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Tax-Arbitrage Of The Year - Facebook Founder Renounces US Citizenship

Tyler Durden's picture




 

We can only guess at his reasons. Perhaps it is the cost of real estate in Palo Alto, the price of Starbucks in Silicon Valley, or the lack of Bugatti dealerships but Eduardo Saverin - co-founder of Facebook - just renounced his US citizenship. Via Bloomberg,

  • FACEBOOK CO-FOUNDER SAVERIN GIVES UP U.S. CITIZENSHIP PRE-IPO
  • FACEBOOK CO-FOUNDER SAVERIN PLANS TO INVEST IN BRAZIL COMPANIES

Or maybe the always pioneering entrepreneurs from Facebook just gave us a preview of US tax policy, or rather the popular response to it, in 2013. Like!

 

 

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Fri, 05/11/2012 - 12:20 | 2417678 arm50
arm50's picture

Hmm, taxes make people leave? Weird.

 

Fri, 05/11/2012 - 12:23 | 2417689 Rahm
Rahm's picture

Fucking genius!  On to Switzerland (Citizenship, while banking in Cayman, and living in U.S. - hence he can still drive his Tesla to FB campus)

Fri, 05/11/2012 - 12:34 | 2417729 Oh regional Indian
Oh regional Indian's picture

That, for the un-initiated, is a complex web of post WWII Nazi Money going home to roost, Jewish to boot, how strange.

Rat, sinking ship? And way back then, who was Enemy and who was friend?

Co-Flounder is more like it.

Saverin is Savourin his profeets...

ori

sifting-the-sands-of

Fri, 05/11/2012 - 12:39 | 2417767 Pladizow
Pladizow's picture

Doesnt take a visionary to know what America's future is!

Three Flags Bitchez!

Fri, 05/11/2012 - 12:51 | 2417791 Xkwisetly Paneful
Xkwisetly Paneful's picture

Actually it seems like it does.

US educated, US created, US technology, cashing out in the US equity markets.

But thanks for playing.

 

 

 

 

Fri, 05/11/2012 - 13:19 | 2417923 Pladizow
Pladizow's picture

Citizenship: Brazil

Resident: Sigapore

Money: Everywhere!

Fri, 05/11/2012 - 13:27 | 2417940 FlyoverCountryS...
FlyoverCountrySchmuck's picture

If we just raise taxes on the EVIL RICH, and raise the Capital Gains tax, people won't leave anymore!

HOPEY CHANGEY, SUCKAZ!

Fri, 05/11/2012 - 16:06 | 2418491 matt_chart
matt_chart's picture

I bought TWWI on wednesday and made 100% profit in about a hour. Stock Legends has another big alert coming this weekend for monday. http://stocklegends.com

Fri, 05/11/2012 - 16:39 | 2418594 GMadScientist
GMadScientist's picture

Wow...two lattes.

Fri, 05/11/2012 - 17:45 | 2418728 The Big Ching-aso
The Big Ching-aso's picture

 

 

He's renouncing his U.S. citizenship after after our FB citizens and markets helped him make bazillions?

Well I'll be Facefucked.

Fri, 05/11/2012 - 12:50 | 2417798 tgatliff
tgatliff's picture

Yes.. But the question is whether the US government will accept his renouncement... My guess is no considering the size of potential tax income they will be extracting from him shortly....

Remember, you might be a US citizen, but you are first a slave to the ever wonderful US Treasury Department... And yes, they will find you... Ask anyone who gave money to the swiss...

Fri, 05/11/2012 - 13:26 | 2417937 Dre4dwolf
Dre4dwolf's picture

It is true that there are recorded cases of the govt denying applications to renounce citizenship (as odd as that might sound).

The system is self-destructing, they are attempting to keep as many slaves as possible from fleeing to safety (because after-all they need someone to fleece for the next banker bailout that we are slightly over-due for.).

 

Just like they did in 1933 when they stole everyones gold at 20$ an oz and then pegged the price post theft to 35$ an Oz, anyone who managed to renounce citizenship avoid taxes, and save their money (in gold) would of become potentially very wealthy by simply combating the government-bank sponsored fraud of the time.

 

1933 = Banker Bailout

1970s ~ 1980s = Banker Bailout

2007~2013 = Banker Bailout

 

Every-time a bubble popls (usually a credit bubble) the govt steps in and bails them out by stealing the wealth, purchasing power and sometimes even the DEPOSITS of the governments  and banks creditors (you and me).

 

When you deposit cash in your bank, its not even yours anymore, go read bank of Americas terms and conditions for opening an account, it puts you in the position of debtor to the bank even though a deposit is a loan from you to the bank.

They can actually deny giving you your money in those terms and conditions that you didn't read.

It's all UCC based law, go read the side of your freaking deposit slips.... you know the fine micro print.

Fri, 05/11/2012 - 14:05 | 2418074 earleflorida
earleflorida's picture

1933 = Banker Bailout

Nicht !!!

Fri, 05/11/2012 - 16:20 | 2418538 flying dutchmen
flying dutchmen's picture

i doubt they accept it without a huge tax hit.  Facebook could only have been create in the USA -- so he can go fuck himself.   PAY the taxes and then fuck off....

Fri, 05/11/2012 - 17:44 | 2418786 GoldRulesPaperDrools
GoldRulesPaperDrools's picture

Remember, you might be a US citizen, but you are first a slave to the ever wonderful US Treasury Department... And yes, they will find you... Ask anyone who gave money to the swiss...

 

WRONG ... ever heard of Marc Rich?  Left the country and never paid his taxes ... oh, but the wife made a very conveniently timely donation to the Bill Clinton library.  WINNING!

Fri, 05/11/2012 - 21:05 | 2419105 baltar
baltar's picture

They already accepted his renounciation, he is on the list just published April 30th.

 

https://www.federalregister.gov/articles/2012/04/30/2012-10274/quarterly...

Fri, 05/11/2012 - 12:33 | 2417749 pkea
pkea's picture

isn't he still a brazilan citizen?

Fri, 05/11/2012 - 13:14 | 2417902 godgunsandgold
godgunsandgold's picture

Next on his "to do" list........

Fri, 05/11/2012 - 15:46 | 2418386 caconhma
caconhma's picture

Eduardo Saverin was born in São Paulo, Brazil, to a wealthy Jewish Brazilian family, and was raised in Miami, Florida. 

While an undergraduate at Harvard, Saverin took advantage of Brazil's lax insider trading regulations and made $300,000 via strategic investments in the oil industry.

He also renounced his U.S. Citizenship in September 2011.

The Brazilian-born resident of Singapore. It may help him cut the tax bill stemming from his Facebook stake, and avoid capital gains taxes on his future investments. Singapore doesn’t have a capital gains tax.


Exit Tax

Saverin won’t escape all U.S. taxes. Americans who give up their citizenship owe what is effectively an exit tax on the capital gains from their stock holdings, even if they don’t sell the shares, said Reuven S. Avi-Yonah, director of the international tax program at the University of Michigan’s law school. For tax purposes, the IRS treats the stock as if it has been sold.


Renouncing your citizenship well in advance of an IPO is “a very smart idea,” from a tax standpoint, said Avi-Yonah. “Once it’s public you can’t fool around with the value.”

 


Saverin’s estimated gain, and subsequent tax bill, would be based on an appraisal by his tax advisors.


They could have valued his Facebook stake at less than it will be worth once shares trade publicly, reducing his liability. For tax purposes, Saverin can argue that the value of his stake should be discounted because of the potential difficulty of selling the shares while the company remains private.

Fri, 05/11/2012 - 16:07 | 2418496 Augustus
Augustus's picture

There should have been enough shares traded on Second Market to give a good starting point.  given the size of his holdings, a full sale would be at a lower price.

Does he even have a secretary that pays taxes?

Fri, 05/11/2012 - 16:40 | 2418605 GMadScientist
GMadScientist's picture

He's Paris Hilton with a limp dick.

 

Fri, 05/11/2012 - 16:32 | 2418563 Cole Younger
Cole Younger's picture

Likely, many latin american conutries have dual citizenship. The U.S. can't stop him..If they try, FB servers can be moved out and the company can incorporate elseware...Bad for California if that occurs...They are banking on FB IPO to fix their budget...

Fri, 05/11/2012 - 14:13 | 2418092 Stoploss
Stoploss's picture

Hope he doesn't have a Fisker, they tend to burn the house down. The Flaming Fisker!!  LOL!!

Fri, 05/11/2012 - 22:00 | 2419171 Buck Johnson
Buck Johnson's picture

Maybe he knows whats coming to the US this summer.

Fri, 05/11/2012 - 12:22 | 2417690 whatsinaname
whatsinaname's picture

Maybe he wants to settle down with his memes in Monaco.

Hear he is a big jet setter these days ..

Fri, 05/11/2012 - 12:31 | 2417732 Piranhanoia
Piranhanoia's picture

perhaps indictments make them leave.  Talk about your basic prepper.

Fri, 05/11/2012 - 12:31 | 2417735 alangreedspank
alangreedspank's picture

Yeah, odd right ? It's like this experiment people have to witness every time because the previous obvious conclusions never seem to stick.

Fri, 05/11/2012 - 12:35 | 2417751 Gully Foyle
Gully Foyle's picture

So what fucking nation is he a citizen of?

And why wasn't that in mentioned?

 

 

Fri, 05/11/2012 - 12:54 | 2417825 Gully Foyle
Gully Foyle's picture

Roland99

Thanks. I found this following the Google

I did not know BIGOV posted a quarterly list of expatriates.

https://www.federalregister.gov/articles/2012/04/30/2012-10274/quarterly...

Quarterly Publication of Individuals, Who Have Chosen To Expatriate

This notice is provided in accordance with IRC section 6039G of the Health Insurance Portability and Accountability Act (HIPPA) of 1996, as amended. This listing contains the name of each individual losing United States citizenship (within the meaning of section 877(a) or 877A) with respect to whom the Secretary received information during the quarter ending March 31, 2012. For purposes of this listing, long-term residents, as defined in section 877(e)(2), are treated as if they were citizens of the United States who lost citizenship.

Fri, 05/11/2012 - 13:03 | 2417858 cheesewizz
cheesewizz's picture

Brazil...Now thats somewere I always wanted to tan, I mean go

 

Help me !!! I cant stop this shit

 

Fri, 05/11/2012 - 13:08 | 2417877 Gully Foyle
Gully Foyle's picture

cheesewizz

At least your not a Brazil nut.

Fri, 05/11/2012 - 12:38 | 2417769 slaughterer
slaughterer's picture

Giving up one's citizenship is the only way to get an offshore account nowadays with Fatca legislation kicking in in 2013.

Fri, 05/11/2012 - 13:24 | 2417929 ToNYC
ToNYC's picture

Kenneth Dart of Dart Industries tried that to leave him free of styrofoam-based lawsuits that will dwarf asbestos claims. He bollixed up a bunch of South American debt settlements with the major banks like Citicorp. A real prince of crapitalism who'd just as soon skip the table before the bill came due.

They'll let Edouardo free of taxes for a very stiff price just for the example. Dumb move, smart guy.

 

Fri, 05/11/2012 - 14:07 | 2418077 Dr. No
Dr. No's picture

"Off Shore"...its not just for companies anymore.

Fri, 05/11/2012 - 12:21 | 2417685 trembo slice
trembo slice's picture

If I had millions of dollars I'd do the same.  Especially if I was about to get millions of dollars.

Fri, 05/11/2012 - 12:26 | 2417706 mckee
mckee's picture

Given the binary nature of our probably outcomes 1) The easiest way to ensure you'll never be a millionaire is to stay here. or 2) We will all be millionaires.... when a loaf of bread cost $500,000.

Fri, 05/11/2012 - 12:27 | 2417717 mayhem_korner
mayhem_korner's picture

 

 

Is it Thai Stick Friday for you or are you trying to use the keyboard with mittens on?

Fri, 05/11/2012 - 14:43 | 2418164 mckee
mckee's picture

Both... don't want the smell on my hands giving me away.

Fri, 05/11/2012 - 12:35 | 2417755 Gully Foyle
Gully Foyle's picture

mckee

"The easiest way to ensure you'll never be a millionaire is to stay here"

Yes, I'm quite certain that Spain has a blooming millionaire class.

 

Fri, 05/11/2012 - 13:20 | 2417921 Belarusian Bull
Belarusian Bull's picture

Here in Belarus we are millionaires for a long time. Bread costs 5 000 - 10 000 of local currency, 1 USD = 8 000.

Nothing to fear, you'll get used to it :)

Fri, 05/11/2012 - 23:14 | 2419316 AGuy
AGuy's picture

I am not worried about becoming a millionare, but I am terrified of becoming a multi-quadrillionaire!

I am not sure my back will hold out hauling half a ton of FRNs to buy a loaf bread.

It would be interesting to see the State of the Union speech when hyper-inflation hits:

Good evening Americans and members of Congress. My adminstration has succesfully turned each and everyone of you into multimillionaires in just a few short years. The United States now has more billionaires and Trillionaires then the rest of the World combined! Never in American history has any President been able to raise incomes so fast as mine has! In today's ecomony everyone has a job even if they don't want a job. We managed to employ  the eldery, the disabled, and even the terminally ill! What an exciting time it is to be an American! My adminstration has also done something that never been done before, Send every illegal alien home without the cost of a single tax dollars to enforce immigration policy! We also managed to finally make American Energy independant! Today we are also a top energy exporter. Our Energy policy has managed to permanently remove over 100 million cars from American roads. Our roads are completely congestion free!

Putting aside all this good news, I have something serious to discuss with the American People tonight. As you're already aware, some of our former states have rebelled against our great Union and have set up terriorist networks that threaten our liberties and our way of life. I have asked Congress to deliver an article of war against these rebel states. No longer shall Texans and Alaskans threaten our great nation. We will end their reign and take back what is rightfully ours! I've also requested new Border security Bill designed to secure our borders to prevent American Wealth from leaving our nation. We cannot permit tax dodgers from fleeing our nation. We also cannot permit illegal contraband (Coffee, Sugar, Toilpaper, beef) from being transferred with out the luxary tax stamp. Its unfair to law abiding citizens and it robs wealth from our public treasury. In order to fund these new bills I have requested that the VAT tax be raised a small portion to a new effective rate of 84%. This new tax rate is fair and just for everyone. Some of my fellow members in Congress and the Senate have argued for new tax rate of 90%. That is simply too much of a burden and I will veto it. Its 84 or the veto! I understand the American people and refuse to take action that will cause unneccessary misery. Good night and God bless us All!

 

 

 

 

 

 

 

 

Fri, 05/11/2012 - 12:22 | 2417686 junkyardjack
junkyardjack's picture

So now he's a terrorist...

Fri, 05/11/2012 - 12:36 | 2417761 Gully Foyle
Gully Foyle's picture

junkyardjack

Has someone checked his underwear?

Fri, 05/11/2012 - 13:22 | 2417928 godgunsandgold
godgunsandgold's picture

I'm sure some TSA freak will be hot for him.....

Fri, 05/11/2012 - 12:22 | 2417688 HANKREARDON
HANKREARDON's picture

Do you have to be a citizen anywhere?  Now that's globalization.

 

Where to?

Fri, 05/11/2012 - 12:23 | 2417696 HANKREARDON
HANKREARDON's picture

Singapore

Fri, 05/11/2012 - 13:13 | 2417897 anarchitect
anarchitect's picture

Depends on his age. Mandatory military service if too young, I believe.

Fri, 05/11/2012 - 13:02 | 2417764 Gully Foyle
Gully Foyle's picture

HANKREARDON

http://www.blueseed.co/quick-facts.html

Who is this for? - The world's best entrepreneurs and visionaries
The boldest, brightest, and most talented tech entrepreneurs from around the world. Plus the individuals and organizations that support and invest in them.
Where will it be? - Right near Silicon Valley
On a ship anchored half an hour (12 miles) from Silicon Valley, in international waters outside the jurisdiction of the United States.
What does it cost? - Around $1,600 USD/person/month
We'll charge a combination of rent and equity to accommodate the stage of your startup. The price per person will include living and office space, and will range from $1200 for a shared cabin to $3000 for a top-tier single accommodation cabin.
Why should it be done? - Because innovation is awesome
The world's best entrepreneurs should be able to gather and collaborate in one place, and not be limited by antiquated work visa restrictions.
How can I get aboard? - Do something that matters, and be awesome
Get referred to us through a reputable angel, venture capital firm, entrepreneurs network, or trusted contact. Or surprise us.
Can I legally work? - On Blueseed, yes.
You can legally earn an income working on your startup while on the Blueseed vessel regardless of your nationality, but you can't legally earn a paycheck while visiting the mainland, unless you have a US work visa or are a US permanent resident.
Can I travel to the mainland? - Yes
You can travel to the mainland using business/tourist visas (B1/B2), for up to 180 days/year (these are significantly easier to obtain than work-visas). US residents can travel to Blueseed at any time.
What happens when I succeed and outgrow Blueseed? - We help you move to the mainland.
Silicon Valley is the best place in the world to scale a company, and once you're large enough there are legal channels available to move into Silicon Valley proper. We will provide you with the resources and contacts you need to make the transition.
When are you launching? - In about two years
We plan to launch between Q3 2013 and Q1 2014.
My organization supports startups, how do I join the project? - Contact us
We're primarily looking for incubators, support networks, and individuals or organizations that make our environment more awesome while solving a startup's problems.
( Really who would downvote BLUESEED? It's like a 21st century Ayn Rand town, but on a ship at sea. Maybe like Ayn Rand anger fucked Jules Verne and came up with a Captain Nemo Galt.Or Fucking HAGBARD CELINE!)
Fri, 05/11/2012 - 22:05 | 2419180 Dr. Sandi
Dr. Sandi's picture

Wait a minute here:

Where will it be? - Right near Silicon Valley
On a ship anchored half an hour (12 miles) from Silicon Valley, in international waters outside the jurisdiction of the United States.

 

Last time I was in the neighborhood, the Santa Cruz Mountains were still quite well established between Silicon Valley and the Pacific Ocean. Just a quick and easy 45 minute drive on the winding mountain freeway to Santa Cruz or Monterey and you're on the water.

Of course, the 12 mile limit hasn't really existed since sometime around the Cuban Missile Crisis. Most nations follow the U.S. lead of imposing a 200 mile limit around their land mass.

On the other hand, I wish them all the best with this. Stupid people should be separated from their excess money as quickly as possible.

Fri, 05/11/2012 - 13:19 | 2417916 5880
5880's picture

they have that world boat thingey

Fri, 05/11/2012 - 12:22 | 2417692 ChickenTikka
ChickenTikka's picture

Doesn't want to be taxed worldwide for the rest of his life.  It makes sense.  I'm American and paying the US taxes even though I haven't lived there since I left college.

Fri, 05/11/2012 - 12:25 | 2417708 BobPaulson
BobPaulson's picture

The benefits of citizenship must outweigh the penalties if there is free choice. What are the benefits again?

Fri, 05/11/2012 - 12:30 | 2417731 jayman21
jayman21's picture

Free FEMA camps, tear gas in the face, mopads running you over....to name a few.

Fri, 05/11/2012 - 17:22 | 2418736 Iwanttoknow
Iwanttoknow's picture

That for us 99% only.

Fri, 05/11/2012 - 23:45 | 2419370 The Alarmist
The Alarmist's picture

You forgot the benefit of being a walking target in most of the third world and some of the developed world.

American Distress ... Don't Leave Home!

Fri, 05/11/2012 - 12:33 | 2417743 ParkAveFlasher
ParkAveFlasher's picture

You get to wave the flag that gets planted in your ass, as you alternate kissing TPTB's left and right feet.  Operators are standing by!  Call now!

Fri, 05/11/2012 - 14:42 | 2418166 AnAnonymous
AnAnonymous's picture

The benefits of citizenship must outweigh the penalties if there is free choice. What are the benefits again?
_____________________________________

You 've got bodycounted if you get get killed by the US military.

You've got thought twice if the US government wants to assassinate, thrice if you hold US citizenship and live in the US

etc...

Many benefits that will be reckoned with once the citizenship is surrendered.

Fri, 05/11/2012 - 14:52 | 2418189 Kayman
Kayman's picture

Or you get to have a free dump on the street before the Chinese thugs, er, police, drag you off to the one ounce head shot.

Fri, 05/11/2012 - 16:13 | 2418525 Raymond Reason
Raymond Reason's picture

The benefit of US citizenship is the ability to travel to and work in almost any country in the world, many without a visa.  Visas being cheap and easy to get.  Enjoy it while it lasts. 

Fri, 05/11/2012 - 12:37 | 2417758 dunphyben
dunphyben's picture

You don't have to pay the first $90,000 or so on your personal income earned overseas. 

Fri, 05/11/2012 - 13:10 | 2417878 azusgm
azusgm's picture

However, if you are working freelance, you owe self-employment taxes on everything you make overseas.

Fri, 05/11/2012 - 12:47 | 2417786 Confused
Confused's picture

While i agree with the idea that it is silly to pay taxes while living abroad, there IS an exemption (currently $96,000 I believe). I wonder how many of those up arrows you received are aware of the earnings of people in your situation.

Fri, 05/11/2012 - 16:39 | 2418596 piliage
piliage's picture

$96000 gross, based on the average exchange of a manipulated US dollar.

USD/EUR 1.34 for the year by IRS

$96k is 70k Euro

55% Tax rate in Europe

Whamo. 32k take home. Gosh, I'm rich...I deserve to pay taxes in two countries as I am a money grubbing 1%er.

Fri, 05/11/2012 - 12:23 | 2417693 GeneMarchbanks
GeneMarchbanks's picture

Facebookistan?

Fri, 05/11/2012 - 12:32 | 2417747 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

TD just tweeted your 'Facebookistan'. You should've got it trademarked.

Fri, 05/11/2012 - 12:37 | 2417759 Oh regional Indian
Oh regional Indian's picture

Chimerica...

Fri, 05/11/2012 - 12:50 | 2417809 magpie
magpie's picture

Formerly liked Kingdom of Zuckerbergia

Fri, 05/11/2012 - 13:00 | 2417848 Gully Foyle
Gully Foyle's picture

Oh regional Indian

Lateesha Rodriguez: Now, as a blactino woman, I believe we deserve our own race category to forge an identity, Jerry. That's how I feel.
Jerry Springer: Did you just say "blactino"?
Lateesha Rodriguez: Yes, I did. I'm a blactino-American.
Chinegro Woman: Wow. Uh, first of all... first of all, you don't even look latino. You look black. You're... You're black. Second of all, I'm of mixed race, and I've struggled my whole life as to whether I'm Chinese or whether I'm black.
Lateesha Rodriguez: Chinegro! What you are is chinegro!
Chinegro Woman: Chinegro?
Lateesha Rodriguez: Chinegro! There you go!
Chinegro Woman: Chinegro?
Lateesha Rodriguez: You are a chinegro!
Chinegro Woman: What the
[bleep]
Chinegro Woman: is chinegro?
Lateesha Rodriguez: That's what you are! Chinegro is you!
Chinegro Woman: That's some bulls...
[bleep]
Chinegro Woman: .
Jerry Springer: OK, as I understand it, you brought a mixed-race flow chart with you. Why don't we bring that out?
[Crowd shouting and booing]
Lateesha Rodriguez: [to a random heckler] How you doin', sugar? All right. I'm gonna call you later. Mwah. All right.
[Crowd laughs]
Lateesha Rodriguez: Take a look at this...
[she unveils the chart]
Lateesha Rodriguez: Blactino, blackasian, hispasian, OK? Now, for the Asian subcategories,
[to the Chinegro woman]
Lateesha Rodriguez: I got you, sister. We have chinegro right here. That's you. Chinegro.
Chinegro Woman: That's not a word! That's not a word!
Lateesha Rodriguez: Yes, it is, sister. We have koreagro. Japegro, OK?
[Crowd laughs]
Lateesha Rodriguez: Chispanic, koreaspanic, and last but not least, check this out, y'all... japanic.
[Crowd cheering]
Lateesha Rodriguez: That's how I flow with it!
Jerry Springer: Do you believe the government should recognise these racial subgroups?
Lateesha Rodriguez: Yes, Jerry, I do.

Fri, 05/11/2012 - 13:17 | 2417910 Oh regional Indian
Oh regional Indian's picture

Hat's off Gully, you always come up with the most fascinating stuff.

That is why your troll was so patently that. Insipid.

Ah Laax thiz.

ori

Fri, 05/11/2012 - 13:19 | 2417919 Gully Foyle
Gully Foyle's picture

Oh regional Indian

"Insipid."

I bet you can't say that without a lisp.

Fri, 05/11/2012 - 13:23 | 2417933 Oh regional Indian
Oh regional Indian's picture

Actually I can. And in case you haven't met, please meet:

http://www.electricsheepcomix.com/

My return gift to you. The most unusual visual mind I've ever encountered.

ori

Fri, 05/11/2012 - 13:40 | 2417993 Gully Foyle
Gully Foyle's picture

Oh regional Indian

Grant Morrisons Doom Patrol.

Ben Edlunds Blue Tick comics, followed by the live action show then the cartoon.

The League of Gentlemen and Psychoville.

Off the top of my head most unusual visual minds.

Fri, 05/11/2012 - 19:58 | 2419006 11b40
11b40's picture

What I want to know is who could give a down arrow to a bunch of Blactinos, Blackasians, Hispasians, Chninegros, Japanics? 

Welcome to the Melting Pot.

Fri, 05/11/2012 - 12:54 | 2417819 BLACK_DOG
BLACK_DOG's picture

a larger GDP tham Quam!

Fri, 05/11/2012 - 18:01 | 2418831 Abraham Snake
Abraham Snake's picture

Facebookistan?!

 

serious LOL-istan

Fri, 05/11/2012 - 12:22 | 2417694 doomandbloom
doomandbloom's picture

It's complicated

Fri, 05/11/2012 - 12:22 | 2417695 Uncle Remus
Uncle Remus's picture

Look for retro-active taxation on renouncers if they happen to come into some serious coin after the fact.

Fri, 05/11/2012 - 12:24 | 2417698 mayhem_korner
mayhem_korner's picture

 

 

Friends with (tax) benefits.

Fri, 05/11/2012 - 12:23 | 2417699 Sudden Debt
Sudden Debt's picture

America needs role models!
Thumbs up nerd guy!

Fri, 05/11/2012 - 13:02 | 2417853 Gully Foyle
Gully Foyle's picture

Sudden Debt

I thought the American role model of an expatriot was, Roman Polanski.

You know someone who can safely drug then assfuck a teenager yet still be adored by millions.

Fri, 05/11/2012 - 15:53 | 2418421 caconhma
caconhma's picture

Surprised? Oh well, he is Jewish. They own the USA.

Fri, 05/11/2012 - 12:25 | 2417701 HungrySeagull
HungrySeagull's picture

Cute.

Suppose 150 million renounce?

Hmmm?!

HMMMM?!

Fri, 05/11/2012 - 12:29 | 2417725 Paul Atreides
Paul Atreides's picture

Vector...

Fri, 05/11/2012 - 12:50 | 2417807 WillyGroper
WillyGroper's picture

Didn't they build a fence for that?

Fri, 05/11/2012 - 12:24 | 2417702 tekhneek
tekhneek's picture

Guess the CIA's been running it's mouth a little too much in the board room lately...

Fri, 05/11/2012 - 12:26 | 2417705 Cursive
Cursive's picture

Did he "like" Simon Black's page?

Fri, 05/11/2012 - 12:26 | 2417707 Conman
Conman's picture

Whats not to love about singapore - no cap gains and living like a rock star. Where do i sign up to renounce.

Fri, 05/11/2012 - 12:29 | 2417728 BobPaulson
BobPaulson's picture

There is of course that detail about cripplingly high real estate prices and draconian civil rights rules but I grudginly agree the place is damn impressive in many ways. The thing that really impressed me is how the mentality of collectivism and the highly interventionist government has performed some amazing feats of development and technological innovation there. Amazingly clean, orderly and developed place. Don't erroneously interpret them as being libertarian though, very very far from it.

Fri, 05/11/2012 - 13:41 | 2417998 a growing concern
a growing concern's picture

At least they're up front and honest about their draconian civil rights, and I don't believe they just ordered enough hollowpoint rounds to put one through every one of their citizens' foreheads... So they've got that going for them.

Sat, 05/12/2012 - 00:08 | 2419403 The Alarmist
The Alarmist's picture

Last time I was there, I was standing at a cross-walk and this guy next to me tosses some paper on the ground, so I said to him, "You wouldn't do that if Lee Kuan Yew were still running this place." After a nervous look at me, he picked it up and went on his way.

Guess those canings leave a lasting impression on folks.

Fri, 05/11/2012 - 17:28 | 2418746 Iwanttoknow
Iwanttoknow's picture

Too fucking humid .

Fri, 05/11/2012 - 12:27 | 2417713 the 300000000th...
the 300000000th percent's picture

You have to pay to renounce your citizenship, I suppose they will raise the price..... Wait a minute........ wait for it........... IVE GOT IT!!!!!!!!!!!!!! We can raise the price and then when millions of US citizens renounce it will be a boon for the economy Bullish!! Bullish!! With this and the all that gay marrige coming soon the economy will have a robust recovery. 

Fri, 05/11/2012 - 12:29 | 2417718 israhole
israhole's picture

Brazilian Jew.  The Winklevii got JEWED!

Fri, 05/11/2012 - 12:31 | 2417736 BobPaulson
BobPaulson's picture

The anti Isreal argument is quite compelling, yet often undermined by being honey-potted with racism and hate. I will assume from now on you are a Mossad agent.

Fri, 05/11/2012 - 12:50 | 2417810 BLACK_DOG
BLACK_DOG's picture

Eduardo Saverin was born in São Paulo, Brazil, to a wealthy Jewish Brazilian family. wiki

thats why hes a brazilianaire!

Fri, 05/11/2012 - 12:28 | 2417719 Zola
Zola's picture

look for outrage from the moral midgets and corrupt critters in CON-gress in 5,4,3,2...

Fri, 05/11/2012 - 12:31 | 2417722 williambanzai7
williambanzai7's picture

I believe he is a Sovereign Douche Bag and he traded it for Zynga Groupons.

Fri, 05/11/2012 - 12:28 | 2417723 penexpers
penexpers's picture

Why am I getting the sense that this IPO is specifically being offered so the executives can cash out?

Facebook's own IPO prospectus showed that their revenues have peaked.

Facebook will be going the way of MySpace soon.

Fri, 05/11/2012 - 12:34 | 2417746 Paul Atreides
Paul Atreides's picture

Over the 3 years I had facebook (I deleted it) I NEVER clicked on an ad,   that speaks volumes about their earnings potential...

Fri, 05/11/2012 - 13:04 | 2417859 blunderdog
blunderdog's picture

If you think the only place they're generating revenue is ad-clicks, you're over a decade behind the online-media industry.  Might want to look into what those folks have actually been doing for money.

Fri, 05/11/2012 - 13:43 | 2417901 Paul Atreides
Paul Atreides's picture

I have and 89% of the $4.27 billion Facebook made in 2011 was from ad revenue. I am also aware of the data mining and personal data selling business which is peanuts. In the B2B online marketing headspace the offer to socially integrate with Facebook/Twitter usually results in the comment "We don't do facebook, it does nothing for sales". I tend to agree, unless your promoting a band, selling cupcakes or creating an online community it generates a negative ROI.

Fri, 05/11/2012 - 13:44 | 2418015 blunderdog
blunderdog's picture

Personally, I suspect their future is going to involve a lot of government contracts.  Numbers may be fudged for security reasons.

Fri, 05/11/2012 - 14:37 | 2418147 Paul Atreides
Paul Atreides's picture

Previously I was speaking in a pureley business perspective. I am in the same camp as you my friend, I have a gut feeling they have been subsidized by the TPTB from the get go to create a massive facial recognition database.

Fri, 05/11/2012 - 14:35 | 2418144 AnAnonymous
AnAnonymous's picture

The success of their ad program relies on the data mining.

It is derived from it.

Fri, 05/11/2012 - 16:42 | 2418620 GMadScientist
GMadScientist's picture

Well it's sure as hell not from sales generated. LOL

Fri, 05/11/2012 - 19:56 | 2418998 akak
akak's picture

You forgot to make some kind of link between Facebook and your nefarious (and mythical) "US Citizenism" here.

Your Chinese Communist Party Central Committee paymasters are not going to be happy with you for your oversight.

Or am I addressing the slightly less autistic Troll #3 here, instead of the anti-American soundbite-spitting Troll #1, or the loquacious but even more rabidly anti-American Troll #2?  You know how hard it is to tell you apart --- you all pretty much look the same to us.

Fri, 05/11/2012 - 20:44 | 2419072 tekhneek
tekhneek's picture

How ya been akak? I commented on this because...

Loquacious is a good word.

Motha' fuckin' loquacious bitchez.

Fri, 05/11/2012 - 21:14 | 2419110 TheFourthStooge-ing
TheFourthStooge-ing's picture

akak said:

You forgot to make some kind of link between Facebook and your nefarious (and mythical) "US Citizenism" here.

Your Chinese Communist Party Central Committee paymasters are not going to be happy with you for your oversight.

The PRC Ministry of Truth Handbook for Internet Propagandists is pretty strict about certain things. For instance, it will allow propagandists to faintly criticize the Chinese citizenism ruling class if it serves to camoflage the role of the propagandist.

However, it is quite clear about "US citizenism". The propagandist must, whenever presented with the opportunity, criticize and condemn "US citizenism" and blame it for any problem that can be even remotely associated with it.

Or am I addressing the slightly less autistic Troll #3 here, instead of the anti-American soundbite-spitting Troll #1, or the loquacious but even more rabidly anti-American Troll #2?  You know how hard it is to tell you apart --- you all pretty much look the same to us.

The one that failed here to link facebook with "US citizenism" will be easy to sniff out. The punishment for his failure will be a month of doody duty in the public parks of Shanghai, cleaning up the human feces dropped there by his fellow Chinese citizenism citizens.

 

Sat, 05/12/2012 - 00:13 | 2419406 The Alarmist
The Alarmist's picture

Chinese Citizenism is a heavy burden to wear.

Fri, 05/11/2012 - 13:03 | 2417860 wisefool
wisefool's picture

Was there any IPO in history that wasn't offered specifically for the executives to cash out? The only one I can think of is GM, where the workers cashed out with taxpayers money.

Fri, 05/11/2012 - 12:31 | 2417733 agNau
agNau's picture

Racist......Genius.

Like Paul said,
"Those border fences may confine you one day."

Watch as the great exodus accelerates!

Fri, 05/11/2012 - 12:31 | 2417737 prains
prains's picture

soon? or already

Fri, 05/11/2012 - 12:32 | 2417738 DollarMenu
DollarMenu's picture

I'm guessing that he thoroughly checked the bureaucratic time windows on this.

"If at any time during the year..."

"Any income earned within the year ending..."

Etc., etc.

Fri, 05/11/2012 - 12:32 | 2417739 paulbain
paulbain's picture

Tyler Durden wrote:

Eduardo Saverin - co-founder of Facebook - just renounced his US citizenship. Via Bloomberg:

  • FACEBOOK CO-FOUNDER SAVERIN GIVES UP U.S. CITIZENSHIP PRE-IPO

Well, this development may be part of a global trend. Look at the exodus of entreprenuers from France in the wake of the election of a Socialist President in that country:

http://www.bloomberg.com/news/2012-05-10/entrepreneurs-in-france-flee-fr...

 

-- Paul D. Bain

paulbain@pobox.com

 

Fri, 05/11/2012 - 12:54 | 2417834 markar
markar's picture

French entrepreneurs? Isn't that an oxymoron?

Fri, 05/11/2012 - 13:03 | 2417862 piliage
piliage's picture

Believe it or not, there are a few. Xavier Niel kicks all kinds of ass and is a really interesting guy. http://www.forbes.com/sites/clareoconnor/2012/03/09/french-revolutionary...

Fri, 05/11/2012 - 13:48 | 2418024 Mercury
Mercury's picture

A real bag of hammers you two are - what language do you think "entrepreneur" comes from?

Fri, 05/11/2012 - 14:06 | 2418078 piliage
piliage's picture

Vite! Dites-moi le nom d'un autre entrepeneur français, trou du cul!!

Fri, 05/11/2012 - 17:55 | 2418810 ManOfBliss
ManOfBliss's picture

Who gives a fuck what language from which the word derives. It IS ironic that it's French- enter new Socialist president!!!

Fri, 05/11/2012 - 12:33 | 2417741 dryam
dryam's picture

Definitely a no-brainer decision.

Fri, 05/11/2012 - 12:58 | 2417833 Manthong
Manthong's picture

He was probably told by one or more of his foriegn banks that they didn't want his account anymore given new oppressive US reporting regulations.

Understandable in that case.

There were a lot of people that renounced their citizenship in 1776.

"When in the course of human events..."

A lot of events going on nowadays.

Fri, 05/11/2012 - 12:32 | 2417744 sabra1
sabra1's picture

oBLAHma renounced his citizenship a long time ago! wait, what?

Fri, 05/11/2012 - 12:34 | 2417753 mayhem_korner
mayhem_korner's picture

 

 

Did he renounce it from Kenya or Indonesia?

Fri, 05/11/2012 - 12:34 | 2417748 adisensei
adisensei's picture

Did he, "As a family, we just recently updated our documents" and become a Swiss citizen? I hear it is quite trendy.

Fri, 05/11/2012 - 12:35 | 2417752 azusgm
azusgm's picture

Renunciation of US citizenship works like a liquidation of assets for IRS purposes.

Big bill. Very big bill.

But avoids possibly much bigger bills into the future.

 

Fri, 05/11/2012 - 13:07 | 2417870 wisefool
wisefool's picture

But it works in reverse if you become treasury secretary. Remember how Hank "tanks in the street" Paulson said he was "forced" to sell his positions tax free when they "made" him become SEC-TRES

Fri, 05/11/2012 - 13:57 | 2418054 Catch-22
Catch-22's picture

If you have some money/assets (2 million is the threshold) YOU HAVE TO LEAVE 30% of everything at the door before leaving.

Fri, 05/11/2012 - 12:35 | 2417754 Irwin Fletcher
Irwin Fletcher's picture

Any possibility that the US gov says No, you may Not renounce your citizenship, we will come for your money until the end of your days?

Fri, 05/11/2012 - 13:01 | 2417852 piliage
piliage's picture

They can and do audit you if they think you are doing so for tax reasons. They even have the right to charge you an exit fee, and there isn't much you can do about it.

Fri, 05/11/2012 - 13:54 | 2418046 Manthong
Manthong's picture

What if you can afford to raise an army of Hessian commandos and snipers ?

Fri, 05/11/2012 - 12:35 | 2417756 Amused2Death
Amused2Death's picture

Wait, you can renounce your citizenship so easily like that???

Fri, 05/11/2012 - 12:40 | 2417772 dunphyben
dunphyben's picture

Unless you owe the IRS. 

Fri, 05/11/2012 - 12:41 | 2417774 wisefool
wisefool's picture

I bet he would rather be able to take the Krugman taint off his record.

Saverin graduated magna cum laude from Harvard University with a bachelor's degree in economics.

The masters of the tax universe really only have two choices, become president, SEC-TRES or leave the USA.

Fri, 05/11/2012 - 12:57 | 2417842 agNau
agNau's picture

There is an exit tax!
There are metal detectors.
Papers?

Fri, 05/11/2012 - 15:10 | 2418252 HungrySeagull
HungrySeagull's picture

Not so easy. You have to stand in front of the flag and also in presence of some minor officials.

Saying "I do" is much easier.

Fri, 05/11/2012 - 12:37 | 2417757 chet
chet's picture

Bye.  Who gives a shit?

Fri, 05/11/2012 - 12:38 | 2417770 CH1
CH1's picture

Let all who can escape the beast do so.

Fri, 05/11/2012 - 12:40 | 2417771 Dr. Gonzo
Dr. Gonzo's picture

I have just formaly renounced Facebook.

Fri, 05/11/2012 - 13:44 | 2418019 Non Passaran
Non Passaran's picture

I can imagine the loss caused by your curageous move completely nullified all savings resulting from his giving up of the US citizenship...

Another thing that must make him really sad is that he won't be able to vote in the next presidential election, when millions of Americans will decide future direction of their country.  ;-)

Fri, 05/11/2012 - 12:42 | 2417777 Sandmann
Sandmann's picture

Pretty apparent we have investors on this thread that do no research but dive in. 

Eduardo P. Saverin (born March 13, 1982; Portuguese: [edu?a?du ?save??] or [save????])[3] is a Brazilian-born American internet entrepreneur and investor

By 1993, Saverin's father had become wealthy, and in 1993 it was discovered that his son Eduardo´s name had been placed on a list of kidnapping victims by gangs specializing in kidnapping for ransom. As a result, the family moved to Miami to find a safer place to live. Saverin attended Gulliver Preparatory School in Miami, and went on to Harvard University, where he was a member of the Phoenix S.K. Club as well as president of the Harvard Investment Association. While an undergraduate at Harvard, Saverin took advantage of Brazil's lax insider trading regulations and made $300,000 via strategic investments in the oil industry.

Born (1982-03-13) March 13, 1982 (age 30)[1]
São Paulo, Brazil Residence Singapore Nationality

Brazilian

 

Fri, 05/11/2012 - 12:53 | 2417827 Irwin Fletcher
Irwin Fletcher's picture

So he's a Portugese, Brazilian-born American with Singapore Nationality? Wow.

Fri, 05/11/2012 - 12:46 | 2417784 piliage
piliage's picture

American's pay tax globally by nationality. Most countries do not require you to pay tax at home if you are working abroad. However, the US is one of the few that does. Yes, there are exemptions, but the fact is the exemption is based on your GROSS income before local tax, and is calculated on an annual average exchange rate.

You've seen what the fed is doing to the value of the dollar, right? What do you think happens to that exemption if you are earning yen or Swiss francs? Plus, if you go into alternative minimum tax land, which is really easy to do with a debased US Dollar, you loose the local taxes you pay as a deduction.

So, I live in Belgium, tax rate about 57%, and I then get hit with AMT and lose the tax deduction I paid in Belgian taxes. I get to pay the US again, unless I buy a house or property which is about the only deduction I can keep. Of course, I then need to hold that asset for 5 years minimum or I get hit with 21% Belgian VAT.

Isn't it great to be a dual national with a US passport? Not...

As an added bonus, new IRS laws require that if you have a joint account with your wife or husband who is not a US citizen,  you still must declare the account to the IRS. My wife is Belgian, do you think she is happy that her retirement account information is going to be sent to the IRS? Not really.

So, if this guy wants to give back his US passport, the US and the IRS have only themselves to blame for being complete dickheads.

Here is a very good article that outlines how more folks are giving up their passports. http://www.reuters.com/article/2012/04/16/us-usa-citizen-renounce-idUSBR...

Fri, 05/11/2012 - 13:14 | 2417896 azusgm
azusgm's picture

You're right. Good article. Thanks for that one.

Fri, 05/11/2012 - 12:46 | 2417785 Temporalist
Temporalist's picture

The next headline will be:

"Saverin Loses Precious Metals Horde In Freak Boating Incident"

Fri, 05/11/2012 - 12:47 | 2417794 midgetrannyporn
midgetrannyporn's picture

Take the money and run!

Fri, 05/11/2012 - 12:49 | 2417800 Cultural Capital
Cultural Capital's picture

I wish Mr. Saverin the best, he knows what's up.  Let me tell you something.  He is 30, part of a youth-generation that has very little to look forward to.  In the 21st Century, citizenship is and will increasingly become a burden.  

Fri, 05/11/2012 - 15:14 | 2418270 Cathartes Aura
Cathartes Aura's picture

he may well be of the "youth-generation" demographic by virtue of his age, but I remain unconvinced he has "very little to look forward to" - his family demographic quite explains his good fortune at seeding the BookFace peoples, and it doesn't take a genius to see how generational wealth works its way around the world, with roots firmly embedded in the. . . homeland.

Fri, 05/11/2012 - 12:50 | 2417802 Temporalist
Temporalist's picture

Did someone just have a seance for Ayn Rand?

The Ghost of Ayn Rand: I wrote a book about it you dumb fucks!

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