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Eric Schmidt has applied to become a citizen of Cyprus

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Re: Eric Schmidt has applied to become a citizen of Cyprus

#291

Post by Kbelicius »

xyzzyz wrote: post #240
notahacker wrote: post #155

Earlier quoted context omitted.

How many people would have used their tax cuts to fund a wide area packet-switching network or space program?

There are tons of people and companies currently investing in these things. The venture capital industry in the US is huge, and in fact you’re writing this on a website run by one of its representatives. The US Government has surely invested in some beneficial research, but so did the private sector.

> There are tons of people and companies currently investing in these things.

Yes, there are tons of people and companies currently investing in these things because earlier government investment proved those things possible. It would be irrational for a private company to invest time and money in something with knightian uncertainty.

The private sector is good with scale and incremental improvements. Quite bad with fundamental research.

Re: Eric Schmidt has applied to become a citizen of Cyprus

#292

Post by keiferski »

pembrook wrote: post #284
dundarious wrote: post #251

Earlier quoted context omitted.

I'm sure Erich Schmidt has access to resources not available to your friends. There is absolutely the potential for a tax angle to this application, perhaps involving creating business entities in Cyprus to avoid the IRS's reach. That is of course just my suspicion and I could be wrong, but I think my suspicions are reasonable enough to dispute the strength of your claims ("There is no tax dodge. There is no way to d…

It's amazing to me how strongly people want to believe there's some magical way that rich Americans are avoiding taxes by hiding money in exotic locales. This was possible in the past for Americans, but it doesn't make sense anymore. That's the truth. The secretive Swiss banks and numbered accounts you read about in adventure novels as a kid are all reporting on US citizens now. It doesn't matter how much resources E…

https://en.wikipedia.org/wiki/Panama_Papers

Re: Eric Schmidt has applied to become a citizen of Cyprus

#293

Post by ChrisLomont »

esarbe wrote: post #263
pembrook wrote: post #216

Earlier quoted context omitted.

> aren't subject to US jurisdiction Every single financial institution that transacts in US dollars (so, all of them) is subject to the power of the US Treasury. So many people want to believe all the rich are hiding their money abroad. For American citizens, this simply isn't true and hasn't been for a decade or more. It's not feasible. Also, American capital gains taxes (the ones rich people mostly pay) are extreme…

Did you somehow miss the whole Panama papers shebang? Yeah, the rich do hide their money abroad.

There was a surprising low number of Americans in those documents, which date back into the 1970s. In 2010 there were significant changes in US law which effectively removed places like Panama papers from happening again moving forward.

These are the reasons the poster above you stated the decade limitation. He is correct.

Re: Eric Schmidt has applied to become a citizen of Cyprus

#294

Post by tuatoru »

keiferski wrote: post #292
pembrook wrote: post #284

Earlier quoted context omitted.

It's amazing to me how strongly people want to believe there's some magical way that rich Americans are avoiding taxes by hiding money in exotic locales. This was possible in the past for Americans, but it doesn't make sense anymore. That's the truth. The secretive Swiss banks and numbered accounts you read about in adventure novels as a kid are all reporting on US citizens now. It doesn't matter how much resources E…

https://en.wikipedia.org/wiki/Panama_Papers

Also, https://www.icij.org/investigations/fincen-files/global-bank...

Banks saying one thing and doing another.

Re: Eric Schmidt has applied to become a citizen of Cyprus

#295

Post by hobby-coder-guy »

pembrook wrote: post #284
dundarious wrote: post #251

Earlier quoted context omitted.

I'm sure Erich Schmidt has access to resources not available to your friends. There is absolutely the potential for a tax angle to this application, perhaps involving creating business entities in Cyprus to avoid the IRS's reach. That is of course just my suspicion and I could be wrong, but I think my suspicions are reasonable enough to dispute the strength of your claims ("There is no tax dodge. There is no way to d…

It's amazing to me how strongly people want to believe there's some magical way that rich Americans are avoiding taxes by hiding money in exotic locales. This was possible in the past for Americans, but it doesn't make sense anymore. That's the truth. The secretive Swiss banks and numbered accounts you read about in adventure novels as a kid are all reporting on US citizens now. It doesn't matter how much resources E…

Bullshit

Re: Eric Schmidt has applied to become a citizen of Cyprus

#296

Post by djanogo »

rexarex wrote: post #232

This isn't new, all countries usually allow you to buy your way in using a "Golden Visa" program, including the USA and Canada. Typically it costs about $1 Million and some job creation/investment in the economy. Canadian Golden Visa Program AKA Quebec Immigrant Investment Program: https://citizenshipshop.com/product/canada-golden-visa/ AKA USA EB-5 Golden Visa: https://citizenshipshop.com/product/usa-golden-visa/

Seems like US issues about 10k visa's yearly[1].

[1] https://www.eb5daily.com/2020/02/latest-statistics-eb-5-immi...

Re: Eric Schmidt has applied to become a citizen of Cyprus

#297

Post by BurningFrog »

AGSYS wrote: post #199
BurningFrog wrote: post #171

Earlier quoted context omitted.

This is a QAnon level conspiracy madness.

How is this a "conspiracy", that post is pointing out how wealthy and powerful people don't have to worry about the long term effects of their actions like their employees do.

> "Eric Schmidt can [...] ignore the fact that he owned a social network (Youtube) that knowingly hosted radical content and disinformation which would have (in part) caused the civil unrest he’s fleeing from."

Conspiracy is maybe the wrong word, but OP seems to genuinely believe that Schmidt caused the recent civil unrest through his Youtube ownership.

Re: Eric Schmidt has applied to become a citizen of Cyprus

#298

Post by wil421 »

> The way the program works is that once a foreigner lays down between $2 million and $3 million worth of investment in Cyprus, typically through a real estate purchase, they can apply to what is technically called the “Citizenship by Investment” program. After the government reviews the applicant’s background, conducts a security check, and hosts a visit from the foreigner, their application can be approved.

For anyone wanting to know how much it could cost.

Re: Eric Schmidt has applied to become a citizen of Cyprus

#299

Post by m0zg »

dundarious wrote: post #251
pembrook wrote: post #113

Earlier quoted context omitted.

This is not a tax dodge. There is no way to dodge taxes as a US citizen by moving abroad, the US is the only country in the world with a real global taxation system. EDIT further information I posted below: The US has the unique position of being able to actually enforce this due to the fact the USD is the reserve currency of the world and every country needs to stay on the good side of the US Treasury to transact in…

I'm sure Erich Schmidt has access to resources not available to your friends. There is absolutely the potential for a tax angle to this application, perhaps involving creating business entities in Cyprus to avoid the IRS's reach. That is of course just my suspicion and I could be wrong, but I think my suspicions are reasonable enough to dispute the strength of your claims ("There is no tax dodge. There is no way to d…

Wouldn't he be able to form business ventures in Cyprus in which he could own a stake, but which would pay him very little taxable income? Furthermore, wouldn't he be able to grow those ventures and later take a distribution when his pals in US Congress abolish the "global taxation" nonsense? Or alternatively, by renouncing US citizenship?

What other reasons are there to seek citizenship in a country like Cyprus?

Re: Eric Schmidt has applied to become a citizen of Cyprus

#300

Post by [deleted] »

pembrook wrote: post #284
dundarious wrote: post #251

Earlier quoted context omitted.

I'm sure Erich Schmidt has access to resources not available to your friends. There is absolutely the potential for a tax angle to this application, perhaps involving creating business entities in Cyprus to avoid the IRS's reach. That is of course just my suspicion and I could be wrong, but I think my suspicions are reasonable enough to dispute the strength of your claims ("There is no tax dodge. There is no way to d…

It's amazing to me how strongly people want to believe there's some magical way that rich Americans are avoiding taxes by hiding money in exotic locales. This was possible in the past for Americans, but it doesn't make sense anymore. That's the truth. The secretive Swiss banks and numbered accounts you read about in adventure novels as a kid are all reporting on US citizens now. It doesn't matter how much resources E…

[deleted]
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