(VOX) -- The former CEO of Google, Eric Schmidt, is finalizing a plan to become a citizen of the island of Cyprus, Recode has learned, becoming one of the highest-profile Americans to take advantage of one of the world’s most controversial “passport-for-sale” programs.
Schmidt, one of America’s wealthiest people, and his family have won approval to become citizens of the Mediterranean nation, according to a previously unreported notice in a Cypriot publication in October. While it is not clear why exactly Schmidt has pursued this foreign citizenship, the new passport gives him the ability to travel to the European Union, along with a potentially favorable personal tax regime.
The move is a window into how the world’s billionaires can maximize their freedoms and finances by relying on the permissive laws of countries where they do not live. Schmidt’s decision in some ways mirrors that of another famous tech billionaire, Peter Thiel, who in 2011 controversially managed to secure citizenship in New Zealand.
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