"Recode reports that former Google CEO Eric Schmidt is working to finalize a plan to become an official citizen of the island of Cyprus, becoming one of the highest-profile Americans to take advantage of one of the world’s most controversial “passport-for-sale” programs.
Schmidt and his family have reportedly won approval to become citizens of the Mediterranean island according to a previously unreported notice in a Cypriot publication called Alithia in October. It is not clear why exactly Schmidt would pursue foreign citizenship, but the new passport gives him the ability to travel to the European Union and could possibly provide him with more favorable tax arrangements.
The Cyprus citizenship program is one of around a half-dozen programs in the world that allows foreigners to essentially purchase citizenship rights, bypassing any residency requirements by making a payment or investment in the host country."
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