Authors: Joshua Cohan
(WASHINGTON) -- Facebook co-founder Eduardo Saverin stands to make billions when Facebook goes public next week. And now, ahead of that IPO, the 30-year-old has renounced his American citizenship, apparently to trim his tax liability.
Saverin was born in Brazil and lives in Singapore, where there is no capital gains tax, and a spokesman told Bloomberg that Saverin "recently found it more practical to become a resident of Singapore since he plans to live there for an indefinite period."
A record number of Americans renounced their citizenship last year, presumably to lower their tax burden.
Copyright 2012 ABC News Radio