Doing an About-Face "book"
Eduardo Saverin, a Facebook founder, just renounced his U.S. citizenship to save U.S. taxes. More U.S. citizens/residents are renouncing than ever before. One must consider the exit tax on the deemed sale of assets and being barred entry into the U.S. Under current law, ex-U.S. citizens may never be allowed back in the U.S. The U.S. may pass a law that bars former citizens with tax avoidance intent re-entry into the U.S. and requires them to pay 30% capital gains from sale of U.S. property. Is it worth it? Mr. Saverin thinks so.
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