 "Facebook co-founder Saverin will pay his taxes in America")
Eduardo Saverin, is one of Facebook’s lesser known co-founders. According to a New York Times profile,
He co-founded Facebook at age 21, then left two years later with a legal settlement that cut him off from Facebook but left him phenomenally wealthy. His stake will most likely be worth more than $3 billion when Facebook goes public Friday.
He has become a permanent resident of Singapore, which levies no capital gains taxes.
He gave up his American citizenship for a Singapore one, a move that some see as very strategic, coming at a time when Facebook is about to go public. The social networking site is believed to have a market value of $104 billion and is slated to be one of the biggest tech IPO’s of all time.
Facebook was co-founded by Mark Zuckerberg, Dustin Moskovitz, Chris Hughes and Eduardo Saverin. Moskovitz quit in 2008 to start Asana, while Chris Hughes, left to manage Obama’s 2007 campaign. He bought the magazine _The New Republic_ earlier this year.
[caption id=“attachment_313363” align=“alignleft” width=“380” caption=“Eduardo Saverin in this file photo.AFP”]  [/caption]
Saverin has defended his move to Singapore and now come out and said that he will in fact be paying taxes to the US government. According to Reuters, Saverin will pay, “hundreds of millions of dollars in taxes to the United States government.” He also said thathis decision to renounce his US citizenship and relocate to Singapore was “based solely on my interest in working and living in Singapore, where I have been since 2009.”
The Facebook co-founder Saverin has been criticised by lawmakers for what they say is dodging US taxes on expected stock market gains from his Facebook holdings.
Coming clean, Saverin said in an official statement: “I have paid and will continue to pay any taxes due on everything I earned while a US citizen. It is unfortunate that my personal choice has led to a public debate, based not on the facts, but entirely on speculation and misinformation.”
With inputs from Reuters
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