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Brazilian-born Eduardo Saverin renounces US citizenship because he doesn't 'like' high US taxes
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Face -- that's the biggest Internet copying -- IPO in history and the value of FaceBook expected to reach almost 100 billion.
When the company goes public.
So what -- -- FaceBook co-founder doing to celebrate his success he's renounces his US citizenship why's he doing now.
-- ordinary times -- and quizzes you probably saying that he actually -- about six straight months -- right.
He can't last September but the IRS supposed to list every year and it -- in April about.
All -- Americans who are announcing an assistant to then interestingly.
About 18100 people dead last year and that's a lot more than just a few years ago and -- native is only a few hundred people.
This has to do with taxes and if you.
For call last year a lot of people thought the bush tax cuts might expire and they may expired this year and so.
People who pay at very high and I attacks on the little bride.
Sometimes -- -- get out of that and certainly for this FaceBook co-founder it means a lot of money.
Is there any certain.
Estimate between the -- an -- as a citizen of Singapore so whatever tax law Singapore would somehow -- we have any idea serve what -- what the value to him -- grab renounced his American citizenship although he was born in Brazil began American citizen in 1990s.
What to get what coming Dow -- this means to him by getting out of dodge so to speak in the US.
I doubt take it didn't have a little basically his stake.
It's probably worth about four.
Billion dollars OK because he -- about 4% of this company and sell.
He will still have to take a form of the capital gains tax US and let people off that easily -- kids -- there's dozens of his take on an accident tax.
-- by renouncing this isn't a last September the -- -- and that is put on FaceBook is done by his own private accountant.
Using ice last September and show that accountant easily could say how -- last September you know it was only worth maybe sixteen billion or seventy billion a lot less than 800 billion now so were talking.
For Eduardo Sadr and this can be worth you know.
Hundreds of millions of dollars in savings -- not too bad for just a few months have renouncing citizenship.
Was -- discussion last thought about it IPO I we should be renounces citizenship.
About ten years ago when FaceBook we probably have with -- was it worth this much and and then now they did it IPO would not be and tests of anticipation the IPO so that he can get an economic value for the tax.
When he announced it was -- discussion IPO so looks totally as a reason -- to avoid taxes other discussion this IPO for two or three years you know -- -- -- -- run as an anticipating and in fact.
If we hadn't had the financial crisis and the recession they probably would've gone public a lot earlier so this is -- and on his radar and you know it's folks at people for him today did not say that it was because of this they said -- he lives in Singapore.
He'll be simpler they said he wants to invest his money in Asia one of things and so wishing Nellie you know -- this guy was not born in the United States team look different result in the 1990s and he became a citizen so.
You know spreading out there has -- immigration us lot of work to become a citizen and out of this isn't only for about a decade and made him four billion dollars here in the US co founding FaceBook.
I'm -- were really happy about this is -- the money in the US and this hundred million or whatever Mott embodied that he's not he's gonna void by tax whatever amount.
That's my that's my that's not going -- to our.
Check out I into our treasury and we sure need money now so is there at me as as anyone complaining members of congress and this is -- -- in does not tax invasion but it must annoy people.
Yes critical legal -- you know and in no -- obligated to -- me in the US tennis and he filed a form on time and so it's.
Perfectly legal and in fact -- probably give ammunition to some people who say that.
There's a lot of concern about ending the bush tax cuts because.
His incoming bride now won't be taxed as well also there's a lot of reasons health benefit because of us and on -- certainly got to keep more of his earnings.
Happy similar number of other people this year the numbers and jump this year in terms of people we're announcing is that -- -- the tax laws most people think.
That's a most people think is that last year when ever I was looking at the bush tax cuts as possibly expiring and now peoples and they may expand this year of course.
On that there are some very wealthy individuals out there -- -- OK forget it I don't even live in the US so I'm gonna get rid of this passport.
Please see dissected talked him -- to see.
