The fiscal network: In what appears to be a strategic move to reduce his tax bill, Facebook co-founder Eduardo Saverin renounced his US citizenship in anticipation of the social network’s initial public offering last month. Though he made his decision late last year, it was only made public last month. Brazilian-born Saverin moved to the US in 1992, obtaining US citizenship in 1998, but he now finds it ‘more practical to become a resident of Singapore’. Saverin’s estimated 4% stake in Facebook should be worth about $3.84 billion after the IPO, and the move to the city-state, which has no capital gains tax, will save him a fortune in tax. The number of people renouncing US citizenship has increased dramatically in recent years from 235 in 2008 to 1,780 last year.