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.