Are there US citizens here who wouldn’t take dual EU citizenship if it was offered to them? Taxes and social stability aside, Europe is full of nice places to visit, do business, and live. The value of being able to do these things without restrictions seems self-evident. I don’t see why you’d presume a nefarious motivation.
As an US citizen you can already visit all these places without restrictions. Why would you need EU citizenship for that?
You can visit for a limited (aka “restricted”) period of time. You can’t live, work, or start a business without restrictions.
It's certainly not without restrictions. You can't stay for more than 90 days. You can't work there.
Won't he also have to renounce his US citizenship, since US collects taxes on world wide income?
Only if he wants to avoid paying taxes on money he makes moving forward.
Isn't that exactly what esarbe is trying to imply?
A backup plan in case the US becomes an unfriendly place for rich people?
He'll have to renounce his US citizenship, which means he would never again be able to set foot in the US (even for "connecting flights").
wait. if you renounce your citizenship you are denied entry? wouldn't he be able to just travel to the US under the same rules as any other Cypriot citizen?
None of what the parent said is correct. You would be treated like any other citizen of Cyprus if you revoked your US citizenship. Besides that, Schmidt is part of the Davos zillionaire elite, the US isn't going to deny him access.
I don't know why you got that idea from. Those who renounce their US citizen might have some bureaucratic hassles when they wish to revisit the US, depending on what other passport they hold, but ex-US citizens regularly travel back to the US for leisure or to see family.