The Solomon Islands citizenship by investment: what is it and is it worth a shot
The Pacific nation of the Solomon Islands is a neighbour to Vanuatu, where investors can obtain a second passport by investment starting from $130,000.
In early September 2024, the Solomon Islands announced their intention to establish their own citizenship by investment programme.
Chief Development Officer at Immigrant Invest
The Solomon Islands citizenship by investment: what is it and is it worth a shot
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The Solomon Islands are an archipelago in the Pacific Ocean, comprising over 900 islands. They are known for their natural diversity, including coral reefs, dense tropical forests, and volcanoes.
The government of the Solomon Islands has announced that the country will begin issuing passports to investors who contribute to the economy. However, the required investment amount and other conditions have yet to be disclosed.
Vanuatu, a neighbouring country to the Solomon Islands, already offers citizenship by investment. The process takes between 1 and 4 months, with the required investment starting at $130,000.
The new programme has the potential to attract investors who value freedom of movement. Citizens of the Solomon Islands have the right to travel visa-free to Schengen Area countries, the UK, and an additional 130 countries.
Currently, the Solomon Islands passport is obtained through naturalisation, which requires living on the islands for an average of 7 to 10 years.
The main drawback of the Solomon Islands passport is that applicants must renounce their original citizenship. Vanuatu does not impose such a requirement; investors are allowed to keep their original passport.
Investors have two options for obtaining a Vanuatu passport:
a non-refundable contribution starting from $130,000;
an investment in the CNO Future Fund, starting from $157,000.
On August 31th, 2024, new requirements for applicants came into effect: investors and their families are now required to submit biometric data for passport issuance.
Biometric data will be collected in five countries. Collection points will be set up in Vanuatu, as well as in Belgium, the UAE, Hong Kong, and New Caledonia.
Vanuatu has established a transition period until November 30th, 2024. The investor and their family will not need to travel to Vanuatu or any other country for biometric submission if the investor has applied to the Vanuatu FIU State Financial Intelligence Unit for an initial check and successfully passed the Vanuatu bank’s verification.
5 reasons to obtain a Vanuatu passport by investment
1. Possibility to recoup investment. It is unclear whether the Solomon Islands will offer a refundable option. However, in Vanuatu, investors can recoup their investment through the CNO Future Fund. The expected return is around 5% per year, and after 5 years, the investor can recover $50,000 of the invested amount.
2. Transparent and fast procedure. Obtaining Vanuatu citizenship by investment takes only 1 to 4 months, making it the fastest programme in the world. The investor is not required to take exams or attend interviews.
3. Investor safety. Applicants transfer the funds only after their application has been approved. The only upfront cost is the due diligence check by the Vanuatu Financial Department, which is $5,500 per application.
4. Second citizenship for the whole family. Alongside the investor, passports are granted to the spouse, children up to 25 years old, and parents over 50 years old.
5. Tax optimisation. In Vanuatu, it is possible to establish an international business company (IBC), which can benefit from tax advantages and instead of regular taxes, pay an annual fee of $300.
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