Photo: via Inc
Eduardo Saverin, co-founder of Facebook, could have saved at least $67 million by renouncing his U.S. citizenship and moving to Singapore, where the capital gains tax is 0%.According to CNN’s Dana Bash, Saverin might pay those taxes after all. “He intends to pay all taxes he owes on us investments, despite renouncing us citizenship,” she tweeted.
Earlier today, senators Chuck Schumer and Bob Casey announced legislation that would impose a 30% capital gains tax on expats who leave the country for lower tax rates on investments. The senators mentioned Saverin by name in their press conference.
Looks like it worked! America wins!