Eduardo Saverin Gives Up U.S. Citizenship for More Cash
In a move that will test your Social Network sympathy, shafted Facebook co-founder Eduardo Saverin has decided to renounce his U.S. citizenship just before that vaunted Facebook IPO and save several yachts-ful (heck, planes, too) of money. Though he isn't listed in Facebook's filings, his stake in the company is reportedly between two and four percent, and after its IPO that could be worth as much as $3.84 billion according to Bloomberg BusinessWeek's Danielle Kucera, Sanat Vallikappen and Christine Harper.
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By becoming a resident of Singapore, where Saverin reportedly lives like a Kardashian, the young billionaire benefits from the country's lack of capital gains tax, though the team at BusinessWeek does note that Saverin won't be exempt from a U.S. exit tax.
