A European passport would normally mean a passport of an EU national. This document gives the right to live, work and study in any country of the European Economic Area (EEA) and Switzerland.
European citizenship is also handy for travelling, as many countries worldwide are happy to welcome European nationals without a visa. A European passport is an excellent solution to start or expand business in Europe or/and establish business contacts around the world.
There are many ways to get an EU passport, but the most efficient one is through one of the special European residence by investment programs whereby you obtain a residence permit and then apply for permanent residency and European citizenship.
If you do not want to live 5 to 12 years in a country to get naturalised, citizenship by investment programs offered by some European jurisdictions are your fast-track answer.