Facebook's Saverin dumps US for Singapore
SINGAPORE (AP) — Eduardo Saverin's spokesman says the Facebook co-founder has renounced his U.S. citizenship, a move that could save him hundreds of millions of dollars in taxes.
New York-based spokesman Tom Goodman said Tuesday that the Brazil-born 30-year-old decided it was "more practical to become a resident of Singapore since he plans to live there for an indefinite period of time."
By renouncing his U.S. citizenship, Saverin would avoid paying capital gains taxes when Facebook launches its initial public offering Friday. Singapore does not have a capital gains tax.
Saverin has a 4 percent stake in Facebook. Analysts say the company could be worth $100 billion.
