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This page contains a single entry by Associate Editor published on May 15, 2012 9:38 AM.

BNA: How Will Portability Rules Under I.R.C. § 2010 Be Fixed? was the previous entry in this blog.

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Forbes: Eduardo Saverin Renounces U.S. Citizenship Ahead of Mega Facebook IPO

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Forbes.com published an article by Brian Solomon titled "Eduardo Saverin Renounces U.S. Citizenship Ahead of Mega Facebook IPO."  The article discusses Mr. Saverin's decision to renounce his U.S. citizenship and speculates that his decision may have been influenced by tax reasons.  Mr. Saverin, who was born in Brazil and will become a resident of Singapore upon giving up his U.S. citizenship, does not mention tax reasons for his decision.  If Mr. Saverin does in fact give up his citizenship for tax reasons, he will not be a first billionaire to do so.  Tax avoidance is not the only reason to give up a citizenship, Bidzina Ivanishvili renounced his Russian and French citizenships in his quest to become a prime minister of Georgia.

 

See Brian Solomon, "Eduardo Saverin Renounces U.S. Citizenship Ahead of Mega Facebook IPO," Forbes.com (May 11, 2012)

 

Posted by Mariya V. Link, Associate Editor, Wealth Strategies Journal.

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