posted by jlscott in Politics

Atlas Shrugs: FB Founder Bugs Out

May 14, 2012

Facebook co-founder Eduardo Saverin, abandoning his U.S. Citizenship, has called it quits with Byzantine Regulations and Codes:

"Mr. Saverin, who now lives in Singapore, decided last year to renounce his U.S. citizenship, a decision that was made public a few days ago. The move sparked an outcry among some tax experts who suspect he’s aiming to save on taxes. Although Mr. Saverin will have to pay a hefty exit tax for renouncing his citizenship, based on some calculation of his assets, Singapore is a relatively low-tax jurisdiction, particularly for foreign investors, and does not levy capital gains tax. Thus he could save in the longer term."

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