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Facebook Co-Founder Eduardo Saverin Fires Back at Critics, Senators

Billionaire to be says those attacking him don't know the real story.

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    NEWSLETTERS

    Eduardo Saverin, co-founder of Facebook, renounced his US citizenship to save money on taxes.

    Facebook co-founder Eduardo Saverin is firing back at his critics on the day two U.S. senators introduced a bill to tax millionaire expatriate.

    The Brazilian native, who has lived in Singapore since 2009, has come under fire this week after it was revealed that he renounced his American citizenship last year.

    Some saw it as a move to avoid thousands in taxes. But in a letter to Forbes, Saverin said his move is being politicized and misunderstood.

    "It is unfortunate that my personal choice has led to a public debate, based not on the facts, but entirely on speculation and misinformation," he wrote. "My decision to expatriate was based solely on my interest in working and living in Singapore, where I have been since 2009,” Saverin said. “I am obligated to and will pay hundreds of millions of dollars in taxes to the United States government. I have paid and will continue to pay any taxes due on everything I earned while a U.S. citizen."

    Thursday, Democratic Senators Chuck Schumer and Bob Casey introduced the "Ex-PATRIOT" Act, which would imposes taxes on Americans with a net worth of more than $2 million or an average income tax liability of at least $148,000 over the last five years.

    The expatriate would be given the opportunity to prove to the IRS that they are not renouncing their citizenship to save on taxes.

    In his letter, Saverin said he planned to continue investing in American businesses in the future and that he always paid his taxes when he was an American citizen.