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Renouncing Citizenship to Avoid Taxes
Posted By Gerard Magliocca On May 13, 2012 @ 5:19 pm In Tax | 9 Comments
There was news in recent days that one of the co-founders of Facebook (Eduardo Savarin) has renounced his U.S. citizenship to avoid paying a hefty tax bill (approximately $600 million) when the company goes public this week. I’m ignorant of the law on this point, but are there really no restrictions on the right to relinquish citizenship on a date of your choosing? If there are equitable limitations, this would seem like a good time to invoke them and say that he cannot opportunistically avoid taxes in this way. If there are no such limits, I wonder if the Government will consider exercising its discretion to deny him entry into the United States from now on.
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 : http://www.irs.gov/businesses/small/international/article/0
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