Eduardo Saverin’s citizenship renunciation is not about taxes, it’s about American imperial overreach
News that Brazilian entrepreneur and Facebook co-founder Eduardo Saverin has renounced his American citizenship has resulted in a firestorm of controversy about taxes, ethics, greed, patriotism.
As the 2011 tax year winds down, traders will find their 1099-B and schedule D forms look superficially similar compared to years past. But beware: the IRS is rolling out a new cost basis reporting system for stocks purchased in 2011, so expect to see some apparent omissions.
Response from Argentine financial markets has been muted at best after President Cristina Fernandez named Hernan Lorenzino as the new economy minister for her second term. He was finance secretary during Fernandez’s first term and helped manage the country’s $12.9 billion debt restructuring last year.
With no real retailer ADRs to speak of, the best way to get exposure to Argentina’s shoppers is probably via shares of IRS, which runs 10 Argentine malls as well as several other real estate ventures.
Without an Argentina-specific ETF, it might be worth looking at individual stocks trading on the New York Stock Exchange as ADRs. But which sectors are represented here?
For nearly a decade, Argentina has been isolated from international capital markets after declaring the largest sovereign debt default in history. But now the country is re-emerging.