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Facebook Co-Founder Gives Up U.S. Citizenship

businessweek.com

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Re: Facebook Co-Founder Gives Up U.S. Citizenship

#31

Post by ebaysucks »

ojbyrne wrote: post #12
planetguy wrote: post #9

US citizenship is a nasty trap from which it is extremely difficult to escape. The US is one of a very small number of countries which will happily tax its citizens on income earned overseas, thus causing them to pay double taxes on everything they earn. This has seriously bad consequences for US competitiveness, in particular: 1. It discourages competent foreign citizens from seeking US citizenship (a greencard is s…

I'm not sure if your greencard comment is ironic, but permanent residents (green card holders) are subject to the same "exit tax" described in the article.

And if ever trade with Cuba of many of the countries the US is at war with, you will face criminal charges even long after you have given up your green card.

Hong Kong, Singapore, Switzerland. Get yourself a permanent residency in at least one of those three.

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#32

Post by girlvinyl »

wilfra wrote: post #10

He's going to regret this down the road. Yes taxing on Worldwide income is absurd but not more absurd than giving up your right to live in the US. There will come a day, probably not too far in the future, where being young and rich on a tiny island isn't fun anymore and he's going to want to do something with his life. He's going to be quite sad when doing it in the United States is no longer an option.

You might enjoy the fantastic book "Emergency" by Neil Strauss. It's non-fiction and deals somewhat with the "5 Flag" theory.

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#33

Post by _delirium »

ebaysucks wrote: post #31
ojbyrne wrote: post #12

Earlier quoted context omitted.

I'm not sure if your greencard comment is ironic, but permanent residents (green card holders) are subject to the same "exit tax" described in the article.

And if ever trade with Cuba of many of the countries the US is at war with, you will face criminal charges even long after you have given up your green card. Hong Kong, Singapore, Switzerland. Get yourself a permanent residency in at least one of those three.

Singapore permanent residents are required to do 24 months of military service, and in addition, show up for annual refresher training every year until they turn 40. I'm currently an American expat who has to file a 1040 once a year, and I would gladly continue doing that rather than spend a bunch of my time in the Singaporean military...

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#34

Post by wilfra »

clueless123 wrote: post #18
wilfra wrote: post #10

He's going to regret this down the road. Yes taxing on Worldwide income is absurd but not more absurd than giving up your right to live in the US. There will come a day, probably not too far in the future, where being young and rich on a tiny island isn't fun anymore and he's going to want to do something with his life. He's going to be quite sad when doing it in the United States is no longer an option.

Not at all, He can still go to the US as a visitor when eer he wants (he just needs a visa), and even long term by applying to be a resident alien.

The IRS and State Department (who issues Visas) are well aware of the hack you are describing and the system is already setup to prevent people from doing that.

I was an expat for close to 7 years, have friends who renounced and thought long and hard about doing so myself. I can say with great conviction that long term, in my educated opinion, it isn't worth it.

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#35

Post by ajross »

planetguy wrote: post #9

US citizenship is a nasty trap from which it is extremely difficult to escape. The US is one of a very small number of countries which will happily tax its citizens on income earned overseas, thus causing them to pay double taxes on everything they earn. This has seriously bad consequences for US competitiveness, in particular: 1. It discourages competent foreign citizens from seeking US citizenship (a greencard is s…

What does any of this have to do with the linked article? Savarin clearly wasn't trapped, he "escaped". He wasn't paying significant tax on overseas income, his wealth was generated inside the USA.

Point #1 seems to be belied by simple observation. My US-based career has been filled with international professionals, virtually all of whom planned on spending their careers here, and almost all of whom have/had or were planning to get US citizenship.

I guess #2 makes sense, though honestly the biggest barrier to US professionals leaving for career opportunities elsewhere is the fact that (almost without exception) the same jobs pay much better here.

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#36

Post by rhizome »

ebaysucks wrote: post #31
ojbyrne wrote: post #12

Earlier quoted context omitted.

I'm not sure if your greencard comment is ironic, but permanent residents (green card holders) are subject to the same "exit tax" described in the article.

And if ever trade with Cuba of many of the countries the US is at war with, you will face criminal charges even long after you have given up your green card. Hong Kong, Singapore, Switzerland. Get yourself a permanent residency in at least one of those three.

Kind of casts Michelle Bachmann's recent headlines in a different light.

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#37

Post by apendleton »

ashconnor wrote: post #20

30 years old. He'll have to do his National Service in the Singaporean army. Edit: Correction. His children would be eligible. Also, Singapore doesn't allow dual-citizenship, so he'll have to give up his Brazilian citizenship (if he had it).

The article doesn't say he's establishing citizenship in Singapore; just residency. He presumably will remain a citizen of Brazil.

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#38

Post by jemeshsu »

ashconnor wrote: post #20

30 years old. He'll have to do his National Service in the Singaporean army. Edit: Correction. His children would be eligible. Also, Singapore doesn't allow dual-citizenship, so he'll have to give up his Brazilian citizenship (if he had it).

> 30 years old. He'll have to do his National Service in the Singaporean army.

No he doesn't. First generation new citizens are exempted. His kids will need to.

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#39

Post by mikeash »

wilfra wrote: post #10

He's going to regret this down the road. Yes taxing on Worldwide income is absurd but not more absurd than giving up your right to live in the US. There will come a day, probably not too far in the future, where being young and rich on a tiny island isn't fun anymore and he's going to want to do something with his life. He's going to be quite sad when doing it in the United States is no longer an option.

There are plenty of good, useful, and interesting places in the world outside of the US.

Re: Facebook Co-Founder Gives Up U.S. Citizenship

#40

Post by mibbitier »

wilfra wrote: post #10

He's going to regret this down the road. Yes taxing on Worldwide income is absurd but not more absurd than giving up your right to live in the US. There will come a day, probably not too far in the future, where being young and rich on a tiny island isn't fun anymore and he's going to want to do something with his life. He's going to be quite sad when doing it in the United States is no longer an option.

The US has a ton of problems. It's not a great place to live IMHO.
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