In the Headlines
May 11, 2012
Facebook Co-Founder Saverin Renounces Citizenship
CNBC
Facebook co-founder Eduardo Saverin renounced his U.S. citizenship months before the social network's expected initial public offering. As a foreigner, Saverin will pay taxes to the United States next year only on the presumed value of his shares the day his American citizenship ended, not the presumed higher amount his Facebook holdings will be worth after the IPO. "I would be very surprised if this were not related to reducing his tax," said Chair of the Offshore Tax Compliance Team Kevin Packman.