Just days before Facebook’s IPO, Facebook’s co-founder Eduardo Saverin (the angry guy who smashes his laptop in The Social Network) renounced his US citizenship and has claimed Singapore as his home country.
While I’m sure there’s plenty to love about the city-state of Singapore, it’s most likely Saverin’s citizenship decision is motivated by economics. Though he owns a “small” 4 percent stake in Facebook, his stake is worth $3.8 billion. By taking up residence in Singapore, Saverin can shield his fortune from paying any capital-gains tax. In comparison, his co-founder Mark Zuckerberg could be facing $2 billion in taxes when Facebook goes public.