Eric Schmidt, the former CEO, has his Cyprus citizenship application approved.
According to a report by Recode, as well as an October notice in the Cyprus publication Alithia, Eric Schmidt along with and his family have won the approval to become Cypriot citizens.
The report further added the repercussion of this move, one of them being that the new citizenship will allow Schmidt to move around several travel bans and go more freely within the European Union.
The Cyprus citizenship will also help him get some new tax benefits, given that he did apply via the “Citizenship by Investment” scheme. Unlike other methods, the investment scheme offers strategic tax breaks to foreigners who invest an amount of $2 to $3 million.
Schmidt served as the CEO of Google 2001 to 2011, and then stayed on as the executive chairman of both Google and Alphabet till 2018.
