Published on May 18, 2012 by Luke Hunt
FAR EAST CORRESPONDENT — Singapore’s next billionaire has upset the strategic heart of capitalism.Eduardo Saverin, who owns a four percent stake in Facebook, is renouncing his U.S. citizenship, lodged the required paperwork to make Singapore his new home and is no doubt scouting the island-state for the right bankers.
All this comes as Facebook readies itself for a an IPO that will potentially value it at about $100 billion, which will add several more billion dollars to Saverin’s personal coffers and expose him to an unwanted U.S. tax bill from the income earned on future stock sales. Singapore, his new home, likes rich people, and there’s no capital gains tax there. Read more in The Diplomat.