{"id":4998,"date":"2012-05-22T15:53:47","date_gmt":"2012-05-22T20:53:47","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=4998"},"modified":"2012-05-22T15:53:47","modified_gmt":"2012-05-22T20:53:47","slug":"facebook%e2%80%99s-saverin-to-pay-%e2%80%98hundreds-of-millions%e2%80%99-in-tax","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/facebook%e2%80%99s-saverin-to-pay-%e2%80%98hundreds-of-millions%e2%80%99-in-tax\/","title":{"rendered":"Facebook\u2019s Saverin to Pay \u2018Hundreds of Millions\u2019 in Tax"},"content":{"rendered":"

\"\"<\/a><\/p>\n

Here is the guy who took his life savings of $30,000 and parlayed it into a billion dollar fortune.\u00a0 Now he wants to expatriate and pay the piper millions to do so.\u00a0 What a circus this has created.<\/p>\n

This in from Bloomberg<\/p>\n

Facebook Inc. (FB) co-founder Eduardo Saverin, who became a billionaire through the social network\u2019s initial public offering, said he\u2019ll pay \u201chundreds of millions of dollars\u201d in taxes to the U.S. government.<\/p>\n

Singapore-based Saverin, who was born in Brazil and moved to the U.S. as a child, used his life savings of $30,000 to fund Mark Zuckerberg\u2019s plan for a social-networking site. Facebook was valued at $104.2 billion and Saverin\u2019s stake may be worth $2.89 billion.<\/p>\n

Saverin renounced his U.S. citizenship last year, a move that could reduce his tax bill by at least $67 million, according to an analysis by Bloomberg. U.S. Senator Charles Schumer proposed legislation yesterday that would impose a capital gains tax on people who renounce their citizenship unless they prove their reasons don\u2019t include avoiding taxes.<\/p>\n

\u201cMy decision to expatriate was based solely on my interest in working and living in Singapore, where I have been since 2009,\u201d Saverin said in a statement relayed by e-mail. \u201cI am obligated to and will pay hundreds of millions of dollars in taxes to the United States government.\u201d<\/p>\n

The meaning of Saverin\u2019s statement was unclear: Under U.S. tax law, he already owed income taxes as a result of dropping his passport. Bloomberg estimated his bill to be about $365 million triggered by the move.<\/p>\n

Read the full article here<\/a><\/p>\n

Even Boehner is getting into the act.<\/p>\n

Boehner<\/h1>\n

\"\"<\/a> LIKES<\/h1>\n

Anti-Saverin ‘Ex-PATRIOT’ Bill<\/h1>\n

In a television interview, the Speaker of the US House of Representatives John Boehner has surprisingly come out in favour of the bill introduced in the Senate which is aimed against those who renounce their United States citizenship to avoid paying taxes.<\/p>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Here is the guy who took his life savings of $30,000 and parlayed it into a billion dollar<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4998","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"\nFacebook\u2019s Saverin to Pay \u2018Hundreds of Millions\u2019 in Tax - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/facebook\u2019s-saverin-to-pay-\u2018hundreds-of-millions\u2019-in-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook\u2019s Saverin to Pay 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