Senators Charles Schumer, D-N.Y., and Bob Casey, D-Pa., have unveiled a plan to respond to those like Facebook co-founder Eduardo Saverin, who recently moved to renounce his U.S. citizenship, allegedly to avoid taxes on the profits he is expected to collect from the social networking company’s initial public offering.
Saverin, a partial owner of Facebook, has lived in Singapore since 2009 and renounced his U.S. citizenship in September. The move could help him save a reported $67 million in taxes since Singapore, unlike the U.S., has no capital gains tax. That amount could increase even further as Facebook’s stock price rises. The company went public last Friday, but barely rose above its offering price amid technical problems with the Nasdaq market.
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