Saverin spokesman Tom Goodman said Sunday his renunciation was prompted not by tax considerations but by U.S. rules that make it more difficult for U.S. citizens to live and invest overseas.The problem with foreign banks accepting US funds was a result of the Foreign Account Tax Compliance Act (FATCA) which was part of the Obama-Reid-Pelosi-era Hiring Incentives to Restore Employment (HIRE) Act.
“U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts,” said spokesman Tom Goodman. “Many foreign funds and banks won’t accept Americans. This was a financial rather than a tax motive.”
Yes, a law entitled "Hiring Incentives to Restore Employment Act" will drive jobs overseas. Isn't liberalism wonderful?