Facebook co-founder saverin renounces us citizenship forsingapore's? - Electro Galvanizing Machine

Facebook Inc c o-founder Eduardo Saverin has renounced his UScitizenship, according to an Internal Revenue Service report, daysbefore the company's initial public offering. The news, first published by Bloomberg on Friday, was based on anIRS notice late in April that named people "who have chosen toexpatriate." Facebook plans to raise as much as US$10.6 billion in an IPO thatis expected to value the company at as much as US$96 billion. The offering could leave Saverin, who once owned 5 per cent of thecompany, with a hefty capital-gains tax bill. Saverin has sold enough of his Facebook stake that he does notappear in IPO filing documents that list shareholders who own 5percent or more of the company, though his holdings are stillbelieved to be substantial. "Eduardo recently found it more practical to become a resident ofSingapore since he plans to live there for an indefinite period oftime," Saverin's spokesman told the US paper. Wire Drawing Dies

His decision to leave US is independent of the upcoming IPO and thepotential tax liability, the spokesman said. According to a report from The Los Angeles Times, tax experts sayit is a "shrewd tax move" that will save him billions. Which means his stake could amount to about $4 billion after theIPO, the report said. To put it in perspective, Mark Zuckerberg, Facebook's founder,stands to receive a tax bill of more than US$1 billion when thesocial networking website makes its IPO. ISLAND NATION Saverin now lives in Singapore, an Asian city-state that has nocapital-gains tax. Electro Galvanizing Machine

There is a minimum 15 per cent rate forlong-term capital gains in the United States for people inhigher-income brackets. Saverin might pay as much as US$150 million in exit taxes but itwill be less than the taxes he would owe if he stay as a UScitizen. Saverin, who was born in Brazil, was educated in the United Statesat Harvard, where he co-founded Facebook with Mark Zuckerberg andothers. The Facebook co-founder stands at No. 634 on the Forbes list ofbillionaires with an estimated wealth of US$2 billion. Wire Drawing Dies Manufacturer

The 30-year-old Brazilian has spent the last four years living inSingapore. In 1992, he moved to the United States and became a UScitizen in 1998. The question of American citizenship became a bit of a talkingpoint this week as former Republican Presidential candidate MicheleBachmann revealed she had become a dual US.-Swiss citizen, thensought to return her new Swiss passport. Renouncing citizenship is a complicated and lengthy affairinvolving a signed oath and an appearance before a U.S. diplomaticofficial, according to the US State Department's website.

Giving up citizenship is an irrevocable act, according to the StateDepartment. According to the Internal Revenue Service report, those who gave upcitizenship last quarter included Philip Radziwill, nephew ofJackie Onassis, the wife of assassinated former President John F.Kennedy. The report added that Saverin is at least the second billionaire togive up his US passport in the last 20 years. tonyng@sph.com.sg.

Three-building commercial development proposed for upper tantallon - Vertical Pressure Leaf Filters

Keeping pace with expected growth in Upper Tantallon, a developeris looking to increase the retail and commercial presence in thearea. W.M. Fares Group has applied for a development agreement to buildthree commercial buildings at its St. Margaret"s Squareproperty off Highway 3 in Upper Tantallon. The proposal would have a two-storey 34,000-square-foot buildingconstructed to the east of the existing Lawtons plaza building; aone-storey 7,500-square-foot building north of that one; and aone-storey 9,600-square-foot building to the northeast of theexisting Canadian Tire building. Horizontal Decanter Centrifuge

The first building to be developed at 5110 St. Margaret"s BayRd. was in 2008, but Maurice Fares, the vice-president ofoperations for the W.M. Fares Group, said now is the right time toadd to the property. "Like any development, the development really evolves withhow the market evolves," he said Friday. Vertical Pressure Leaf Filters

"And Tantallonis an up-and-coming area, and we knew from the beginning that eventhough it might be a little bit of a lengthy process, there willdefinitely come a time when more commercial and more retail wouldbe needed in the area." The Western Region Community Council held a special meeting Fridayto discuss the project and decided to move it to a public hearingon May 28, at which point a development agreement will be voted on. Fares said the build would take up to 12 months to complete, butcould not say when it might begin, pending approval from council. "We are in some talks with a couple of big retailers, whichwould see some of these developments under construction within thenext year," he said, declining to say which retailers wouldbe setting up shop there, citing ongoing negotiations. "As of right now, there are no specifics as to what type ofcommercial tenants, but they would likely be an extension of ourcurrent Lawtons, which has a really good mix of professionalservices, restaurant services and, in general, just retailservices." The development sits on 13.6 hectares of land the company owns.However, about five hectares will be used for this project. Horizontal Pressure Leaf Filter

In aseparate transaction, the company gifted the remaining 8.7hectares, located behind the Lawtons plaza building, to theprovince. That land would be used to establish the Five Bridge LakeWilderness area, providing a watershed link between the East Riverand its tributaries to the south and east from Ash Lake and DuckPond. "From what I understand, the opportunity for development onit was minimal and we just felt that it was a great opportunity anda really good thing to do," Fares said. ( rzaccagna@herald.ca ).