“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.As per the experts, renouncing US citizenship just before the company's IPO release, is a very smart move from tax standpoint, because once everything goes public you just can't fool around with the values. But Saverin won’t escape all U.S. taxes. Americans who give up their citizenship owe what is effectively an exit tax on the capital gains from their stock holdings, even if they don’t sell the shares.
Saverin current U.S. holdings include Jumio Inc., an online payments company, ShopSavvy Inc., a price-comparison service, and 4 percent share in the social networking giant 'Facebook'. And with Facebook's plans to raise about $11.8 billion through its IPO, Saverin's share in Facebook would be worth around $3.84 billion.
So its sad for the US government that its losing one more of its billionaire and smart entrepreneur who might have bought in some great tax payoffs in coming future. And with Income-tax rates for top U.S. earners rising to 39.6 percent from 35 percent next year, this list will just grow.
