SoylentNews is people
SoylentNews
Exclusive: The former CEO of Google has applied to become a citizen of Cyprus:
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.
(Score: -1, Flamebait) by Anonymous Coward on Tuesday November 10 2020, @01:22PM (30 children)
Why is this news? Why is this worth being here? I saw it on shitslot, but here?
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @01:25PM
It's STEM, that's why.
(Score: -1, Troll) by Anonymous Coward on Tuesday November 10 2020, @01:41PM (28 children)
Because your right to travel is being taken away. In New Zealand the rich can pay $4k for their "managed isolation", what do you 5
think happens to those that cant afford it?
Also btw, Biden just appointed Rahm Emmanuels brother to his covid taskforce. A guy who believes people shouldnt live past 75. They need to keep the ponzi going, if that requires killing off all the pensioners thats what theyll try to do.
Thats why the rich are hedging.
(Score: 1, Troll) by PiMuNu on Tuesday November 10 2020, @01:46PM (5 children)
> A guy who believes people shouldnt live past 75.
[citation needed]
Also offtopic.
(Score: 1, Informative) by Anonymous Coward on Tuesday November 10 2020, @02:00PM (2 children)
https://en.wikipedia.org/wiki/Ezekiel_Emanuel#%22Death_Panels%22 [wikipedia.org]
(Score: 2) by inertnet on Tuesday November 10 2020, @03:19PM (1 child)
So his boss Joe Biden would already be 2 years overdue? I bet he'll change his point of view before he reaches 75 himself.
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @06:35PM
Ask siri, the president is 56 years old.
(Score: 1, Informative) by Anonymous Coward on Tuesday November 10 2020, @02:24PM (1 child)
https://www.technologyreview.com/2019/08/21/238642/a-doctor-and-medical-ethicist-argues-life-after-75-is-not-worth-living/ [technologyreview.com]
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @02:29PM
BeLiEvE ThE ScIeNcE!
(Score: 2) by c0lo on Tuesday November 10 2020, @01:49PM (14 children)
You don't have an automatic right to travel to New Zealand even now, so nothing is lost. Each country determines who enters and who doesn't on their territory
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @02:28PM (4 children)
Eric Schmidt has freedom to travel to Europe now.
(Score: 2) by c0lo on Tuesday November 10 2020, @02:34PM (3 children)
This doesn't change the situation for you, you neither lost nor gained any additional right.
As such, what exactly is your interest in this matter?
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 1, Interesting) by Anonymous Coward on Tuesday November 10 2020, @03:01PM (2 children)
The wealthy are better connected so generally are better informed on future political events. The rest of us can use their actions as a bellwether.
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @04:18PM (1 child)
All the good jobs are going to Cyprus?
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @06:45PM
(Score: 1, Flamebait) by Runaway1956 on Tuesday November 10 2020, @02:51PM (7 children)
Huh - imagine that. So, a nation should be able to control it's borders? Decide for itself if there will be immigration, and if so, how many? More, it might be permissible to decide what sort of people to permit to immigrate?
I thought it was supposed to be racisss to want to control immigration.
Abortion is the number one killed of children in the United States.
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @03:28PM (1 child)
Only if you're a "right-wing nutjob". You still haven't learned about liberals. Rules are not universal- they're applied at whim. Interesting thing is they often back themselves into a corner.
(Score: 2) by c0lo on Tuesday November 10 2020, @03:58PM
Yes [smh.com.au].
Don't come by boat either [wikipedia.org]
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @03:36PM (4 children)
1. Eat the rich
2. ???
3. Eat the bugs
(Score: 3, Interesting) by c0lo on Tuesday November 10 2020, @04:17PM (3 children)
Yes, the rich feed the people, what would the world do without the rich???
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @04:20PM
Someone gotta do the trickle and somebody gotta get the trickle on them. Don't matter if you call dem rich or poor but dats they way it works.
(Score: 2, Insightful) by fustakrakich on Tuesday November 10 2020, @04:54PM (1 child)
Actually the rich starve the people, by keeping agricultural commodities locked up and rotting in a warehouse to create scarcity and bump up the prices on the traders markets. Half of what we produce is thrown into the garbage.
La politica e i criminali sono la stessa cosa..
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @04:58PM
All the poor have to do is make some money. What's so hard? Learn computers or something.
(Score: -1, Troll) by Anonymous Coward on Tuesday November 10 2020, @08:21PM
No they don't. The infestation of Jews who run their countries do.
(Score: 3, Insightful) by DannyB on Tuesday November 10 2020, @04:18PM (6 children)
Like how Trump takes away rights of people to travel by building a wall. Taking away their children. Putting them in cages.
People who scream loudest about "maw rats" are always the ones least concerned about anyone else's rights.
If you eat an entire cake without cutting it, you technically only had one piece.
(Score: 1, Troll) by Anonymous Coward on Tuesday November 10 2020, @04:30PM (2 children)
Built in the Obama administration by Jim Biden.
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @05:08PM (1 child)
Cages don't cage people. People cage people. AmIrite?
(Score: 1, Insightful) by Anonymous Coward on Wednesday November 11 2020, @05:30AM
Yeah -- Obama never put illegal immigrant children in cages. Any comment to the contrary is treason since that fact got memory holed.
(Score: 2, Flamebait) by EEMac on Tuesday November 10 2020, @04:45PM (1 child)
People from other countries don't *have* the right to travel here, just like we don't have the right to travel there. It's a privilege that can be revoked at any time for any number of reasons. Other countries certainly have checkpoints where people cross, but for some reason the US is supposed to neglect and ignore its own borders. 🤡🌎
The "people in cages" thing is about illegal aliens. When your parents are criminals, bad things tend to happen to the family. Blame the parents who break federal law in a serious way, not whoever is in the oval office this week.
(Score: 2) by DannyB on Tuesday November 10 2020, @06:42PM
I totally get that.
I am amused that someone is complaining about a right to travel being taken away.
I think every country should control its borders. Hence my amusement about that right to travel.
I threw in "people in cages" just to troll the "right to travel". Nonetheless, that seems a completely inappropriate response to something that is not a serious crime, even if it is indeed a crime. But that is wandering off topic from that right to travel.
If you eat an entire cake without cutting it, you technically only had one piece.
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @08:25PM
Mestizos don't have a right to come to what's left of America.
(Score: 3, Insightful) by khallow on Tuesday November 10 2020, @01:48PM (24 children)
And that's a problem why? If the rich aren't being treated merely as a tax revenue source to fund all the unicorn fantasies people have, then they don't have a reason to run. And when I read of the crazy stuff [soylentnews.org] people want to do to them, why shouldn't they run for the Cypresses and New Zealands of the world?
I think we'll see more of this. Biden, for example, plans a huge increase in spending. That can only be paid for by taxing people who actually have money - basically middle or upper class. The latter is the more obvious target since they have less votes, but I think we'll find that their assets are also more mobile and like usual, a large portion of those tax increases will end up resting on the people who can't so easily run away, namely, the middle class.
(Score: 2) by c0lo on Tuesday November 10 2020, @01:52PM (6 children)
Is this a special form of running for the woods?
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 1) by khallow on Tuesday November 10 2020, @01:58PM (5 children)
(Score: 2) by c0lo on Tuesday November 10 2020, @02:05PM
I think it's stupid, there are cheaper species of trees with a larger real estate than a cypress.
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 3, Interesting) by JoeMerchant on Tuesday November 10 2020, @02:41PM (3 children)
You don't have to be rich to run for Cypress. Well, not too rich.
We did business with a man who was skirting the edge of FDA regulations reselling hyperbaric chambers - he was living in Hawaii at the time, and appeared to be earning something in the neighborhood of $500K annual gross income at the time - probably $250K profit given how these things usually work. He accepted payment via credit card, but offered a marginal (5% if I recall correctly) discount for direct wire transfer to his account in Cypress. He operated this business for about 5 years, no apparent complaints or problems, then took his exit to Cypress.
I think he was about as legit a businessman as any, but his "next plane out" exit strategy was pretty clear to see.
Україна досі не є частиною Росії Слава Україні🌻 https://www.pravda.com.ua/eng/news/2023/06/24/7408365/
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @03:31PM
America is the fertile land o' plenty of easy pickins for the clever.
(Score: 2) by janrinok on Tuesday November 10 2020, @06:36PM (1 child)
There have been enough clues in the comments above yours - it is Cyprus that he has applied for citizenship of, not a tree.
(Score: 2) by JoeMerchant on Tuesday November 10 2020, @07:12PM
Yeah, it felt wrong when I wrote it, but my level of caring/concern just wasn't peaking at the time.
Україна досі не є частиною Росії Слава Україні🌻 https://www.pravda.com.ua/eng/news/2023/06/24/7408365/
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @02:44PM
What?, tax the classes that normally form the backbone of the revolt which topples you?
It's easier and safer just to tax your working class into slavery, keep 'em fed, entertained and sheltered!, though you don't want to go a'callin them slaves, no siree! you just tax them indirectly to just over dollar for every dollar they earn, keep 'em borrowing!, keep 'em in increasingly interest gathering perpetual debt!, manage your herd wisely, turn them into indebtured servants, as it were..
(BTW, in the interests of stirring the conspiracy porridge pot with a shitty spoon, has anyone mentioned/investigated the short/long term effects of our pugnacious pandemic pathogen on human fertility yet?....stir...stirrity...stir...)
(Score: 5, Insightful) by Thexalon on Tuesday November 10 2020, @03:12PM (14 children)
So, let me get this straight: Are you basically saying that because the upper class will try to break the law and may succeed at it, we should just eliminate all laws that apply to the upper class?
And here's the even better question: Why do you care so much about the well-being of the upper class? I'm guessing you probably don't have a billion dollars to your name - if so, you'd have better things to do than hang out here arguing against your own interests. If you're slaving away at a job you hate and/or slogging at running a small business in the hopes of eventually becoming a tech billionaire, I have news for you: Odds are approximately zero that you'll get there, even if you're the most brilliant techie ever, even if you're great at running a business, because even with all of that you also need a lot of the proverbial dice rolls very much on your side.
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 1, Insightful) by khallow on Tuesday November 10 2020, @07:10PM (10 children)
I'm saying, let's not be stupid and apply laws to the upper class that will fail from the start.
"IF". ]Who really is trying to be a tech billionaire here?
(Score: 3, Touché) by Thexalon on Tuesday November 10 2020, @08:11PM (9 children)
Oh, so you're saying we should keep the laws on the books, but not enforce any of them against certain people, so that the laws in question exist in theory but those certain people can in fact do whatever they want without consequences, unless they annoy the president or something. That sounds much better. /sarcasm
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 1) by khallow on Tuesday November 10 2020, @08:33PM (8 children)
No, remove them from the books, obviously. If you can't enforce the laws, then don't get those laws in the first place.
And let us not forget, that a certain level of taxation is easy to maintain law enforcement-wise because it's not worth the bother to change citizenship and such. The before-mentioned 90% tax bracket is way beyond that. I doubt Biden will try to impose tax rates that high, but mobile assets will flee, if the US does stupid stuff like punitive taxes on rich people.
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @08:43PM (1 child)
Any amount of taxation is TOO MUCH for the leech class
(Score: 1) by khallow on Wednesday November 11 2020, @05:14AM
(Score: 2) by Thexalon on Tuesday November 10 2020, @08:47PM (5 children)
So to summarize: The answer to the initial question I posed is "yes".
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 1) by khallow on Wednesday November 11 2020, @01:56PM (4 children)
(Score: 0) by Anonymous Coward on Wednesday November 11 2020, @03:34PM (3 children)
If the billionaires will flee regardless, why shouldn't we tax the shit out of them? It's not like most of them can afford to stop selling to the American market...
(Score: 1) by khallow on Wednesday November 11 2020, @03:47PM (2 children)
"IF". Why haven't they fled long ago? It's because we aren't doing dumb stuff like the previously mentioned 90% marginal tax bracket.
Everywhere on the planet has a cost of protection for their assets. Currently, the US is competitive.
(Score: 0) by Anonymous Coward on Thursday November 12 2020, @02:04PM (1 child)
We could raise individual taxes on the top bracket by a lot and still be competitive. Our capital gains taxes are also low. Worldwide corporate rate are low, and have been declining since the 80's... because the rest of the world has been following our lead. If we raise taxes on corporations, how many of those countries will continue to follow suit in lockstep?
(Score: 1) by khallow on Thursday November 12 2020, @02:40PM
So you claim.
Why has the rest of the world been following our lead allegedly? I think you're already contradicting your first assertion. This is evidence that competition is happening and that the results are desirable.
Who really is going to ape what the US does when it's no longer in their interests? Funny how the US is suddenly influential when you want them to be.
(Score: 0) by Anonymous Coward on Wednesday November 11 2020, @05:13AM (1 child)
Indeed. More and more, I am amazed at how thoroughly the Republican party (to name just one particularly bad actor) has co-opted Joe Lunchbox to carry water for billionaires.
(Score: 1) by khallow on Wednesday November 11 2020, @01:59PM
It's because such laws are notorious for hitting non-billionaires. Classic and widespread examples are the income tax itself, the alternate minimum tax, capital gains tax on stocks and bonds, and the mandatory reporting of cash amounts above certain ridiculously small amounts.
The law doesn't know or care that you're not a billionaire.
(Score: 2, Informative) by slashnot on Wednesday November 11 2020, @09:25PM
Okay without taking sides here, I think khallow's point is, if governments continue to raise taxes only on the wealthy, they will (and have the means to) move out of your jurisdiction to someplace cheaper. One example that comes to mind is billionaire David Tepper, who's move out of New Jersey several years ago left a $140M deficit in the state's tax revenue. Imagine one man's taxes affecting the state's overall budget by that much. So I think the point is, when you force the rich away, you and I and everyone else are left to make up the deficit. I can't speak for khallow, but that's why I care.
http://webcache.googleusercontent.com/search?q=cache:l7OTv0Icz24J:https://www.bloomberg.com/news/articles/2016-03-16/tepper-s-most-profitable-2015-trade-may-be-miami-for-short-hills+&cd=1&hl=en&ct=clnk&gl=us [googleusercontent.com]
(Score: 0) by Anonymous Coward on Wednesday November 11 2020, @05:09AM
Not so much a problem as a warning shot across the bow. Eric Schmidt is apparently making a Plan B in case things go horribly wrong here at home. In other words, it looks like he has some doubts about the long term viability of the country. Whether you consider that a problem is your call, of course.
(Score: 2) by oumuamua on Tuesday November 10 2020, @02:18PM (2 children)
In fact the USA does it too:
https://www.uscis.gov/green-card/green-card-eligibility/green-card-for-immigrant-investors [uscis.gov]
And you, Middle Class Joe, can do it too, in the Philippines for just 75K
https://www.philembassy.no/consular-services/visa/special-investors-resident-visa-sirv [philembassy.no]
(Score: 2) by JoeMerchant on Tuesday November 10 2020, @02:45PM (1 child)
The Bahamas wants $500K - $400K in "investment" and a straight up $100K "application fee."
Україна досі не є частиною Росії Слава Україні🌻 https://www.pravda.com.ua/eng/news/2023/06/24/7408365/
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @04:24PM
Well they maintain a wonderful tax loophole and that costs money. Philippines don't got squat except humidity and hurricaines.
(Score: 2) by looorg on Tuesday November 10 2020, @04:20PM (1 child)
... and Snowden is applying for citizenship in Russia. All the cool kids are getting their dual or secondary citizenship now. For various reasons.
(Score: 0) by Anonymous Coward on Tuesday November 10 2020, @04:27PM
Oooh it sounds so nefarious! How exciting. When will we start going house to house death-paneling conservatives like we've been globally conspiring to do for all these years?
(Score: 4, Interesting) by ElizabethGreene on Tuesday November 10 2020, @05:40PM
There are a large number of countries that allow you to effectively buy citizenship through economic investment. In the US this is through the EB-5 visa which requires, IIRC, a ~900k investment.
The real gems are the ones that let you get dual citizenship so you get a new passport while still keeping your original citizenship. e.g. Austria, Portugal, Turkey, and a laundry list of Caribbean countries.