What Facebook, Expatriation and The Ex-Patriot Act Have In Common?

more+
less-

What Facebook, Expatriation and The Ex-Patriot Act Have In Common?

By James F. McDonough, Jr. on June 4th, 2012

The answer is Eduardo Saverin, the Facebook insider who renounced his U.S. citizenship in September of 2011 to become a citizen of Singapore. When news of Facebook’s initial public offering was disclosed, the fact that Mr. Saverin was no longer a United States citizen (and taxpayer) come to light. In response, United States Senators Casey and Schumer proposed legislation that would prevent the evasion of taxes by means of expatriation. The proposed statute would also prohibit these former citizens from re-entry into the U.S.

Mr. Saverin was a US citizen for ten years, having come here from his native Brazil. Mr. Saverin denies that he renounced his U.S citizenship for tax reasons although it is true that he has no long-standing ties to the US and no longer works at Facebook. Notwithstanding the denial, financial considerations had to have played some part in his decision.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© James McDonough, Scarinci Hollenbeck | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×
×