Facebook Co-Founder Living Good Life In Singapore

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

SINGAPORE (CNN) - As Facebook prepares to make its Initial Public Offering to shareholders, one of its founders is under scrutiny for moving out of the U.S. and taking his money with him.

Eduardo Saverin has lived here in Singapore since 2009.  But just a few months ago he gave up his U.S. citizenship and became a resident here. Now he's settled into some pretty good company.  Singapore may be a tiny country, but it has one of the world's highest number of millionaires per capita and plenty of billionaires like Saverin.

But perhaps more relevant when it comes to the Facebook IPO, Singapore has no capital gains tax, something potentially significant for the Facebook co-founder. A spokesman for Saverin though denies the move was done for tax reasons.  Saverin has invested in a few mobile apps companies here in Singapore. And maybe a little further a field, in a cosmetics company run by a friend, a former Miss Singapore Universe.  

Which brings me to Saverin's social life. Singapore is known as having plenty of high priced restaurants and plenty of places to party. And Saverin is known as someone who loves the high life, driving a Bentley, belonging to a members-only club, being seen in society magazines. And of course being surrounded by beautiful women and anyone who wants to be around the flow of champagne.  

Evidence of this lifestyle can be seen in a video that was done about the cosmetics company and the former beauty queen. In the video, she calls Saverin her mentor and Saverin gives a bit of business advice saying, companies need to listen to their customers, the biggest thing he says Facebook has done.
 
Now with all the attention on the Facebook IPO, Singapore is also a pretty good place to be if you want your privacy. The media here keeps a pretty tight lid on private lives and you won't see paparazzi tearing down the street.  

Liz Neisloss, CNN, Singapore.