Singapore’s Facebook Windfall

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.

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Luke Hunt is a foreign correspondent, author and occasional photographer who has covered much of Asia fr the last 30 years.

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