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Submission + - Facebook Co-Founder Renounces US Citizenship 1

Hugh Pickens writes writes: "MSNBC reports that Eduardo Saverin, who helped Mark Zuckerberg start Facebook while at Harvard University, is giving up his US citizenship in a move that may reduce his tax bill to become a resident of Singapore, where residents pay no capital gain taxes. “Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” says Tom Goodman, a spokesman for Saverin adding that Saverin renounced his US citizenship “around September” of last year. Renouncing one’s US. citizenship well in advance of an IPO is “a very smart idea,” from a tax standpoint, says Reuven S. Avi-Yonah, director of the international tax program at the University of Michigan’s law school. “Once it’s public you can’t fool around with the value.” Forbes estimated Saverin’s net worth at $2 billion, ranking the 30-year-old No. 634 in its list of billionaires. Renouncing citizenship is an option chosen by increasing numbers of Americans. A record 1,780 US citizens gave up their US passports last year compared with 235 in 2008, according to government records. “It’s a loss for the U.S. to have many well-educated people who actually have a great deal of affection for America make that choice,” says Richard Weisman."
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Facebook Co-Founder Renounces US Citizenship

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