Nauru is implementing a citizenship by investment scheme to raise funds for relocation due to climate change vulnerabilities. The program aims for initial applications and long-term financial goals to support governmental revenues and resettlement efforts. Past citizenship sales have raised concerns, prompting strict vetting measures this time.
Nauru, a small island nation in the South Pacific, is facing severe climate change challenges and is considering a unique way to cope by selling citizenship. This approach stems from rising sea levels and extreme weather conditions, which threaten the future habitability of the island for its 12,000 inhabitants. The government estimates relocating the population could cost up to €60 million, highlighting the urgency of action.
To fund these efforts, Nauru has launched a citizenship by investment program, allowing wealthy individuals to acquire citizenship for a $105,000 investment. Launched at COP29 last year, this initiative is attracting interest, with plans to secure 66 successful applications in the current year and a long-term target of 500. The expected revenue could significantly contribute to government funds and relocation projects.
Citizenship by investment schemes, often dubbed ‘golden passports’, provide residency or citizenship in exchange for sizable investments. Such programs are common in various countries, including affluent nations, although they have recently come under scrutiny due to concerns about security, money laundering, and transparency. Consequently, many European nations are phasing out these initiatives.
Once rich due to phosphate mining, Nauru now struggles with land uninhabitable due to exhaustion of resources. Given that rising sea levels could inundate coastal zones, the future for its densely populated communities is at risk. Notably, Nauru’s President emphasized the need for sustainable solutions to ensure the island remains livable for future generations.
Previous attempts by Nauru to sell citizenship ended poorly when it was revealed that Al-Qaeda members were granted citizenship. Currently, the government promises stricter vetting processes to prevent such occurrences, although skepticism remains. Despite the challenges, officials believe that developing countries like Nauru can leverage climate innovation to their advantage in the fight against climate change.
Nauru is seeking to combat the effects of climate change through a novel citizenship by investment program. While this initiative is designed to raise funds for critical relocation efforts, it carries inherent risks and invokes memories of past failures. Success hinges on effective vetting processes and public trust as Nauru confronts its existential climate challenges.
Original Source: www.euronews.com
