Eduardo Saverin, a billionaire co-founder of Facebook, made headlines this year when he renounced his U.S. citizenship and became a Singapore citizen. Then New York socialite Denise Rich attracted considerable attention after she gave up her citizenship in favor of Austria. Both were seen as motivated by the potential of saving a fortune in taxes.
Whether you are outraged by their moves or applaud Saverin and Rich's savvy, the reality is that the decision to give up American citizenship is a fast-growing trend. While the totals are still relatively low, the number of Americans who relinquished their citizenship last year (about 1,800) increased almost eightfold since 2008, according to the Internal Revenue Service.
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