Page 34 - IB December 2024

Opinion
NAURU’S NEW CITIZENSHIP PROGRAM IS

LEADING THE WORLD

By Edward Clark and receive their certificate of citizenship and Nauruan
passport.
Generating revenue has always been a challenge for Pacific We work closely with all stakeholders, including
Island nations, but the amount of funding required has international law enforcement agencies, to ensure that the
dramatically increased with the need for large-scale climate highest levels of international best practices are applied in
resilience solutions, including expensive infrastructure. the review of each citizenship application.
Traditional funding mechanisms have proven insufficient, This is a fundamental pillar of our program and a safeguard
and debt financing places an undue burden on future for Nauru’s reputation and security.
generations. Nauru is acutely aware of the challenges faced by previous
This is why Nauru has recently launched an innovative and and some current citizenship programs and has learned from
ambitious program that will fund critical projects and protect these experiences. The robust measures that have been
the nation – the Nauru Economic and Climate Resilience implemented ensure the utmost integrity of the program.
Citizenship Program. At the outset, the Government of Nauru engaged Henley
Some may consider citizenship by investment (CBI) & Partners—the global leader in residence and citizenship by
controversial, but if done for the right reasons and managed investment—to design, set up, and run the program.
with the highest quality controls, it can be beneficial for both The Nauru Program Office is based in New Zealand and
the host country by spurring economic growth and to wealthy run independently of Henley & Partners, and the Nauru
individuals who gain greater mobility, security and business Government.
opportunities. Nauru as a nation has also made enormous progress over
Recently an opinion article appeared in this publication the past decade in the area of financial accountability and
titled “Passports for sale: Lessons for Nauru and Solomon governance. President Adeang, while speaking recently
Islands from Vanuatu’s EU rebuke”. about the citizenship program said, “Our alignment with IMF
It pointed out that the European Parliament recently guidance ensures sound financial management and long-term
revoked Vanuatu’s visa-free access to the bloc’s Schengen economic stability, while collaboration with the World Bank
area. It noted that “Vanuatu’s experience with CBI and and OECD provides the expertise and oversight needed to
the reputational damage caused is still to fully play out”, make this initiative a success.”
but wrongly concluded that, “The lessons learned so far He went on to say, “These partnerships reflect our
don’t seem to have resonated strongly enough yet with the commitment to good governance and transparency,
government…of Nauru….” strengthening investor confidence and ensuring that every
While it is not my place to comment on programs operated dollar is used effectively.”
by other countries, let me clearly state that the Nauru Investment migration, done right, can significantly help
program is nothing like that in Vanuatu. address climate change and economic vulnerabilities. This
The Nauru program has been developed for the right program allows conscientious investors to not only acquire an
reasons. 90% of Nauru’s population lives on the lower coastal additional citizenship, but to actively assist the future of our
ground, and to quote Nauru’s President, the Hon. David planet by contributing to climate adaptation and sustainable
Adeang, “We will not wait for the waves to wash away our development projects in the South Pacific.
homes and infrastructure. The sea is encroaching, and while These projects include areas of energy, water, and
the world debates climate action, we must take proactive the groundbreaking ‘Higher Ground Initiative’, which
steps to secure our nation’s future.” involves migrating vulnerable Nauruan homes and critical
The Nauru Economic and Climate Resilience Citizenship infrastructure to higher elevation, significantly expanding
Program represents a paradigm shift in how climate resilience local food production and restoring degraded natural habitats
and sustainable development can be approached, and it while pioneering a new Pacific Island urbanism.
should not be conflated with that of Vanuatu or any other Importantly for the region’s reputation, underpinning the
program across the world. Nauru Economic and Climate Resilience Citizenship Program
Yes, it offers investors citizenship in a peaceful island are the highest standards of compliance and expertise,
nation, strategically located at the heart of the Pacific, and integrity and a trailblazing approach that will showcase the
a Nauruan passport that provides visa-free or visa-on-arrival Pacific to the world.
access to 89 countries, including key destinations such as
Hong Kong, the United Arab Emirates, Singapore, the United Edward Clark is the CEO of the Nauru Economic and
Kingdom, and Ireland. Climate Resilience Citizenship Program. He has extensive
But only individuals of the highest calibre who can experience in the banking and financial services sector,
participate in shaping Nauru’s future will be accepted. specialising in risk, financial crime compliance, regulatory
Applicants undergo the strictest and most thorough due compliance, and governance along with expertise in anti-
diligence procedures. Upon approval, applicants make the money laundering, fraud and tax evasion.
required contribution, take the Oath of Allegiance to Nauru,

34 Islands Business, December 2024