Facebook co-founder gives up US citizenship to keep more of his money

Eduardo Saverin, who co-founded Facebook with Mark Zuckerberg while attending Harvard, stands to make several billion dollars when the company goes public. He would also be on the hook for taxes that would take about a third of what he earns. So Saverin did what an increasing number of smart, tech savvy Americans are doing; he surrendered his US citizenship. Bloomberg: Saverin, 30, joins a growing number of people giving up U.S. citizenship ahead of a possible increase in tax rates for top earners. The Brazilian-born resident of Singapore is one of several people who helped Mark Zuckerberg start Facebook in a Harvard University dormitory and stand to reap billions of dollars after the world's largest social network holds its IPO. "Eduardo recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period of time," said Tom Goodman, a spokesman for Saverin, in an e-mailed statement. Saverin's name is on a list of people who chose...(Read Full Post)