Facebook co-founder defends decision to renounce citizenship

05/21/2012 // West Palm Beach, Florida, US // justicenews // Justice News Flash // (press release)

U.S. – Facebook co-founder Eduardo Saverin has offered a response to critics after receiving backlash for publicly announcing his decision to give up his U.S. citizenship, which has been reported as a decision made in order to avoid paying capital gains taxes on Facebook shares. As reported by ABC News, Saverin, who currently lives in Singapore, expressed in a statement that his decision was not made to avoid paying taxes in the country.

Saverin’s filing to give up his citizenship has been widely reported in the media following the announcement of Facebook’s plans to go public, which reportedly made his stake in the company worth more than $3 billion.

Saverin is quoted by ABC News as saying in a statement released to he news source, “My decision to expatriate was based solely on my interest in working and living in Singapore, where I have been since 2009…I am obligated to and will pay hundreds of millions of dollars in taxes to the United States government. I have paid and will continue to pay any taxes due on everything I earned while a U.S. citizen.”

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