounds like the life to live
 6 years ago '04        #11
thergs 43 heat pts43
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[.............]


Last edited by thergs; 01-07-2016 at 08:13 PM..
 05-12-2012, 06:07 PM         #12
whyarguewithgod 
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 thergs said:
This dude is a selfish as*hole. His company would have never taken off if there hadn't been a supportive government environment, well-paid US consumers, a national internet/broadband infrastructure, good regulations, a well-educated workforce, and a top education -- all subsidized by the US tax base -- and now he wants to renounce his citizenship, take his money, and run. Just so he can lessen his tax burden and avoid giving back to support the country that gave him his riches. To hell with him -- enjoy Singapore.



At first I was thinkin sarcasm but then I read it again.......Your right. Gotdamn you.































































































fu*k The Man
 6 years ago '06        #13
Yung Dilla 1478 heat pts1478
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 thergs said:
This dude is a selfish as*hole. His company would have never taken off if there hadn't been a supportive government environment, well-paid US consumers, a national internet/broadband infrastructure, good regulations, a well-educated workforce, and a top education -- all subsidized by the US tax base -- and now he wants to renounce his citizenship, take his money, and run. Just so he can lessen his tax burden and avoid giving back to support the country that gave him his riches. To hell with him -- enjoy Singapore.
Yeah and i agree he should move we shouldn't have to pay fu*king taxes inn the first place it's a sham.
 6 years ago '04        #14
young_fletch 24 heat pts24
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 thergs said:
This dude is a selfish as*hole. His company would have never taken off if there hadn't been a supportive government environment, well-paid US consumers, a national internet/broadband infrastructure, good regulations, a well-educated workforce, and a top education -- all subsidized by the US tax base -- and now he wants to renounce his citizenship, take his money, and run. Just so he can lessen his tax burden and avoid giving back to support the country that gave him his riches. To hell with him -- enjoy Singapore.
agree but i cant knock the hustle
 6 years ago '06        #15
darnbni99a 
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 TheOne87 said:
n*gga Wesley Snipes mad as hell he aint do that






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 6 years ago '08        #16
H Class 
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 TheOne87 said:
n*gga Wesley Snipes mad as hell he aint do that






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 6 years ago '11        #17
BlazedGod 
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This guys in singapore with his billions juss swaggin on asian bi*ches all day like

THIS IS THE LIFEEEEEEEEEEEEEEEEEEEE
 6 years ago '05        #18
Sco Dylan 4 heat pts
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 Yung Dilla said:
Yeah and i agree he should move we shouldn't have to pay fu*king taxes inn the first place it's a sham.
Holy sh*t you are fu*king stupid.

Do you use roads? Nature didn't build those, you know.

Actually you probably don't know, simple muthafu*ka.
 6 years ago '06        #19
PoetikTrev 7 heat pts
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CIA hit in 5..4..3..2
 6 years ago '06        #20
Special Edd 167 heat pts167
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 RustyLorcin said:
I was just in Singapore last month, lot's of entrepreneurs are moving there to get their start ups going, the quality of life is better, the food is better and you have budget airlines like tiger air that will take you to Philippines, Malaysia, Thailand, Vietnam, China for under $80 bucks.

Singapore is amazing..I'm thinking of making the move myself, after 2 years you get your citizenship there if you are a normal person.. this dude is loaded so he probably got it right away.
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