Facebook co-founder Eduardo Saverin renounced his U.S. citizenship ahead of the company's highly anticipated initial public offering, which could enrich him by several billion dollars. He currently lives in Singapore, a country that doesn't tax capital gains.
Saverin might not be allowed to physically reenter the United States. Talking Points Memo (TPM) posted earlier today, citing Sec. 212. [8 U.S.C. 1182], which contains the following text, explaining what sort of non-citizens might not be eligible to enter the country:
Former citizens who renounced citizenship to avoid taxation. -Any alien who is a former citizen of the United States who officially renounces United States citizenship and who is determined by the Attorney General to have renounced United States citizenship for the purpose of avoiding taxation by the United States is excludable.
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