OTTAWA, ONTARIO–(Marketwire – Sept. 9, 2012) - The Honourable Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism, will be available to the media to update on the thousands of individuals implicated in citizenship and immigration fraud investigations.
OTTAWA, ONTARIO–(Marketwire – June 12, 2012) - The Office of the Honourable Jason Kenney, Minister of Citizenship, Immigration and Multiculturalism, released the following statement today regarding an article that appeared on Monday in La Presse:
Facebook co-founder Eduardo Saverin has renounced his US citizenship, just days ahead of the company’s stock flotation.
See the rest here: Facebook’s Saverin quits the US
Facebook co-founder who owns 4% of company to become legal resident of Singapore – dodging a major US tax bill
Since 1996 the Internal Revenue Service has regularly published a list of people who have revoked their US citizenship. Why the IRS and not the INS? Because the point of the list is not simply to keep track of who’s in and who’s out.
The point of the list is to potentially bring shame on rich people who renounce their citizenship to dodge taxes.
For one Facebook billionaire, the shaming deterrent appears to have been ineffectual.
The most recent IRS list was published on 30 April. It contains 460 names. And if you scroll down to “S,” you find the name of one very, very rich person: Eduardo Luiz Saverin, the Facebook co-founder who still owns an estimated 4% of the company.
Saverin’s presence on the list was first reported by Bloomberg.
With Facebook about to roll out an IPO, Saverin’s 4% stake – worth about $3.8bn, if the IPO valuation holds – might leave him open to a major tax bill.
Now Saverin, who is becoming a legal resident of Singapore, will face a significantly reduced US tax bill at the time of the IPO. Singapore does not have a capital gains tax.
The Brazilian-born Saverin moved to the United States in 1992 and became a citizen in 1998. Three years ago he moved to Singapore, where he has set about doing the sorts of things that one imagines 30-year-old billionaires do, the Wall Street Journal reported last week:
“Mr. Saverin is regularly spotted lounging with models and wealthy friends at local night clubs, racking up tens of thousands of dollars in bar tabs by ordering bottles of Cristal Champagne and Belvedere vodka, according to people present on these occasions. He drives a Bentley, his friends say, wears expensive jackets and lives in one of Singapore’s priciest penthouse apartments.”
Reporting on the IRS list of former US citizens earlier this week, the New York Times noted that the number of Americans renouncing their citizenship has increased in recent years:
“According to the international tax lawyer, Andrew Mitchel, the number of Americans renouncing their citizenship rose to 1,781 in 2011 from 231 in 2008 … According to Andrew Mitchel’s research, the sharp rise in Americans renouncing their citizenship since 2008 is less pronounced than it appears if one looks at the full range of data available since 1997, when it first was collected. As one can see in the chart, the highest number of Americans renouncing their citizenship came in 1997.”
The wags on Twitter are giving Saverin a warm sendoff:
Facebook co-founder Saverin drops US citizenship, will become full-time resident of Farmville.$FB
— Downtown Josh Brown (@ReformedBroker) May 11, 2012
Facebook’s Eduardo Saverin renounces US citizenship: bloom.bg/K70eOt – Wow. Confirmation that Singapore is Facebook’s model society.
— Mark Gimein (@markgimein) May 11, 2012
Barclays ‘citizenship day’ will stress the need to win back trust from the public and from customers
Barclays is planning to hold a “citizenship day” next month, even as it prepares for a stormy annual meeting next week about the pay and tax of chief executive Bob Diamond.
The event is to be held on 23 May and will be used by Diamond to outline the bank’s approach to “citizenship”, which he set as one of his four priorities when he took the helm in January 2011.
The plans for the citizenship day – which he promised to hold when he announced the bank’s 2011 profits – are being made before Friday’s annual meeting, at which some shareholders are expected to show their disapproval of the bank’s pay policies.
One in five investors may fail to back the remuneration report – which outlines Diamond’s £17m pay in 2011, including previous years’ deals, and the £5.7m tax liability the bank has paid for him. There may also be a protest vote against Alison Carnwath, the non-executive director who chairs the remuneration committee.
The annual meeting is also expected to contain references to citizenship – which Diamond has described as giving “young people their first job” and lending to businesses.
It was the theme of Diamond’s BBC Today business lecture last year and again in February when the bank reported its 2011 profits. Just a few weeks later, the bank admitted it was at the centre of tax avoidance schemes that HM Revenue and Customs had shut down because it regarded them as “highly abusive”.
Estimates are being made that between 15% to 20% of investors may fail to back the remuneration report – which encountered a 10% protest vote a year ago.
The official outcome of the votes will not be known until after the annual meeting and Barclays made changes to the bonus plan for Diamond, and the group finance director, Chris Lucas, this week in an effort to reduce the scale of any rebellion.
Shareholders technically have until 11am on Wednesday to cast their votes for the meeting, by which time the bank will be able to gauge the scale of any rebellion.
Standard Life, a 2% shareholder, has pledged to support the remuneration report after the move to attach performance criteria to half of Diamond’s £2.7m 2011 bonus and the bank’s pledge to bolster the dividend in years ahead.
The citizenship day next month is expected to involve presentations by Diamond and Antony Jenkins, who heads Barclays’ retail banking operations. Diamond has previously talked about the need to “win back trust from the public and from our customers”.
The bank will now more closely link Diamond’s bonus to return on equity, a measure of financial performance. Diamond will have half of his £2.7m share award for 2011 linked to the return on equity in three years’ time. Only if the bank’s return is greater than its cost of equity (11.5%) will he take that half of the bonus. The same will apply to the £1.8m bonus awarded to Lucas.
The bank’s return on equity was 6.6% and analysts are forecasting 6.3% for 2012. Barclays’ first-quarter profits, which will be released on Thursday, are expected to be £2bn.
By Neal Colgrass, Newser Staff
It’s April again: time to add up receipts, find little-known tax breaks, and, in some cases, renounce U.S. citizenship altogether.
In fact, a record number of Americans abroad renounced their citizenship last year as complaints increased about IRS rules, Reuters reports.
Original post: More Americans Drop Citizenship Over Taxes
OTTAWA, ONTARIO–(Marketwire – March 19, 2012) - According to a new evaluation, there is a continued need for Citizenship and Immigration Canada (CIC) to manage the intake and processing of immigration applications in a timely and efficient manner, and ministerial instructions (MI) are a flexible and responsive tool to do so.
“The evaluation confirms that it was right and necessary to take measures to manage the sheer volume of applications we receive,” said Citizenship, Immigration and Multiculturalism Minister Jason Kenney.
Prominent literature scholar and Japan expert Donald Keene has been granted Japanese citizenship, according to the government gazette issued Thursday.
Keene, 89, professor emeritus at Columbia University in New York, was awarded the Japanese Order of Culture in 2008.
Read the original here: Scholar Keene granted citizenship
The Harper government is considering changes to the citizenship rules to target so-called birth tourism — where a foreign national comes to Canada to give birth so the baby can get Canadian citizenship.
Read this article: ‘Birth tourism’ may change citizenship rules
Most Canadians feel immigrants are just as likely to be good Canadian citizens as people who were born here and don’t object to them keeping their original citizenship, according to a recent Environics survey.