Facebook Co-Founder Eduardo Saverin is making himself at home in his new country, having reached No. 8 on Forbes’ list of Singapore’s richest people.
Reuters reported that Saverin’s estimated net worth is $2.2 billion.
Saverin renounced his U.S. citizenship and officially became a resident of Singapore. He made the decision to do so last September, and the news came out when an Internal Revenue Service list was published April 30, causing much consternation, as it was revealed just prior to Facebook’s initial public offering.
Saverin’s decision to renounce his citizenship was widely criticized, with two U.S. senators going as far as introducing the Ex-Patriot Act, aimed at ensuring that any expatriate with a net worth of more than $2 million be required to pay their full share of U.S. taxes.
Saverin has denied all along that his decision was motivated by tax purposes, with his spokesman, Tom Goodman, saying in May:
Eduardo recently found it more practical to become a resident of Singapore, since he plans to live there for an indefinite period of time. Accordingly, it made the most sense for him to use Singapore as a home base.
In an interview later that month with Brazilian newsmagazine Veja, Saverin reiterated:
The decision was strictly based on my interest of living and working in Singapore. I am obligated and I will pay hundreds of millions of dollars in taxes to the American government. I already paid and I will keep paying whatever taxes I owe based on my time as a U.S. citizen.