Facebook cofounder Eduardo Saverin has renounced his US citizenship.
Doing so, he will probably save at least $67 million in taxes.
…but he’s also liable to be “excluded” from physically re-entering the United States.
US immigration law does not look kindly on former citizens who renounce their citizenship to avoid US taxes. Specifically, it doesn’t look like Saverin should ever be able again to get a visa to enter the United States.
Sec. 212. [8 U.S.C. 1182] details general classes of alients ineligible to gain entrance into the United States. And the law specifically references people in Saverin’s category …
“Former citizens who renounced citizenship to avoid taxation.-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”