Eduardo Saverin, the Facebook co-founder who gave up his US
citizenship, has nothing against the US, just its complicated rules on citizens
holding money overseas, a spokesman told the NY Post.
Saverin, who now lives in Singapore, decided last year to
renounce his US citizenship, a decision that was made public late last week.
The move sparked an outcry among some tax experts who suspect he is aiming to
save on taxes.
Although 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.
In a political environment that is rife with talk of raising
taxes on the wealthy, Saverin's case could become another flash point.
Saverin spokesman Tom Goodman said Sunday his renunciation
was prompted not by tax considerations but by US rules that make it more
difficult for US citizens to live and invest overseas…..
Read more about this at : http://www.nypost.com/p/news/business/facebook_avoid_founder_rejects_claims_np5rBxHga1nzuqEGmCaGiN
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