Facebook founder Saverin set to save €53m in taxes

Facebook co-founder Eduardo Saverin will save at least $67 million (€53 million) in US income taxes by dropping US citizenship, according to a Bloomberg analysis of the company's stock price. Those

19th May, 2012
Eduardo Saverin owns 4 per cent of Facebook. Photo: Getty

Facebook co-founder Eduardo Saverin will save at least $67 million (€53 million) in US income taxes by dropping US citizenship, according to a Bloomberg analysis of the company's stock price. Those savings will keep growing if Facebook's shares increase.

Saverin, 30, renounced his citizenship in September and lives in Singapore, according to his spokesman, Tom Goodman.

He was part of a small group of Harvard University students who started the social networking site, and now owns about...

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