RE: 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.
Question — since the USA recognizes dual citizenship, is he going to give up his American citizenship and passport?
If not, then his income outside the USA is STILL TAXABLE and the IRS can still get their hand on them.
The rich could borrow on their stock holdings at bank CD rates for ten years.
This would be like paying negative income tax rates.