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A legal Question
by Marathadi-Saamiyaar Tue May 29, 2012 3:10 pm
Saverin has had little to
do with Facebook in recent years. But he re-entered the public
consciousness recently when, days before Facebook stock was due to hit
Wall Street, he renounced his U.S. citizenship in favor of Singapore,
where he has lived since 2009.
Many saw it as a dodge -- a way to avoid paying U.S. taxes on his share of the company, valued somewhere around $2 billion. He says that's not the case and noted that, as has been reported, he's paying his taxes.
"The decision was
strictly based on my interest of living and working in Singapore," he
said. "I am obligated and I will pay hundreds of millions of dollars in
taxes to the American government. I already paid and I will keep paying
whatever taxes I owe based on my time as a U.S. citizen."
Saverin's father, Roberto, echoed those thoughts in the article.
"It was hard for me,
because of the life I built in the U.S., hearing from Eduardo that he
had to give up on his citizenship," he said. "But he did this not
because he wanted to, but because he had no other choice as a foreigner
living in Singapore, where financial transactions are more restricted
and bureaucratic for those who hold a U.S. passport. There was no other
way."
Roberto and his family
emigrated to the United States from Brazil amid political turmoil, and
Saverin's registered place of birth is Miami.
***************
So what happens if someone renounces US citizenship suddenly - it might need just 1 letter and a signature. Not sure of Saverin.
But, if an American Desi were to renounce his/her citizenship he will become instantly stateless (assuming he holds no other passport). Does the person get back the original citizenship automatically or that of the country of his birth?
And, I am talking about right at the instant, not 1, 3, 5, or 7 yrs after renunciation.
do with Facebook in recent years. But he re-entered the public
consciousness recently when, days before Facebook stock was due to hit
Wall Street, he renounced his U.S. citizenship in favor of Singapore,
where he has lived since 2009.
Many saw it as a dodge -- a way to avoid paying U.S. taxes on his share of the company, valued somewhere around $2 billion. He says that's not the case and noted that, as has been reported, he's paying his taxes.
"The decision was
strictly based on my interest of living and working in Singapore," he
said. "I am obligated and I will pay hundreds of millions of dollars in
taxes to the American government. I already paid and I will keep paying
whatever taxes I owe based on my time as a U.S. citizen."
Saverin's father, Roberto, echoed those thoughts in the article.
"It was hard for me,
because of the life I built in the U.S., hearing from Eduardo that he
had to give up on his citizenship," he said. "But he did this not
because he wanted to, but because he had no other choice as a foreigner
living in Singapore, where financial transactions are more restricted
and bureaucratic for those who hold a U.S. passport. There was no other
way."
Roberto and his family
emigrated to the United States from Brazil amid political turmoil, and
Saverin's registered place of birth is Miami.
***************
So what happens if someone renounces US citizenship suddenly - it might need just 1 letter and a signature. Not sure of Saverin.
But, if an American Desi were to renounce his/her citizenship he will become instantly stateless (assuming he holds no other passport). Does the person get back the original citizenship automatically or that of the country of his birth?
And, I am talking about right at the instant, not 1, 3, 5, or 7 yrs after renunciation.
Marathadi-Saamiyaar- Posts : 17675
Join date : 2011-04-30
Age : 110
Re: A legal Question
by Idéfix Tue May 29, 2012 3:35 pm
No.Marathadi-Saamiyaar wrote:
So what happens if someone renounces US citizenship suddenly - it might need just 1 letter and a signature. Not sure of Saverin.
But, if an American Desi were to renounce his/her citizenship he will become instantly stateless (assuming he holds no other passport). Does the person get back the original citizenship automatically or that of the country of his birth?
And, I am talking about right at the instant, not 1, 3, 5, or 7 yrs after renunciation.
Idéfix- Posts : 8808
Join date : 2012-04-26
Location : Berkeley, CA
Re: A legal Question
by Petrichor Tue May 29, 2012 5:16 pm
http://en.wikipedia.org/wiki/Renunciation_of_citizenship
Petrichor- Posts : 1725
Join date : 2012-04-10
Re: A legal Question
by Nila Tue May 29, 2012 7:52 pm
But isn't easy to get a new Indian passport with bribary? No?
Nila- Posts : 1485
Join date : 2011-05-03
Age : 45
Nila- Posts : 1485
Join date : 2011-05-03
Age : 45
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