Reuters:
Facebook co-founder, Eduardo Saverin, has renounced his U.S. citizenship, according to an Internal Revenue Service report, just days before the company’s record initial public offering.
The offering could leave Saverin – who once owned 5 percent of the company – with a hefty capital-gains tax bill.
That’s convenient.
Born in Brazil, living in Singapore, and he still has to pay the capital gains tax. I’m not sure what the story is here.
If he’s not living in the US and not a US citizen, then why does he have to pay US (capital gains or other) income tax?