Saverin dumps US citizenship ahead of Facebook IPO

Eduardo Saverin, one of four co-founders of Facebook, has renounced his U.S.

The billionaire co-founder renounced his U.S.

(Image credit: Getty Images for Clinton Foundation via @daylife) A one-word answer explains why many consider leaving the U.S. for good: taxes. Wealthy socialite Denise Rich, born Denise Eisenberg, renounced her U.S. citizenship just like Facebook’s Eduardo Saverin. The move is expected to save her tens of millions of dollars. See Socialite Denise [...]

? Eduardo Saverin, the 30-year-old co-founder of Facebook, renounced his U.S. passport, sometime last year. The news became public just weeks ahead of the anticipated IPO. Tax purposes are probably the biggest reason for his citizenship renouncement. If Saverin kept his U.S. passport, he would be paying up to 40 percent in income tax, next ...

Eduardo Saverin, Facebook co-founder immortalized by his falling out with Mark Zuckerberg in the movie The Social Network, has renounced his U.S. citizenship ahead of the company's IPO.

Eduardo Saverin will likely have to pay more in taxes for his Facebook stake than he would have had he remained a U.S. citizen, thanks to the social network's poor initial public offering performance.

Eduardo Saverin, the co- founder of Facebook, renounced his U.S. citizenship before an IPO that values the social network at as much as $96 billion, a move that may reduce his tax bill.