I would never renounce my citizenship for profit like Facebook co-founded Eduardo Saverin
Ever since I heard that social networking giant Facebook was going to go public, I've been secretly wanting to invest in the company. But I don't really have that kind of money so I know it's just a far-off dream to own a tiny piece of a company that's worth almost $100 billion. It seems that I'm not the only one who wants to turn a profit, though. Brazilian-born co-founded of Facebook, Eduardo Saverin, has decided to renounce his US citizenship—all presumably to avoid getting taxed on the IPO profits.
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No matter what you think about the story of the founding of Facebook and how Eduardo was slowly ousted from the company by Mark Zuckerberg, the issue here is much deeper. Eduardo is still recognized as one of the co-founders and, because of where he was born and the fact that he currently lives in Singapore, he has a piece of the company. But now he's doing something very sneaky to avoid getting taxed by the IRS—completely renouncing his US citizenship. And that's just not right.
Now, I can understand that he wants to keep his money. But he isn't exactly starving on the streets, needing every little last penny. He owns a piece of a very large pie and not only is he avoiding getting taxed with this stunt (tax money that can, say, go toward publish education) but he's also doing something that I could never, ever do: renouncing his citizenship. I don't know how he feels about being a US citizen, of course, but I think it's a really big shame that he would go so far to protect a couple extra pennies in his pocket.
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I don't know how it was in his family, but my parents fought hard to bring me a better life. They had to work menial jobs to provide a better future for me and my brother. They also had to file all of the paperwork and eventually study for the U.S. naturalized citizen test. Getting out American citizenship was a proud day for my whole family and I can't ever imagine spitting in the faces of my parents, the way Eduardo has done, by renouncing all of their hard work. I don't care how much extra money I could have kept by doing something like this, it's just wrong and despicable. Obviously there's nothing I can do to change Eduardo's mind about this, but I think it is a real shame that he would go so far just for a few extra bucks. And it's just something I could never, ever do.
Do you think that Eduardo Saverin is doing the righ thing by renouncing his citizenship? Could you ever do that, to turn a profit? Share with us in the comments below!
Image via Damian613/flickr