It's not necessarily about taxes, the marginal utility of money is basically 0 at his level. I'm guessing he just wants a guarantee of being able to get into the EU in case the political polarization in the US boils over. I certainly would, if I were him, especially given the steady drumbeat of demonization of the rich in the media.
Less hassle with visas? If you want to avoid taxation there are better places to go than Cyprus.
People go to Cyprus specifically because they want a Schengen passport.
Cyprus is not a member of Schengen but as an EU citizen you can still go anywhere in Europe visa free, stay, work and enjoy all benefits as long as you want.
Well, the article says it's unknown why, but even speculating what nefarious things could you do with it? Cyprus is part of the EU.
This is the real problem. The EU shouldn't allow sale of citizenship in host countries, essentially paying a way to get into the EU. I highly doubt that would be possible to enforce though.
it is a hotly debated topic in the EU and seems to be up for removal in the current years, especially in the current political climate.
The Cyprus passport scheme has ended this month, only applications submitted before the end of October are considered. The same I believe applies to Malta which had a similar scheme.
This scheme does not work for US citizens. He would have to pay a significant exit tax to give up his US citizenship.
Simple, this was probably in motion during Trump era - and for whatever reason (ability to work overseas, live overseas in EU, own property etc) there was an advantage to having an EU passport. This gets him that.