Facebook co-founder Eduardo Saverin has given up his U.S. citizenship, a move that will reduce his taxes when Facebook goes public in the coming weeks.
Saverin, who was born in Brazil and moved to the U.S. in 1992 and has been a U.S. citizen since 1998, has decided to become a resident of Singapore. He is said to own around 5 percent of the company, which has a valuation of between $77 billion and $96 billion according to paperwork filed ahead of its initial public offering.
In a statement, Saverin’s spokesman Tom Goodman said that the switch was done, in part, for business reasons.
“Eduardo recently found it to be more practical to become a resident of Singapore since he plans to live there for an indefinite period of time,” said Saverin’s spokesman Tom Goodman. “He has invested in Asian, U.S. and European companies. He also plans to invest in Brazilian and global companies that have strong interests in entering the Asian markets. Accordingly, it made the most sense for him to use Singapore as a home base.”