Singapore Resident Eduardo Saverin Skips Out on the IRS and His U.S. Citizenship


In a move that will test your Social Network sympathy, shafted Facebook co-founder Eduardo Saverin has decided to renounce his U.S. citizenship just before that vaunted Facebook IPO and save several yachts-ful (heck, planes, too) of money. Though he isn't listed in Facebook's filings, his stake in the company is reportedly between two and four percent, and after its IPO that could be worth as much as $3.84 billion according to Bloomberg BusinessWeek's Danielle Kucera, Sanat Vallikappen and Christine Harper.

By becoming a resident of Singapore, where Saverin reportedly lives like a Kardashian, the young billionaire benefits from the country's lack of capital gains tax, though the team at BusinessWeek does note that Saverin won't be exempt from a U.S. exit tax.

Posted in: Latest News

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

United Post

Aspen Blog Posts

Latest Comments

Latest Blogs

This site copyright © 2010 Post Time Media. All Rights Reserved.