May 222012
 
Senators Propose Legislation In Response To Facebook Founder’s Expatriation

Previously, we reported on Facebook co-founder Eduardo Saverin, who renounced his American citizenship months ahead of Facebook’s initial public offering, which occurred on Friday, May 18.  Many have opined that Mr. Saverin stands to save millions in future taxes as a result of his actions and that this outcome played a significant role in his decision to abandon his citizenship. Now, Democratic Senators Chuck Schumer and Bob Casey have announced a new bill called the Ex-PATRIOT Act which would re-impose taxes on expatriates like Saverin even after they leave the United States and take up residence in a foreign country.  More…

May 142012
 
Facebook Co-Founder Eduardo Saverin Renounces U.S. Citizenship Ahead Of Facebook IPO

Facebook co-founder Eduardo Saverin, best known for his bitter legal battle with Facebook founder and CEO Mark Zuckerberg which was highlighted in the popular 2010 film The Social Network, has renounced his American citizenship ahead of Facebook’s impending initial public offering (IPO), which is currently scheduled for Friday, May 18.  Born and raised in Brazil before moving to the U.S. in 1992, the 30-year old Mr. Saverin now lives in Singapore.  Saverin renounced his citizenship on September 30, 2011 but the information did not become public until the IRS released his name on April 30. This maneuver was obviously done More…