Facebook co-founder ditches his U.S citizenship
Leading up to Facebook's initial public offering reports that the social network's co-founder Eduardo Saverin relinquished his U.S. citizenship in favor of his current residence of Singapore.
It was reported that Saverin could have dodged $67 million in U.S. taxes because Singapore does not have capital gains taxes. Saverin was born in Brazil, moved to the United States in 1992 and became a citizen in 1998.
Saverin, who has been living in Singapore since 2009, denied that his move was related to tax evasion and said in a statement that he is obligated and will pay "hundreds of millions of dollars in taxes to the United States government."
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