Tags: former | google ceo | eric schmidt | cyprus | citizen

Former Google CEO Eric Schmidt Reportedly Seeks to Become Cyprus Citizen

Former Google CEO Eric Schmidt Reportedly Seeks to Become Cyprus Citizen
(Mandoga Media/picture-alliance/dpa/AP Images)

By    |   Tuesday, 10 November 2020 08:21 AM

Former Google Chief Executive Eric Schmidt reportedly has been approved to become a citizen of Cyprus.

Recode cited a notice in Alithia, a Cypriot publication, from October that announced Schmidt and his family had won approval to become citizens.

Recode described Schmidt as one of the highest-profile Americans to take advantage of one of the world’s most controversial “passport-for-sale” programs.

Obtaining citizenship from the European nation would give Schmidt the ability to freely enter European Union and skirt some travel bans, according to the report.

He could also gain personal tax benefits due to the “Citizenship by Investment” program that provides tax breaks to foreigners who put down between $2 million and $3 million worth of investment.

Schmidt was Google’s chief executive from 2001 to 2011, before he transitioned to executive chairman of Google and then Alphabet until 2018. He was worth around $19.2 billion as of Sunday, according to Bloomberg’s Billionaire Index.

Schmidt himself recently made headlines when he said the “excesses” of social media are likely to result in greater regulation of internet platforms in the coming years.

Schmidt, who left the board of Google’s parent Alphabet Inc. in 2019 but is still one of its largest shareholders, said the antitrust lawsuit the U.S. government filed against the company was misplaced, but that more regulation may be in order for social networks in general, Bloomberg reported.

“The context of social networks serving as amplifiers for idiots and crazy people is not what we intended,” Schmidt said at a virtual conference hosted by the Wall Street Journal on Wednesday. “Unless the industry gets its act together in a really clever way, there will be regulation.”

Schmidt also argued Google’s massive search business -- the target of the U.S. Department of Justice’s antitrust suit -- continues to be so successful because people choose it over competitors, not because it uses its size to block smaller rivals.

“I would be careful about these dominance arguments. I just don’t agree with them,” Schmidt said. “Google’s market share is not 100%.”

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Former Google Chief Executive Eric Schmidt reportedly has been approved to become a citizen of Cyprus.
former, google ceo, eric schmidt, cyprus, citizen
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2020-21-10
Tuesday, 10 November 2020 08:21 AM
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