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Showing Original Post only (View all)Facebook’s Eduardo Saverin Likely BARRED FROM RE-ENTERING U.S [View all]
...Hes fucked, said an immigration lawyer based in Los Angeles. He must have gotten horrendous advice....
" Facebook co-founder Eduardo Saverins decision to renounce his U.S. citizenship just in time to avoid a large tax payment essentially means he will not be able to re-enter the United States again, immigration experts tell TPM.
Theres a specific provision of immigration law that says that a former citizen who officially renounces citizenship, and is determined to have renounced it for the purpose of avoiding taxation, is excludable, said Crystal Williams, executive director of the American Immigration Lawyers Association. So he would not be able to return to the United States if hes found to have renounced for tax purposes. The provision of law isnt usually enforced, added Williams, however, this guy is so high profile that this is probably going to be the test case.
Saverins only path back to living in the U.S., experts contend, would involve persuading the authorities that his decision was not about avoiding taxes an argument the 30-year-old billionaire is apparently angling to make. This had nothing to do with taxes, Saverin told the New York Times. I was born in Brazil, I was an American citizen for about 10 years. I thought of myself as a global citizen.
Two immigration lawyers said his explanation hardly passes the laugh test. Saverins move was timed to the initial public offering of shares of Facebook stock. The valuation of the Facebook IPO explodes Saverin stake in the social media company to some $3 billion, on which avoiding taxes could save him at least tens if not hundreds of millions of dollars. Nor does it help his case that he relocated to Singapore, which levies no taxes on those earnings.
Democratic senators mobilized Thursday to crack down on Saverin and other tax dodgers.
cont'
http://tpmdc.talkingpointsmemo.com/2012/05/facebook-eduardo-saverin-ipo-citizenship-singapore-immigration.php?ref=fpnewsfeed
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Except, through the wonders of the internet and telephone, one does not need to enter...
dairydog91
May 2012
#19
And yet Mr. Saverin hasn't conducted his business via teleconference from Singapore, up to now.
Romulox
May 2012
#22
You are probably correct in saying that Saverin will have little trouble reentering the US.
dairydog91
May 2012
#24
OK. I don't know the guy's bio. Still, it's silly to act outraged that he *might* wish to return
Romulox
May 2012
#30
Just another perfect example of greedy rich 1% bastards that refuse to pay taxes to
xtraxritical
May 2012
#34
This is why it makes me so mad. Use our resources and then leave without giving back.
efhmc
May 2012
#40
except, this is not true, the whole story is made up by politicians and the news
naaman fletcher
May 2012
#48
The chances of this guy being barred from re-entry are NIL. It just takes a few thousand $ to get
Romulox
May 2012
#5
The article said that he could apply for a visa but he would first have to admit he renounced his
pacalo
May 2012
#10
Good! And the rest of the asswipes intentionally avoiding paying US taxes they owe should receive
lonestarnot
May 2012
#9
Boo-hoo. If he doesn't want to pay US taxes on his billions then he can stay out.
sinkingfeeling
May 2012
#13
The Facebook IPO does not enrich him personally until he is paid salary or sells his personal stock.
xtraxritical
May 2012
#35
Excuse me, but as of March 2012 (prior to IPO), his net worth was $2 billion.
sinkingfeeling
May 2012
#45
Apparently, you completely missed the point of what this libertarian douchebag is doing.
denverbill
May 2012
#46
Can you explain 1) why the Dem. Senators and others are getting bent out of shape
spooky3
May 2012
#56
I have to tell you, I just don't see what the big deal is and the amount of outrage expressed here
avebury
May 2012
#54
I really dont think he is going to care much. He has $3 Billion and the entire rest of the world
stevenleser
May 2012
#59
Would you give up your citizenship for a couple hundred million dollars?...nt
SidDithers
May 2012
#65