Eduardo Saverin's plan to renounce his American citizenship to save millions in taxes is getting more complicated: a pair of lawmakers want to tax Saverin even if he flees to Singapore and then bar him from ever returning to the United States. In a press release on Thursday morning, Senators Chuck Schumer and Bob Casey called for changes in the tax laws. "The senators will call Saverin’s move an outrage and describe a plan to re-impose taxes on expatriates like Saverin even after they flee the United States and take up residence in a foreign country," the release said, adding that the plan "would also bar individuals like Saverin from reentering the country." That last part invokes a little known immigration law that prevents Americans who give up their citizenship for tax purposes from entering the U.S.
Taking a step back and looking at the situation, you can see why Schumer and Casey would be so upset. By renouncing his citizenship, Saverin is saving an estimated $67 million in capital gains taxes, and while he'll be expected to pay an exit tax, there's no deadline on when that has to happen. That's enough money to buy a small fleet of private jets, but regardless, Saverin denies any link between the eight-figure bill to Uncle Sam and his leaving the country. "This had nothing to do with taxes," he told The New York Times. "I was born in Brazil, I was an American citizen for about 10 years. I thought of myself as a global citizen." And it's not like he's doing charity work in Singapore either. Asked about his lifestyle, Saverin said he likes to keep things private, "It's a misperception, especially the playboy… I do have a Bentley. I do go out. I'd rather not go into personal details."