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Important US May BAN Facebook Co-Founder-Video/Photos & UPDATES

Facebook founder Eduardo Saverin could be BANNED from the U.S. after renouncing citizenship to save millions in tax

  • Saverin, 30, migrated to Singapore ahead of site's stock market floatation
  • Could save on payout as south-east Asian country has no capital gains tax
  • Law states he can be excluded if relocation was deemed for tax avoidance
By Daily Mail UK, 18 May 2012

Facing ban? Facebook co-founder Eduardo Saverin (above) may be refused re-entry into the U.S. after migrating to Singapore to cut his tax bill

Facebook co-founder Eduardo Saverin may not be allowed to return to the United States after he renounced his citizenship to save millions in tax.
The 30-year-old, who has a $3.64billion stake in the social networking site, migrated to Singapore ahead of the company's massive stock market floatation tomorrow.
The timing of the move has raised eyebrows since Singapore does not have a capital gains tax, which could vastly reduce his bill on any payout.
According to an immigration law, he could be refused re-entry to the U.S. if he is judged to have relocated for the purposes of avoiding taxes.
Section 212 of the law, highlighted by Talking Points Memo, states: 'Any alien who is a former citizen of the United States who officially renounces United States citizenship and who is determined by the Attorney General to have renounced United States citizenship for the purpose of avoiding taxation by the United States is excludable.'
A link was also posted on TPM to a document that someone would need to file with the U.S. State Department's Bureau Of Consulate Affairs when renouncing citizenship.
The document says: 'My renunciation/relinquishment may not exempt me from United States income taxation...I understand that if my renunciation of United States citizenship is determined by the United States Attorney General to be motivated by tax avoidance purposes, I will be found excludable from the United States under Immigration and Nationality Act, as amended.'

Earlier this week, it emerged that Saverin had moved to Miami at the age of 13 because he was at risk of kidnapping.

The 30-year-old was on a gangster's list of potential kidnap targets which led his wealthy parents to flee Brazil in a potentially lifesaving move.

But now he has shunned the country in which he made his fortune through the social networking site.

Playboy lifestyle: Eduardo Saverin (far right) enjoys a rooftop party with friends and models in his new home of Singapore. He may not be allowed to return to America if his move was judged to be down to tax avoidance

He moved to the U.S. in 1992 and became a citizen in 1998, his spokesman Tom Goodman said.
'Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,' Goodman told Bloomberg.
His name falls on an IRS list of people renouncing their citizenship from April 30 - but his spokesman said Saverin gave up his U.S. citizenship last September.
The 30-year-old joins a growing number of people giving up their U.S. citizenship in a move that can trim their tax liabilities in the country.

Investment: Saverin has invested in a start-up cosmetics company run by Rachel Kum, former Miss Singapore 2009, to whom he also offers his business expertise

Despite leaving the U.S. behind, he will not avoid all taxes in the country.

He owes what is effectively an exit tax on capital gains from stock holdings, even if he doesn't sell the shares, Reuven S. Avi-Yonah, from the University of Michiganís law school, told Bloomberg.
Giving up your citizenship in advance of an initial public offering (IPO) is 'a very smart idea', Avi-Yonah added. 'Once itís public you canít fool around with the value.'
Facebook plans to price its IPO today, offering 337.4 million shares at $28 to $35 each, which will be listed on the Nasdaq Stock Market under the symbol FB, Bloomberg reported.
His decision also means he avoids paying the increased income-tax rate when it comes into effect next year. It will rise from 35 per cent to 39.6 per cent for top earners in the country next year.
Saverin has invested in Asian, U.S. and European companies, his spokesman said. Now he plans to invest in Brazilian and in other global companies that have interests in entering Asian markets.
Despite a substantial boost in their collective fortune from the IPO, Saverin will unlikely celebrate with Zuckerberg and the former friends from his college posse.

Saverin began with a one-third stake in the company which was watered down when Zuckerberg began bringing others on board.

The founders became embroiled in a bitter legal battle which left Saverin with a 2 per cent stake, according to the Wall Street Journal - and still an incredibly wealthy man.
Blogs have sprung up tracking his partying with many locals hoping to get close to the self-made billionaire.

He also reportedly drives a Bentley and lives in a penthouse in one of the city's wealthiest neighborhoods.

Party time: Saverin (second right) drinking champagne in Singapore where he has become renowned for his lavish lifestyle of fast cars and nightclubs

According to Asia Tatler, Saverin is a fan of hanging out at Singapore's only private members club Filter in the Conrad Hotel.

DJs are regularly flown in from around the world and high-end tables come with ice buckets overflowing of bottles of Belvedere vodka and Moet champagne.
The whirlwind of parties, adoring friends and fast cars seems to have left little time for business apart from Saverin's investment in Rachel K - a start-up cosmetics company run by Rachel Kum, former Miss Universe 2009 whom Saverin also mentors.

He has also ploughed money into information site Qwiki and online payment service Jumio.
The Facebook share flotation is expected to happen tomorrow, with Mark Zuckerberg planning to start the 'roadshow' preceding the initial public offering (IPO) on Monday.

How it all began: Eduardo Saverin was an initial investor in Facebook at Harvard, the story of which was depicted in movie The Social Network where he was played by Andrew Garfield (right)

The social network, now eight years old, has 900million members and was valued at up to $79.3 billion.
It is one of the most anticipated - and potentially the world's biggest - stock market entry of an Internet company since Google floated in 2004.
Zuckerberg, Saverin and the original start-up Facebook team including Dustin Moskovitz, Sean Parker and Chris Hughes were immortalised in the 2010 film The Social Network.
Saverin was played by Andrew Garfield and is portrayed as a slightly naive player in the game.

In reality, Saverin's former friend Mark Zuckerberg, who is worth an estimated $17.5 billion and is set to make another $1 billion from the Facebook flotation, lives a polar opposite lifestyle.

The 27-year-old is rarely seen out of a hoodie and lives a low-key existence with his long-term girlfriend in Palo Alto, California. He only bought his first property last year.

High class hang-out: Filter, the only private members club in Singapore at the Conrad Hotel, is said to be one of the Brazilian playboy's favourite night spots

World's apart: Mark Zuckerberg in his habitual hoodie talking to ABC's Robin Robert's earlier this from Facebook headquarters in Menlo Park, California

One thing Saverin does prize highly is his privacy and closely guards details of his life. He attends few of the many public events he is invited to speak at and endorse and rarely gives interviews.

It is presumably why he chose to set up home in Singapore which has relatively few tabloids and paparazzi who follow the rich and famous compared to the U.S. and Europe.

Those who wish to speak to him on a business level must try to make contact through an intricate network of society contacts and similarly rich friends.
John Fearon, CEO of Singapore-based start-ups dropmysite.com and dropmyemail.com told the WSJ: 'Eduardo doesn't invest in much. He doesn't invest in Singapore companies.'
Last August, Saverin was spotted partying with dozens of models in St Tropez and spending $50,000 on champagne.

He flew a number of his friends over from Singapore and checked into the $8,000-a-night Hotel Byblos before going clubbing until the early hours.
The entrepreneur was also seen at the trendy Bagatelle Brunch in Nikki Beach with three friends and ten beautiful women drinking Cristal champagne from the bottle and spraying it over each other. The bar tab reportedly came to a cool $50,000.

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