Facebook co-founder Saverin finally quits US citizenship to save tax

Washington, May 15 (ANI): Facebook's co-founder Eduardo Saverin has finally renounced his US citizenship to avoid paying taxes.

Saverin, who was born in Brazil and became a U.S. citizen in 1998, is on a list of Americans who decided to renounce their U.S. citizenship in the last 12 months, according to the Internal Revenue Service.

Saverin will be taking up residence in Sinagpore, where there is no capital gains tax.

According to The Telegraph, he had filed to renounce his citizenship around September of last year.

However, Saverin will still have to pay an exit tax on his stake in Facebook.

Based on Facebook's valuation, Saverin would have to pay about 600 million dollars as his exit tax bill. (ANI)