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Friday
May112012

Facebook Co-Founder Denounces US Citizenship

Jim Spellman/WireImage(WASHINGTON) -- Facebook co-founder Eduardo Saverin stands to make billions when Facebook goes public next week. And now, ahead of that IPO, the 30-year-old has renounced his American citizenship, apparently to trim his tax liability.

Saverin was born in Brazil and lives in Singapore, where there is no capital gains tax, and a spokesman told Bloomberg that Saverin "recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period."

A record number of Americans renounced their citizenship last year, presumably to lower their tax burden.

Copyright 2012 ABC News Radio