“Saverin has turned his back on the country that welcomed him and kept him safe, educated him, and helped him become a billionaire. This is a great American success story gone horribly wrong.” Senator Chuck Schumer
Eduardo Saverin’s decision to leave the United States with his money, but not his citizenship, has apparently touched a nerve in the Senate.
Sens. Chuck Schumer and Bob Casey held a press conference Thursday morning on Capitol Hill where they outlined legislation that would prevent the Facebook co-founder from ever returning to the United States.
Saverin, who now lives in Singapore, renounced his U.S. citizenship earlier this year. He will become astronomically wealthy on Friday when his former venture is listed on the NASDAQ. By renouncing his citizenship, Saverin is likely to avoid capital gains taxes on his Facebook shares.
Schumer called Saverin’s decision “outrageous” and labeled his tactics a “scheme.”