What we’re tracking:

• The OG digital nomad visa? Meet the Bitcoin entrepreneur setting up shop in Cyprus thanks to a long-standing, little-known program.

• Dual citizens can’t leave Ukraine. A loophole to avoid conscription is now closed.

• Indonesia woos the diaspora. Worried about brain drain, officials say it may be time to let Indonesians abroad keep their second passports.

An entrepreneur trades the Geneva grind for Cyprus sunshine

When JJ left his stable consulting position in 2020, he knew it was time to escape from Geneva, recently ranked the third most expensive city in the world.

“You need to earn so much money there just to maintain a basic level of life that it’s not feasible,” UK-born JJ told PolyPassport.

He was ready to dive into a new career as a startup founder, a high-risk, high-reward path that doesn’t always provide a consistent revenue stream—and hardly ideal for a Swiss city where cappuccinos could set you back $7.

He and his Australian wife, Rita, began exploring their options. Their new home would need a lower cost of living, a warmer climate, a business-friendly environment, and a relaxed lifestyle.

It didn’t take long before the couple stumbled upon a blog post extolling the virtues of life and business in the sun-soaked island nation of Cyprus.

Cyprus ticked all the boxes. It was an EU member state with a slower-paced lifestyle, significantly more affordable than Switzerland, and far sunnier than the UK. Best of all, the country welcomes non-EU citizens through a program that predates digital nomad visas and remains relatively unknown.

Cyprus offers what’s called the “pink slip,” a temporary residence permit for foreigners who earn income overseas. It is valid for one to two years and can be extended up to four years as long as you are not outside the country for more than three months consecutively.

You can bring your spouse and children under the program, though the annual income requirement increases to about €33,000 for a family of three, up from €25,000 for a single person. That sum will need to sit in a Cyprus-based bank, which can be transferred before applying.

The pink slip, combined with Cyprus' generous non-domiciled tax regime, offers attractive tax efficiencies. Capital gains and dividends are tax-exempt, foreign pensions are levied at a flat rate of 5%, corporate income tax usually doesn’t exceed 12.5%, and inheritance tax does not exist.

Plus, tax residency is established in Cyprus after just a 60-day stay, assuming you do not spend more than 183 days in another country.

Applying for a pink slip comes with its challenges, however. JJ spoke candidly about the bureaucratic hurdles he faced, which he only overcame with the help of local legal counsel and other advisors. “Make sure you set aside money to pay those people," he told PolyPassport.

Despite the challenges, the process is worthwhile, especially for those looking to naturalize. Unlike many competing programs in the EU, the pink slip can be a gateway to citizenship.

Due to recent legislative changes, foreign-born residents of Cyprus can apply to become Cypriot citizens after just four years, assuming they can demonstrate a basic command of Greek, equivalent to A2. This period shortens to three years with B2-level proficiency.

In theory, once you establish residency through the pink slip, you could set up a Cyprus-registered company, and after a year, switch to an employment visa tied to your own company. After that, you’re on your way to a new passport.

So far, JJ and Rita have no plans to leave Cyprus. They have found a community of entrepreneurs and other expats through local meetups and networking events, which helped them build connections in their new home.

"We dropped into this instant community," JJ said.

For the young Bitcoin entrepreneur, Cyprus has provided a welcoming environment and new opportunities that show no signs of slowing down.

Ukraine is not letting some dual citizens leave the country

Men aged 18 to 60 with dual citizenship are now barred from leaving Ukraine. Effective June 1, the new policy targets men of conscription age who could participate in the country’s war effort.

Previously, dual citizens could leave if they proved permanent residency abroad. The U.S. Embassy has advised dual citizens in Ukraine to "shelter in place and obey local orders," and warned those outside the country to stay away if they don't want to be stuck indefinitely.

Ukraine requires passport holders to renounce other nationalities, though this rule has been loosely enforced.

Speaking to POLITICO, Andriy Demchenko, a spokesperson for Ukraine's State Border Guard Service, confirmed that dual citizens are treated as Ukrainians required to defend the country.

Indonesia’s solution to brain drain? Citizenship for the diaspora.

Indonesia is considering permitting dual citizenship for people of Indonesian descent to attract more skilled workers. Currently, Indonesian law requires individuals with two passports to choose one and renounce the other at age 18.

In April, Luhut Pandjaitan, the coordinating minister for maritime affairs and investment, revealed the plan without providing specifics.

Data shows nearly 4,000 Indonesians became Singaporean citizens between 2019 and 2022. The immigration agency has not yet commented on the dual citizenship plans. This issue sparked controversy in 2016 when President Joko Widodo removed Arcandra Tahar as energy minister after it was revealed he held both U.S. and Indonesian passports.

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