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I don't understand why he does this. The IRS will tax him regardless of whether he has assets in the US or outside of it, and he's rich enough to get a working
by mFixman 6y ago
I don't understand why he does this. The IRS will tax him regardless of whether he has assets in the US or outside of it, and he's rich enough to get a working visa to anywhere.
Does anyone know of any other possible tax advantage a rich American might get from Cypriot citizenship?
- cblconfederate 6y agomalta cyprus, ireland etc are useful for setting up business there . you can set up a local business that receives royalties from other companies and benefit from relatively low tax. He s probably not doing it for taxes, but for a convenient EU passport and a humble abode in the mediterranean
- mFixman 6y agoCan't you set up an offshore business in a tax heaven without being a citizen?
- cblconfederate 6y agosure. i guess being american means you d have to report dividends back to the IRS.
- mFixman 6y agoBut Schmidt is not renouncing his citizenship, so he'll still have to report dividends back to the IRS despite also being a Cyprot citizen.
- Splendor 6y agoIt's not just about taxes. People with EU passports have fewer travel restrictions than those with US passports right now. As was discussed in the article.
- mike_d 6y agoI know at least a dozen people who were actively working on getting a second passport to flee the US pending results of the election.