Facebook co-founder renounces citizenship

Facebook co-founder Eduardo Saverin's name appears on the Internal Revenue Service's quarterly list of people who chose to give up their U.S. citizenship as of April 30. Renouncing his citizenship could potentially save Saverin millions of dollars in taxes on his 4 percent stake in Facebook when the company goes public later this month. 

Saverin, the Brazilian-born Harvard classmate of Facebook CEO Mark Zuckerberg who was portrayed by Andrew Garfield in the 2010 film "The Social Network" and who became a U.S. citizen in 1998, remains a citizen of Brazil and a resident of Singapore. 

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“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 a statement.

While Singapore taxes income earned in the country as well as what a government website calls "certain foreign-sourced income," it doesn't have a capital gains tax that would affect Saverin if he chooses to sell any of his stock, which could be worth $3.84 billion at the IPO valuation. 

More and more Americans are choosing to stop being citizens. Government records show 1,280 gave their U.S. passports up in 2011 compared with 235 in 2008.

Saverin's renunciation of citizenship was first reported by Bloomberg News.