Published on May 14th, 2012 | by0
At What Price? Freedom From Taxes
Saverin has renounced his U.S. citizenship, according to an Internal Revenue Service report, just days before the company’s initial public offering.
He now lives in the Asian city-state of Singapore, which has no capital-gains tax. That compares with a minimum 15 percent rate for long-term capital gains in the United States for people in higher income brackets.
The Brazil-born Saverin was educated in the U.S. at Harvard, where he co-founded Facebook with Mark Zuckerberg and others.
Giving up citizenship is an irrevocable act, the State Department says. I hope it’s worth it to Severin.