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Nauru's Citizenship By Investment Scheme Eyes AU$60 Million In First Year
Lydia Lewis, RNZ Pacific Presenter/Bulletin Editor
The head of Nauru's citizenship by investment scheme hopes the initiative will bring in tens of millions of dollars for the island this year.
Nauru Economic and Climate Resilience Citizenship Programme chief executive Edward Clark said the initiative - launched at COP29 in November 2024 - is now operational and has already "received our first couple of applications".
The scheme allows investors to secure Nauru citizenship for US$105,000 within four months of their application.
Clark said the programme was established as an innovative way to finance some of the island's climate infrastructure initiatives.
He said Nauru has "very aspirational targets" for the first year of the initiative.
"We would like to achieve 500 applicants coming through the program, which would generate over AU$60 million for the country," he said, adding that it "would make up roughly 20 percent of all government revenues."
Nauru, with an estimated population of 11,000, is the world's smallest independent republic and the third-smallest country.
He said there has been significant interest in the initiative internationally.
"While this program won't probably be able to fund everything that [the Nauru government] need, this is becoming a turning point for the country...to fund the infrastructure that they need for future economic growth."
Henley & Partners, the international investment migration advisory firm appointed to manage the programme, said last year that citizenship by investment "is a true win-win, long-term, sustainable solution for all stakeholders".
According to Clark, applicants are required to undergo an interview before his office makes its recommendation to the Nauru government on whether the applicants are fit to become citizens.
While one regional commentator has said that Nauru should proceed with caution, Clark said harnessing private finance is vital for Small Island Developing States.
"This is not really about selling citizenship for Nauru. It is about raising foreign direct investment for the country to help them with their infrastructure," he said.
"We would like to target impact investors or people that want to actually make an active contribution to the future of a country."
He said the programme will undertake "very robust checks" to make sure that Nauru is only bringing on board or recommending applicants that are of high quality.
"I see the role of our office as protecting the reputation of the country and the integrity of the Nauru passport."
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