Facebook co-founder Eduardo Saverin's decision to renounce his U.S. citizenship just in time to avoid a large tax payment essentially means he will not be able to re-enter the United States again, immigration experts say.
"There's a specific provision of immigration law that says that a former citizen who officially renounces citizenship, and is determined to have renounced it for the purpose of avoiding taxation, is excludable," said Crystal Williams, executive director of the American Immigration Lawyers Association. "So he would not be able to return to the United States if he's found to have renounced for tax purposes."
The provision of law isn't usually enforced, added Williams, "however, this guy is so high profile that this is probably going to be the test case."
[...] Two immigration lawyers said his explanation hardly passes the laugh test. Saverin's move was timed to the initial public offering of shares of Facebook stock. The valuation of the Facebook IPO explodes Saverin stake in the social media company to some $3 billion, on which avoiding taxes could save him at least tens -- if not hundreds -- of millions of dollars. Nor does it help his case that he relocated to Singapore, which levies no taxes on those earnings.
Two senators mobilized Thursday to crack down on Saverin and other tax dodgers.
"He's fucked," said Adam Green, an immigration lawyer based in Los Angeles. "He must have gotten horrendous advice."
It's plausible that Saverin simply decided the money he'd save would be worth saying goodbye to the United States forever.
$100M is 3.3% of $3B. It's a rounding error to this bozo, but he thinks it's very important that he give none of that back to the people who made his lottery win possible. Bravo, Sir, you are a true Hero of Capitalism.