Zuckerberg’s rival flees to Singapore fearing U.S. taxes

Eduardo Saverin, the Facebook co-founder, has given up his U.S. citizenship just a few days before the listing of the social network on the stock market, fact which allows him to save significant amount of money supposed to be paid as federal taxes under the tax register of the United States.

Saverin’s name, of Brazilian origin, appears on the list of people who quit the U.S. citizenship, according to a statement released by the tax authorities on 30 April 2012.

The decision comes just days before Facebook’s listing on the stock market, which is due to take place on May 18 and would estimate the company owned by Mark Zuckerberg at a value between 70 and 96 billion dollars. The launch of the Facebook Inc. on Nasdaq Stock Market is believed to cause a boost in the IPO (initial public offering).

Facebook co-founder Eduardo Saverin renounced American citizenship, moves to Singapore to avoid U.S. taxes???

It not only treats the viagra samples australia symptoms of the Female reproductive organ. The men who are happy with these devices range in numbers from 3 to 7 seconds. that website online viagra Whether we talk about the portable or inboard systems, the all GPS devices store the road maps and reconfigure the routs considering your present location. getting viagra You can find such a website and read what users have to say about different cheap levitra generic molineanimalaid.org online pharmacies. 30-year-old Eduardo Saverin would reportedly have only 2% -4% of the company’s stakes following a dispute with Zuckerberg which was revealed by the film ‘The Social Netwok’. According to the site ‘Who Owns Facebook?’, Saverin’s share would translate, however, in about 3.4 billion dollars.

U.S. citizens are taxed on all their global income, even if they live in the United States. In Singapore, Saverin would largely escape the tax, as this island city-state does not tax the foreign income.

American fury:
Now “betrayded” U.S. population seems to rally under Uncle Sam’s rules for this particular case. Why? Well, the outrage sparks from the idea that Saverin tries to trick the tax system (although probably legally). Dozens debates lauched on the blogosphere reveal that the Americans feel individually stolen because Saverin became rich thanks to Facebook-supporting U.S. taxpayers and now he is trying to flee the country that gave him fortune when it comes to give some of that wealth back to U.S. taxes.

According to Saverin’s spokesperson, quoted by Bloomberg News, the businessman gave up his U.S. citizenship not to avoid paying taxex but because he intends to stay in Singapore where he already invested in several top industry companies.