Following the financial success that Vanuatu’s CBI programme has brought the island nation, could its South Pacific sister, the Solomon Islands, be on the verge of launching its own programme?
Following in the footsteps of its South Pacific sister Vanuatu, which was the first South Pacific island to launch a citizenship by investment programme, the Solomon Islands is now considering unveiling their own programme in order to add a further revenue stream.
Just as the pandemic was hitting the western world, back in March, ABC Radio Australia reported that the government of the Solomon Islands in the South Pacific, was considering plans for a new citizenship by investment programme.
In a speech to Parliament, the Governor-General David Vunagi stated that the government was undertaking due diligence on “an innovative investment program that has the potential to bring in huge new investments to the country”.
Outlining the new potential revenue source for the country, he added: “This is the citizenship by investment program, where high net worth individuals go through a very stringent process to be considered for citizenship by investment. Many small countries [that] have implemented this program have generated [in] excess of US$100 million.
A paper is expected to be tabled in cabinet to consider this new opportunity.
To find out more about Vanuatu’s citizenship by investment programme, read the country profile by clicking here