Photo: via Inc
Eduardo Saverin, the billionaire cofounder of Facebook, outraged many Americans last week when he announced plans to renounce his U.S. citizenship, a move that many assumed was an effort to get out of paying taxes.Now, Saverin’s spokesperson is attempting to pour some water on the fire by arguing that taxes really had nothing to do with this decision. Instead, it’s all about freeing up his ability to invest overseas.
“U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts,” Saverin’s spokesman Tom Goodman said, according to the Wall Street Journal. “Many foreign funds and banks won’t accept Americans. This was a financial rather than a tax motive.”
As the Journal notes, some Americans who hope to live and invest overseas like Saverin do complain about extra red tape resulting from their U.S. citizenship, though the paper also points out that “people as wealthy as Mr. Saverin tend to have an easier time untangling red tape than the average U.S. retiree living abroad.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.