Eduardo Saverin, co-founder of Facebook will be saving a minimum of $67 million in federal income taxes by renouncing his U.S. citizenship, per a Bloomberg study of the company’s stock price. If Facebook shares increase, that number will keep growing.
Saverin dropped his citizenship in September and he resides in Singapore, according to his spokesman, Tom Goodman. Eduardo Saverin was one of the original founders of the social networking site. He owns approximately 4 percent of Facebook.
The estimated savings illuminate why a record number of taxpayers are forfeiting their U.S. citizenship just as potential increases in taxes take place for those who fall into the highest income bracket. The value of Saverin’s ownership in Facebook has ballooned in accordance with Facebook’s share price before its scheduled IPO. Facebook intends on selling shares for as high as $38 each this week.
Saverin’s share might be valued at as much as $2.89 billion, based on the organization’s 1.898 billion total outstanding shares. As of September, his share was worth approximately $2.44 billion.
As stated before, these numbers are all estimations of from Bloomberg and have only been disputed by a private tax firm in New York, who claimed that they were wrong. The private firm also stated that the only reason Saverin renounced his U.S. citizenship was because of his desire to live and work in Singapore.
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