Facebook co-founder Eduardo Saverin has renounced his US citizenship ahead of the company’s upcoming IPO (initial public offering) which is set to happen this Friday.
Saverin, who is originally from Brazil, started the process of renouncing his citizenship in September last year but this was only made public when America’s IRS released a list of Americans who were giving up their citizenship last week. Saverin has lived in Singapore since 2009 and a spokesman said that he “found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time.”
The Facebook co-founder and one-time CFO reportedly stands to avoid paying about $600 million in capital gains tax on his shares in the company when Facebook’s IPO goes ahead later this week.
Source: BBC