…at least as far as Facebook co-founder Eduardo Saverin is concerned.
It’s been reported that IRS documents reveal that last year Saverin renounced his U.S citizenship along with almost 2,000 others.
It seems that he would rather not give Uncle Sam the $600million in capital gains tax expected on his share of Facebook when the company ‘goes public’ in a bid to raise over US$10 billion.
Little wonder then that in the lead up to U.S Presidential elections, coupled with Google’s $1.65 billion overseas tax ‘shift’, Obama’s views on the tax treatment of U.S ‘persons’ might ‘evolve’ just as his thinking on ‘gay’ marriage has.
In fact this evolution especially in relation to high net worth individuals (HNWI) must take place not only in the U.S put also in the UK and Europe although arguably the pressure to do so across the Atlantic may not be as acute.
How quickly this change takes place will have a direct correlation to the number of countries that will step in to provide the type of tax treatment supportive of the tenacity of spirit that is the hallmark of all successful businesses but absent the associated penalty on its owners for profitability.