The Pacific country of Solomon Islands, is considering a new citizenship by investment scheme, similar to that of neighbor Vanuatu, ABC Radio Australia reported today.
This is the second citizenship by investment program set to launch in the Pacific, after Vanuatu achieved great prosperity from citizenship revenues operating since 2015. So far Vanuatu has amassed over $200 million dollars selling more than 4000 passports from the two DSP/VCP schemes.
The Cabinet of Solomon Islands will consider its own citizenship by investment scheme aimed at attracting millions of dollars in revenues.
Governor general David Vunagi delivered a speech to mark the opening of parliament. He announced “The Government is undertaking due diligence and innovative investment program, that has potential to bring huge new revenue to our economy. This the new citizenship by investment program, where HNW individuals go through a very stringent process for citizenship by investment.”
“Many small countries have implemented this program have generated excess of $100 million US dollars”, stated Vunagi.
Solomon islands legalised dual citizenship last year, making the way as the first step to launch a CBI schemes, by passing Dual citizenship Amendment bill 2018. The Bill said “the policy to allow citizenship of more than a country, is an exponentially growing trend of the 21st century”
In 2018, IMF published a report on Vanuatu, saying 5.7 billion Vatu ($45m) revenues from the economic citizenship programs (ECPs) was used for Ambae disaster relief, and the mandated restoration of public benefit cuts and early debt repayments (about 3.2 percent of GDP).
The Cabinet likely to table this bill in the parliament later this month to consider this new citizenship scheme.
This announcement came with much of the world occupied with coronavirus. Vanuatu elections are being held currently and it is likely the entire Vanuatu citizenship investment program will undergo a complete reform or may be scrapped, depending on the outcome of elections and change in political climate.
Solomon islands passport is a very good passport, infact a much better passport compared to Vanuatu or any other caribbean countries, because it has a visa waiver agreements with Canada, United Kingdom, EU schengen area, Israel and to 129 countries and territories,
Solomon Islands is a sovereign state consisting of six major islands and over 900 smaller islands in Oceania lying to the east of Papua New Guinea and northwest of Vanuatu. The country has a population of 650,000 and GDP of $1.2 billion (2019). The country achieved independence from United Kingdom in 1978.
Solomon islands economy depends mostly on tourism. Solomon Islands has direct flight connections, with Solomon Airlines connects Honiara to Nadi in Fiji, Port Vila in Vanuatu and Brisbane in Australia. Virgin Australia connects Honiara to Brisbane twice a week.
