Ex-PATRIOT Act vs. Facebook Co-Founder
If you were offered 67 million dollars with the condition to leave your home country, would you agree? Probably, in our mercantile time, many will answer: "yes." There are patriots, but Eduardo Saverin, the co-founder and one of Facebook’s shareholders, is not one of them. A few days before the Facebook IPO, it became known that Saverin would give up his American citizenship and save 67 million in taxes.
More recently, every American who renounces citizenship is obliged to pay a “vacation tax” on his property in the amount that it is as if he is selling this property right now. But the real value of Facebook shares was not known until recently, so Saverin saved a large amount because he managed to apply for a waiver of citizenship before the IPO. According to experts, having owned 4% of Facebook shares, it “heated up” the US tax service in the amount of about $ 67 million.
It would seem, what claims may be to Eduardo? He was generally born in Brazil, came to America at the age of 10, and in recent years has been living and working in Singapore. However, some American politicians reacted negatively to the act of a young businessman. On May 17, Senators Chuck Schumer (Chuck Schumer) and Bob Casey (Bob Casey) proposed an Ex-PATRIOT bill (Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy) that should prevent such “tax frauds” in the future by a fixed 30% tax on income from capital of one who wants to renounce American citizenship. In addition, he will be permanently banned from entering the United States.
The law will have retroactive effect and will apply to all those who for the last 10 years have renounced their citizenship.
')
Last year, about 1,800 people voluntarily gave up US citizenship - seven times more than in 2008.
More recently, every American who renounces citizenship is obliged to pay a “vacation tax” on his property in the amount that it is as if he is selling this property right now. But the real value of Facebook shares was not known until recently, so Saverin saved a large amount because he managed to apply for a waiver of citizenship before the IPO. According to experts, having owned 4% of Facebook shares, it “heated up” the US tax service in the amount of about $ 67 million.
It would seem, what claims may be to Eduardo? He was generally born in Brazil, came to America at the age of 10, and in recent years has been living and working in Singapore. However, some American politicians reacted negatively to the act of a young businessman. On May 17, Senators Chuck Schumer (Chuck Schumer) and Bob Casey (Bob Casey) proposed an Ex-PATRIOT bill (Expatriation Prevention by Abolishing Tax-Related Incentives for Offshore Tenancy) that should prevent such “tax frauds” in the future by a fixed 30% tax on income from capital of one who wants to renounce American citizenship. In addition, he will be permanently banned from entering the United States.
The law will have retroactive effect and will apply to all those who for the last 10 years have renounced their citizenship.
')
Last year, about 1,800 people voluntarily gave up US citizenship - seven times more than in 2008.
Source: https://habr.com/ru/post/144158/
All Articles