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Billionaire Facebook Co-founder Could Be Banned From America

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Facebook co-founder Eduardo Saverin has renounced his US citizenship. He may probably save at least $67 million in US taxes. But he’s also could be barred from re-entering the United States.

Reports from Josh Marshal:

Sec. 212. [8 U.S.C. 1182] details general classes of alients ineligible to gain entrance into the United States. And the law specifically references people in Saverin’s category …

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
The question PM and I have had was whether Saverin realized this was a consequence of his decision. And the latest from his lawyer suggests that he very much does. His lawyer is now attacking the “the false impression that tax was the reason behind Eduardo’s decision.”

The law certainly says he’s excludable and probably would be excluded by default. But I’d be curious to hear from tax and immigration attorneys whether we should expect this to actually be enforced. His lawyer certainly appears to be laying the groundwork to claim that taxes had nothing to do with the decision