Taxing avoiding Facebook co-founder Saverin may not be allowed back into U.S.: Experts
Washington, May 18 (ANI): Legal experts have said that Facebook co-founder Eduardo Saverin may not be allowed back into the United states if the Internal Revenue Services (IRS) and the U.S. State Department arrive at the conclusion that he renounced his American citizenship to avoid paying taxes.
According to legal experts, Saverin can escape IRS scrutiny, tax on his estates and investments, and an overall increasingly exhausting tax process for overseas citizens once he relinquishes his U.S. citizenship.
Experts also claimed that Saverin most probably won't be allowed back into the United States after the IRS and State Department look into his case.
"Anyone who relinquishes their citizenship always has a non-tax related reason why they're giving (it) up. He would likely have a reason like, 'I'm living in Singapore,'" New York Daily News quoted Kehrela Hodkinson, a lawyer at the British firm Law Hodkinson Law Group, as saying.
Hodkinson cited that the problem for Saverin is that the U.S. government has 'the leeway to determine if his decision is tax-based, and not whatever other reason he may offer'.
Saverin has been residing in Singapore for past five years following which he renounced his American citizenship that reportedly infuriated politicians in the U.S.
"The senators called Saverin's move an outrage and described a plan to re-impose taxes on expatriate like Saverin even after they flee the United States and take up residence in a foreign country," Senator Chuck Schumer's office said in a press release.
"Their plan would also bar individuals like Saverin from reentering the country so long as they continued to avoid paying their taxes in full," the statement added.
According to reports, it is estimated that the young millionaire would make over 67 million dollars if he relinquishes his American ties. (ANI)
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