Eduardo Saverin, the billionaire 30-year-old co-founder of Facebook who was pushed out of the company under the guidance of his friend and fellow co-founder Mark Zuckerberg, has renounced his U.S. citizenship, Saverin’s spokesperson confirmed to Bloomberg Businessweek:
“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 an e-mailed statement.
Bloomberg Businessweek notes that Saverin is part of a trend of U.S. billionaires giving up their citizenship to avoid capital gains taxes in the U.S. Still, he’ll have to pay a hefty exit fee.
