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Tax refugees

Facebook co-founder Eduardo Saverin has allegedly fled to Singapore before the Facebook IPO to avoid paying taxes in the US.

The spectre of a billionaire refugee is not a common one. Saverin who moved to the United States in 1992 and became a citizen in 1998 has had his name listed on the IRS of people who have renounced their citizenship for tax reasons.

This could potentially have him banned for life from entering the United States in the future. Even though Saverin is reported to shun investing in companies based in Singapore, he is interested in global players who are actively interested in entering Asian markets.

Concrete reasons for Saverin's departure from the States might be attributed to avoiding paying the increased income tax rate as it comes into effect next year and greater flexibility from stock holdings held in Facebook.

Whatever the outcome, it is quite certain that Saverin and Zuckerberg shall be celebrating at two very different venues come the flotation.

To read a guide by on tax havens abroad click here.

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