Saturday, July 14, 2012

Socialite Dumps US Passport and Most Taxes

Rich seem to work hard at keeping their money.  Some even give up United States citizenship. But alas, this one was an immigrant, who came to America got rich, and now is taking the money and running. According to, the move could save Denise Rich, 68, millions of dollars over the years. Denise Rich is the wealthy socialite and former wife of pardoned billionaire trader Marc Rich. Rich, who was born in Worcester, Massachusetts, has Austrian citizenship through her deceased father. She taking her money to the father land.

Denise "Rich", seems appropriate, is not alone. Facebook co-founder Eduardo Saverin gave up his U.S. passport to become a citizen of Singapore, an offshore tax haven, before the company's initial public offering in May.  According to in and article published July 2012, 460 people renounced their U.S. citizenship in first quarter of year.  Denise Rich is listed under her maiden name Eisenberg Denise.

Marc Rich a native of Belgium, came to the U.S. in 1941 at age 11 and later naturalized there. He fled the U.S. in 1983 the midst of allegations that he had traded with Iran in violation of U.S. sanctions, and obtained Spanish citizenship later that year. Rich maintained that he had relinquished U.S. citizenship, but a U.S. appeals court ruled in 1991 that he remained a citizen because he had never formally informed the State Department of his relinquishment. Rich remains a citizen of Spain and Israel as well. 

Ted Arison was an Israeli-American businessman who co-founded Norwegian Cruise Lines in 1966 with Knut Kloster and founded Carnival Cruise Lines in 1972. In 1990, he renounced his U.S. citizenship, in an effort to avoid estate tax in the United States and returned to Israel.

William Felix Browder  is the Chief Executive Officer and co-founder of the investment fund Hermitage Capital Management. Born in Princeton, New Jersey in 1965, Browder emigrated to the United Kingdom in 1989. He founded Hermitage Capital Management there in Guernsey in 1996. He became a British citizen in 1997. He would go on to become one of the world's 100 highest-paid traders in 2007, earning an estimated £150 million that year.

John Dorrance III businessman and grandson of Campbell Soups founder John Dorrance, renounced his United States citizenship in the 1990s, purportedly to avoid capital gains taxes.

Sir John Marks Templeton (November 29, 1912 – July 8, 2008) was an American-born British stock investor, businessman and philanthropist. "Templeton renounced his U.S. citizenship in 1968, thus avoiding U.S. income taxes," according to "The Long Good-Bye". Forbes. 28 March 2005. 

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