One of the co-founders of Facebook has renounced his U.S. citizenship, in a move that could save him hundreds of millions of dollars in U.S. taxes.
A spokesman for co-founder Eduardo Saverin said that Saverin had decided it was "more practical to become a resident of Singapore since he plans to live there."
By renouncing his U.S. citizenship, Saverin, 30, will avoid paying capital-gains taxes when Facebook launches its initial public stock offering on May 18.
Singapore does not have a capital-gains tax.
Analysts say the stock offering could generate up to $100 billion.
The Brazilian-born Saverin left Facebook after a troubled relationship with fellow co-founder Mark Zuckerberg.
He is believed to own a 4 percent Facebook stake and have a net worth of about $2 billion.
A spokesman for co-founder Eduardo Saverin said that Saverin had decided it was "more practical to become a resident of Singapore since he plans to live there."
By renouncing his U.S. citizenship, Saverin, 30, will avoid paying capital-gains taxes when Facebook launches its initial public stock offering on May 18.
Singapore does not have a capital-gains tax.
Analysts say the stock offering could generate up to $100 billion.
The Brazilian-born Saverin left Facebook after a troubled relationship with fellow co-founder Mark Zuckerberg.
He is believed to own a 4 percent Facebook stake and have a net worth of about $2 billion.
