In it, but not of it. TPM DC

Saverin: Allegations Of Tax-Dodging 'Unfortunate'


Having already renounced his citizenship and relocated to Singapore, Saverin is not obligated to pay U.S. taxes on any future earnings from Facebook's initial public offering, which is set to dramatically boost his share in the company.

Immigration experts say the circumstances of Saverin's move make him all but inadmissable to the United States from here on out, and the Facebook mogul appeared to bid farewell to the country he immigrated to from Brazil as a child.

"As a native of Brazil who immigrated to the United States, I am very grateful to the U.S. for everything it has given me," he said.

Saverin touted the economic and job-creation opportunities Facebook has initiated and said he hopes to continue investing in the United States.

Two senators on Thursday introduced legislation aimed at punishing Americans who follow in Saverin's footsteps and avoid taxes by giving up U.S. citizenship.