Published on May 11th, 2012 | by Kim LaCapria0
Eduardo Saverin, Facebook Co-Founder, Renounces US Citizenship
It sounds very dramatic and almost like an antiquated gesture, but the news that Facebook’s billionare co-founder, 30-year-old Eduardo Saverin, renounced his American citizenship is likely just what many say is a “shrewd” tax move.
Saverin’s strategic move to Singapore as an economic home base comes ahead of Facebook’s IPO, which would likely place the young entrepreneur on the hook for a significant tax bill. But the move also comes at a time when many Americans who oppose higher taxes on the wealthy have predicted a flight of the very rich from what they perceive as excessive taxes- or otherwise put, a percentage in line with what the average American pays on a far, far far far far far far far lower salary. Without stock options.
Via email, a spokesman for Eduardo Saverin simply explains:
“Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time.”
The Brazilian-born Saverin became a US citizen in 1998 after moving to the US in 1992.