Eduardo Saverin Drops U.S. Citizenship, Report Says

This Oct. 11, 2010 file photo, shows the logo of the online network Facebook. (AP Photo/dapd, Joerg Koch)

Eduardo Saverin, the man who helped build Facebook in a Harvard dormitory with Mark Zuckerberg, has renounced his United States citizenship, according to reports.

The moves comes as Facebook prepares to go public later this month, which means Saverin may be able to get out of paying some taxes on the money that’s owed to him.

Saverin’s name is on an Internal Revenue Service list along with other Americans who made the decision to renounce their citizenship.

The former Harvard student, and co-founder of the social network, was born in Brazil but currently lives in Singapore.

A spokesman for Saverin told Bloomberg that Saverin “found it more practical” to become a resident of Singapore. Reuters reported that Singapore has no capital gains tax. But he will still owe an exit tax, according to reports.

Bloomberg reported that Facebook is looking to raise around $11.8 billion through the IPO. Saverin’s stake in the Internet company is reportedly four percent.

Saverin became well-known when his spat with Zuckerberg was detailed in The Social Network two years ago.

The Wall Street Journal recently reported that Saverin has become somewhat of a star in Singapore, where he hangs around with models and spends thousands of dollars at clubs and bars.

Saverin’s Facebook page is still active, and he just recently thanked everyone for “subscribing to my updates,” and boasted about having 1.4 million subscribers.