Facebook co-founder Eduardo Saverin renounced US citizenship to become a Singaporean
Posted by temasektimes on May 12, 2012
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.