Many people are trying to get a US passport, however, some people are giving them up. The latest person to give up his US passport is Eduardo Saverin. If that name doesn’t sound familiar to you then maybe you haven’t seen the film “The Social Network.” Saverin is better known as the billionaire co-founder of Facebook. It seems that Saverin needed his US passport desperately when he fled to the US as a teenager to escape the threat of kidnapping. However, now he has renounced his American citizenship and given up his US passport. Why would Saverin give up his US passport? It seems that Saverin gave up his US passport in order to avoid paying millions of dollars in taxes that he will stand to owe once Facebook goes public later this week.
Saverin was born in Brazilian and has actually lived in Singapore since 2009. Saverin joins a growing number of US citizens who have given up their citizenship and US passports to avoid paying taxes.
Saverin’s name appeared in a document published by the IRS that lists US citizens who have given up their passports.
Originally, Saverin’s wealth came from his father who was an industrialist who fled Brazil to Miami in 1993. The move came after his dad discovered that Eduardo’s name was on a list of potential targets in kidnap for ransom. At that point, Eduardo Saverin was granted US citizenship and issued a US passport at the age of 18.
If Saverin did not give up his passport, it is estimated that he would be liable for upwards of $600 million US dollars in capital gains taxes.
If you are interested in getting a passport or visa, give us a call at (212) 643-9305. Rush Passport™ Official US Passport Expeditors, serving Brooklyn, The Bronx, Queens, Staten Island, Manhattan, Westchester County, Nassau County & Suffolk County, Long Island, New Jersey, Philadelphia, Pennsylvania and Connecticut.