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Eduardo Saverin renounced his U.S. citizenship


2012-05-14

Facebook Incorporated founder Eduardo Saverin has renounced his U.S. Citizenship, according to an IRS report, days before the corporation's first public offering.

The news, first released by Bloomberg on Friday, was primarily based on an IRS notice late in April that named folks "who have selected to expatriate." Facebook plans to raise as much as $10.6 bln in an IPO that's anticipated to value the company at as much as $96 bln. The offering could leave Saverin, who once owned five % of the company, with a big capital-gains tax assessment. Saverin has sold enough of his Facebook stake that he doesn't appear in IPO filing documents that list investors who are the owners of five pc or even more of the company, though his holdings are still claimed to be important. A spokesperson for Saverin didn't answer to 1 or 2 requests for comment on why Saverin had renounced his citizenship.

ISLAND Country Saverin now lives in Singapore, an Asian city-state which has no capital-gains tax.

There's a minimum fifteen % rate for long term capital gains in the US for folk in higher-income brackets. Saverin, who was born in Brazil, was educated in the U S at Harvard, where he founded Facebook with Mark Zuckerberg and others. The problem of American citizenship became a debating point this week as previous Republican Presidential applicant Michele Bachmann disclosed she had become a twin US-Swiss voter, then tried to return her new Swiss passport. Renouncing citizenship is a complex and lengthy affair concerning a signed oath and an appearance before a U.S. Diplomatic official, according to the US State Dept.'s internet site. Giving up citizenship is an irrevocable act, according to the state Dep. . According to the IRS report, people who gave up citizenship last quarter included Philip Radziwill, nephew of Jackie Onassis, the spouse of murdered previous President John F. Kennedy.

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