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Facebook Co-Founder Eduardo Saverin Renounces Citizenship

Facebook founder renounces USA to save money

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    NEWSLETTERS

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

    Eduardo Saverin -- the guy you feel sorry for in the movie "The Social Network" -- has renounced his American citizenship in order to save money on taxes, reports Bloomberg

    Facebook founder Mark Zuckerberg may have famously shortchanged his Harvard schoolmate, but Saverin still owns at least 4 percent, according to Who Owns Facebook.

    Saverin was born in Brazil but raised in Florida.  He moved to Singapore after founding Facebook where he lives quite well. 

    "If you've watched 'Keeping Up with the Kardashians,' you know that a lot of the socializing happens in those laser-filled nightclubs offering bottle service. Local press reports, says Mahtani, have called Saverin one of 'Singapore's hottest partygoers,'" writes the Atlantic Wire.

    Singapore does not have a capital gains tax and the move could save Saverin millions.