Wealthy socialite and top Democratic donor Denise Rich denounces her U.S. citizenship - saving her t [View all]

[Huey P. Long]

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Source: Dailymail UK



Wealthy socialite and top Democratic donor Denise Rich denounces her U.S. citizenship - saving her tens of millions of dollars in taxes
•Songwriter also has Austrian citizenship through her late father
•Former husband Marc Rich fled the country when indicted on charges of tax evasion - but was pardoned by President Clinton in 2001
•House of Representatives committee later found Denise Rich had swayed the decision through donations to Clinton campaign
•Comes as the latest wealthy American to denounce citizenship

PUBLISHED: 09:43 EST, 9 July 2012 | UPDATED: 11:06 EST, 9 July 2012
By Reuters Reporter
Denise Rich, the wealthy socialite and former wife of pardoned billionaire trader Marc Rich, has given up her U.S. citizenship - and, with it, much of her U.S. tax bill.
Rich, 68, a Grammy-nominated songwriter, top Democratic donor and glamorous figure in European royalty circles, renounced her American passport in November, according to her lawyer.
Her maiden name, Denise Eisenberg, appeared in the Federal Register on April 30 in a quarterly list of Americans who renounced their U.S. citizenship and permanent residents who handed in their green cards.

Wealthy: Denise Rich, a songwriter who was married to pardoned billionaire trader Marc Rich, has denounced her American citizenship and will save millions in U.S. tax bills
By dumping her U.S. passport, Rich likely will save tens of millions of dollars or more in U.S. taxes over the long haul, tax lawyers say.
Rich, who wrote songs recorded by Aretha Franklin, Mary J. Blige and Jessica Simpson, is the latest bold-faced name to join a wave of wealthy people renouncing their American citizenship.
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Marc Rich received a presidential pardon in 2001 on President Bill Clinton's last day in office.
Federal prosecutors and Congress investigated the pardon, and in 2002 a House of Representatives committee concluded Denise Rich had swayed the action through donations to the Clinton library and campaign. Dubbed "Lady Gatsby" by Yachting magazine, Rich owns multiple properties, including a mansion in Aspen, Colorado.
She is a frequent habitue of Cannes, Monte Carlo and St. Tropez with celebrities and singers aboard her 157-foot yacht, Lady Joy.
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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.
Nearly 1,800 citizens and permanent residents, a record since data was first compiled in 1998, expatriated last year, according to government figures.




Read more: http://www.dailymail.co.uk/news/article-2170969/Wealthy-socialite-Denise-Rich-denounces-U-S-citizenship--saving-tens-millions-dollars-taxes.html