Facebook cofounder Eduardo Saverin, a Brazilian native who is currently a resident of Singapore, has given up his U.S. citizenship. The widely-held assumption is that Saverin wanted to escape the tax liability he would assume from the Facebook initial public offering, expected as early as this week, by becoming a citizen of Singapore.
Through statements made by representatives in the media, Saverin has denied that motivation, saying the move would make it easier to manage his affairs, many of which are now Asia-focused.
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Cofounder's Renunciation of US Citizenship Unlikely to Hurt Facebook IPO
Posted by: Erika Morphy May 14, 2012 12:06 PMFacebook cofounder Eduardo Saverin, a Brazilian native who is currently a resident of Singapore, has given up his U.S. citizenship. The widely-held assumption is that Saverin wanted to escape the tax liability he would assume from the Facebook initial public offering, expected as early as this week, by becoming a citizen of Singapore.
Through statements made by representatives in the media, Saverin has denied that motivation, saying the move would make it easier to manage his affairs, many of which are now Asia-focused.