Communications Major

Facebook co-founder Eduardo Saverin renounced his American citizenship in what seemed to be a transparent ploy to escape a hefty bill from the IRS in the wake of Facebook’s upcoming IPO. But the truth is a little more complex than that. Saverin, born in Brazil, came to America in 1992 and was educated at Harvard. He now lives in Singapore, and claims U.S. laws make it too difficult for its citizens to invest in other countries. 

The rich get richer, huh? Facebook co-founder Eduardo Saverin has renounced his US citizenship before the Facebook IPO as a move to limit his tax liabilities. He has become a citizen of Singapore.