Facebook co-founder renounces US citizenship prior to IPO

Now residing in Singapore, Eduardo Saverin is giving up his U.S. citizenship. Seems he will have quite the tax saving due to this move.

Bloomberg is reporting that Brazilian-born Saverin (30) renounced his U.S. citizenship in September last year.

This move is apparently not out of the ordinary these days. RT reported some time ago that in 2011 alone, at least 1,788 Americans renounced their U.S. citizenship, which is more than the totals for 2007, 2008 and 2009 together.

Why are people giving up their U.S. citizenship? Its actually quite simple... read full article.