Facebook’s Eduardo Saverin renounces U.S. citizenship over IPO fees, but are taxes good for tech?

On Friday, _Bloomberg_ broke the news that early Facebook investor Eduardo Saverin had renounced his American citizenship just before the company’s IPO in order to dodge a hefty tax bill. This caused a lot of hand-wringing and condemnation of Saverin. But the real reasons for Saverin’s move may have to do with more than taxes: according to both _Time_ and the _Wall Street Journal_, Saverin renounced his citizenship way back in September of last year, and now lives in Singapore, which doesn’t levy a capital gains tax. His spokesman told the _WSJ_, “U.S. citizens are severely restricted as to what they can invest in and where they can maintain accounts. Many foreign funds and banks won’t accept Americans. This was a financial rather than a tax…

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