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May 16, 2012

Facebook co-founder dumps American citizenship to save millions in taxes

Co founder of Facebook, Eduardo Saverin renounced his American citizenship last year to avoid paying millions in taxes after Facebook goes public.

By Cbr Rolling Blog

Eduardo Saverin

Brazilian born Saverin currently has a 2-4% stake in Facebook, according to WealthX and other sources. His Facebook stockholder status puts him to receive billions after the company’s IPO this Friday.

The 30 year old entrepreneur currently resides in Singapore and plans to become a resident of the Asian country.

"Eduardo recently found it to be more practical to become a resident of Singapore since he plans to live there for an indefinite period of time," said Saverin’s spokesman Tom Goodman in a statement.

Saverin’s future plans to invest in companies Brazilian and international companies with predominant interests in Asian markets makes Singapore ideal for Saverin to "use as a home base."

Saverin’s move to say goodbye to the United States has been met with mixed reactions.

Forbes praised Saverin for breaking away from the US to avoid taxes in order to show Americans the "wrongheaded system of taxation, "while other media like the Huffington Posts asserts that Saverin "owes America nearly everything."

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When Saverin was 13 his name appeared on a list of those to be kidnapped by Brazilian gangs for ransom. Saverin’s father was a wealthy businessman in Sao Paulo and after learning the information the family quickly moved to the United States. Saverin then became a US citizen at the age of 18.

Facebook increased its stock price on Monday and the company could raise as much as $12bn this Friday in Silicon Valley’s largest IPO.

 

Please follow this author on Twitter @Tineka_S or comment below.

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