Facebook co-founder Eduardo Saverin’s renunciation of his American citizenship prior to Facebook’s long-anticipated IPO has sparked speculation that the entrepreneur is looking to escape the expensive U.S. tax code.

Bloomberg reported on Friday that Saverin — famously known as the Harvard schoolmate of Facebook founder and CEO Mark Zuckerberg — chose to renounce his citizenship in September 2011. Saverin’s renunciation of his citizenship was published by the IRS on April 30, 2012 in the Federal Register.

Saverin, already a billionaire, currently resides in Singapore, where there is no capital gains tax. According to Saverin’s spokesman, the tech investor plans to invest his money in Brazilian and other global companies “that have strong interest in entering the Asian markets,” Bloomberg reported.

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