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Relinquishing Citizenship to Save Taxes

Bloomberg has an interesting article about how one of the people that helped start Facebook is giving up his citizenship to save taxes. Eduardo Saverin apparently made the decision to renounce his citizenship last September, ahead of the Facebook IPO. Saverin is attempting to avoid paying taxes on any gains he will likely incur when Facebook goes public.

If you or someone you know is interested in business or tax planning matters, contact an attorney at Penzien & McBride, PLLC.