THE TEMASEK TIMES

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Facebook co-founder Eduardo Saverin renounced US citizenship to become a Singaporean

Posted by temasektimes on May 12, 2012

Eduardo Saverin, one of four co-founders of Facebook, has renounced his U.S. citizenship to take up Singapore citizenship, according to US media reports.

The shocking move comes just before the initial public offering of Facebook which will reduce his tax bill by a significant amount.

Facebook is expected to raise as much as $11.8 billion dollars through the IPO and Saverin owns about 2 percent of the company.

Speaking to queries from MSNBC news, a spokesperson of Mr Saverin said:

“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time.”

Saverin’s name  is on a list of those who chose to renounce citizenship as of April 30, published by the Internal Revenue Service. Saverin renounced his U.S. citizenship “around September” of last year, according to his spokesman.

Mr Saverin who comes from a wealthy Brazilian family, was friends with Mark Zuckerberg when they attended Harvard in 2004 and originally invested in Facebook which left him with an estimated $2billion fortune, according to Forbes.

He made the headlines lately by giving an undisclosed sum of money to former Singapore Universe Rachel Kum to invest in her cosmetics company.

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Related articles:

Facebook founder Eduardo Saverin invests in company of Rachel Kum

15 Responses to “Facebook co-founder Eduardo Saverin renounced US citizenship to become a Singaporean”

  1. Utter Rubbish said

    Singapore is a playground for the rich and famous.. For average people like me, sigh…

  2. Family Man said

    Yup!!! Singapore is a country for the rich and greedy.

  3. Avoid taxation by USA said

    The real reason why he did that:

    http://www.bloomberg.com/news/2012-05-11/facebook-co-founder-saverin-gives-up-u-s-citizenship-before-ipo.html

    Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 gave up their U.S. passports last year compared with 235 in 2008, according to government records.

    Income-tax rates for top U.S. earners will rise to 39.6 percent from 35 percent next year and rates on capital gains and dividends also are scheduled to rise, unless Congress blocks the increases.

  4. nong chai said

    I wonder if the “like” icon change to “shiok”..;p

  5. That Kum-Kum lady must have thanked her lucky stars many times over. Not just her landing some rich and famous boyfriend. But he’s becoming a Singaporean. Who says we have no talent huh?

  6. Anson Be said

    wow, this adds to the top 1000 salaries…whose salaries will increase???, not mine…sigh

  7. Ken Lee said

    wow 2 more percent control!!

  8. Anonymous said

    Renouncing US citizenship for the much less valuable singaporean one.

    He is a giant idiot….it is so insanely hard to get a US green card let alone citizenship and he RENOUNCES IT…oh my god….

  9. kelvin said

    If the PAP keeps saying they want foreign talent, this is the kind of foreign talent they should keep. Not just any random person from China.

  10. joeaudar said

    He will then set up FACEBOOK Asia regional office in Singapore and create 10,000 new jobs for us. Well done ICA

  11. Money can buy almost anything but not everthing. With all his money hope he contribute to Singapore generously and wisely.

  12. Jack Jill said

    Don’t listen to this bullcrap report. Seriously, Temasek Times needs to: (1) stop reporting crap and (2) verify the accuracy of what it is reporting.
    Your report says: “…has renounced his US citizenship to take up Singapore citizenship, according to US media reports.”
    NO US media report, I repeat, NO US media report, has stated that he is taking up Singapore citizenship.
    His spokesman has stated that since he has lived in Singapore since 2009 and plans to continue living there indefinitely, it is “practical to become a RESIDENT of Singapore”. Being a RESIDENT of Singapore DOES NOT equate to “taking up Singapore citizenship. Saverin is a Brazilian citizen and remains one. He was a holder of dual citizenship (US and Brazil), maybe more and since Singapore does not allow dual citizenship status, he can’t be a Singapore citizen unless he ALSO gives up his Brazilian citizenship. I would put my entire life savings that he WILL NOT ever do that.

  13. YOUMAD? said

    Well….. IF Congressman Ron Paul Wins , they are all moving back to the states =D. Free market , legalised weed and no tax =D

  14. For a person like him, it is logical to become S’porean.
    Lowest tax for the rich and no double taxation for him from now on.

  15. government should tax more on rich people said

    is he coming to Singapore for less income tax? Singapore government should tax more on rich people if Singapore government do not want to come out more money on welfare for Singapore citizen.

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