5 ms·

The act is not in question...its the motives that are.

by zeruch 6y ago

ericd 6y ago
It's not necessarily about taxes, the marginal utility of money is basically 0 at his level. I'm guessing he just wants a guarantee of being able to get into the EU in case the political polarization in the US boils over. I certainly would, if I were him, especially given the steady drumbeat of demonization of the rich in the media.
FDSGSG 6y ago
Less hassle with visas? If you want to avoid taxation there are better places to go than Cyprus. People go to Cyprus specifically because they want a Schengen passport.
- kyriakos 6y ago
  Cyprus is not a member of Schengen but as an EU citizen you can still go anywhere in Europe visa free, stay, work and enjoy all benefits as long as you want.
magicalist 6y ago
Well, the article says it's unknown why, but even speculating what nefarious things could you do with it? Cyprus is part of the EU.
- thisisnico 6y ago
  This is the real problem. The EU shouldn't allow sale of citizenship in host countries, essentially paying a way to get into the EU. I highly doubt that would be possible to enforce though.
  - kyriakos 6y ago
    The Cyprus passport scheme has ended this month, only applications submitted before the end of October are considered. The same I believe applies to Malta which had a similar scheme.
  - kazen44 6y ago
    it is a hotly debated topic in the EU and seems to be up for removal in the current years, especially in the current political climate.
- esarbe 6y ago
  Yeah, it's a real mystery. https://www.globalcitizensolutions.com/cyprus-tax-for-non-residents/ https://www.globalcitizensolutions.com/cyprus-tax-for-non-re...
  - ryanlol 6y ago
    This scheme does not work for US citizens. He would have to pay a significant exit tax to give up his US citizenship.
temp667 6y ago
Simple, this was probably in motion during Trump era - and for whatever reason (ability to work overseas, live overseas in EU, own property etc) there was an advantage to having an EU passport. This gets him that. Not totally unreasonable for a global CEO.

The act is not in question...its the motives that are.

by zeruch 6y ago

The act is not in question...its the motives that are.

It's not necessarily about taxes, the marginal utility of money is basically 0 at his level. I'm guessing he just wants a guarantee of being able to get into the EU in case the political polarization in the US boils over. I certainly would, if I were him, especially given the steady drumbeat of demonization of the rich in the media.

FDSGSG 6y ago

Less hassle with visas? If you want to avoid taxation there are better places to go than Cyprus. People go to Cyprus specifically because they want a Schengen passport.

kyriakos 6y ago
Cyprus is not a member of Schengen but as an EU citizen you can still go anywhere in Europe visa free, stay, work and enjoy all benefits as long as you want.

magicalist 6y ago

Well, the article says it's unknown why, but even speculating what nefarious things could you do with it? Cyprus is part of the EU.

thisisnico 6y ago
This is the real problem. The EU shouldn't allow sale of citizenship in host countries, essentially paying a way to get into the EU. I highly doubt that would be possible to enforce though.
- kyriakos 6y ago
  The Cyprus passport scheme has ended this month, only applications submitted before the end of October are considered. The same I believe applies to Malta which had a similar scheme.
- kazen44 6y ago
  it is a hotly debated topic in the EU and seems to be up for removal in the current years, especially in the current political climate.
esarbe 6y ago
Yeah, it's a real mystery. https://www.globalcitizensolutions.com/cyprus-tax-for-non-residents/ https://www.globalcitizensolutions.com/cyprus-tax-for-non-re...
- ryanlol 6y ago
  This scheme does not work for US citizens. He would have to pay a significant exit tax to give up his US citizenship.

temp667 6y ago

Simple, this was probably in motion during Trump era - and for whatever reason (ability to work overseas, live overseas in EU, own property etc) there was an advantage to having an EU passport. This gets him that. Not totally unreasonable for a global CEO.