Tiny island in Pacific Ocean selling passports to | Money News

In an effort to support storm-stricken residents, the tiny Pacific island of Nauru has come up with an unconvential fundraising scheme — selling passports for $103,000.

With a population of 12,500 needing relocation to safer ground, the unique solution proposed by the government involves selling citizenships to affluent individuals keen on investment immigration, bypassing the need for them to reside on the island.

President David Adeang has made it clear that the initiative is vital not just for adaptation, but also for the secure and prosperous future of Nauru’s people, reports Daily Express UK. 

President Adeang said: “For Nauru it is not just about adapting to climate change, but about securing a sustainable and prosperous future for generations to come.”

He added, “This is about more than survival. It is about ensuring future generations have a safe, resilient and sustainable home. We are ready for the journey ahead.”

The island, a mere eight square miles in size and with its peak at just 213 feet above sea level, is plagued by the destructive impacts of phosphate mining and increasing threats from storm surges and climate-induced flooding.

By selling citizenships, the government anticipates funding the relocation of 90% of the island’s inhabitants. Those who invest $103,000 will gain visa-free access to 89 nations, including the UK, Hong Kong, Singapore, and the UAE.

Edward Clark, the island’s top official for climate resilience, mentioned that the program is already underway and assured that “very robust checks” will be implemented to ensure only “high quality” candidates secure these prized passports.

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Once one of the world’s wealthiest places due to its phosphate deposits used in fertilizer, Nauru has seen its fortunes dwindle as these reserves depleted, leaving the land barren.

The remaining land of Nauru is now under threat from rising sea levels, which are increasing at a rate 1.5 times faster than the global average, coupled with increasingly severe weather events.

Additionally, Nauru currently serves as a holding place for asylum seekers who enter Australian waters on small boats, a service for which the Australian government compensates it $3.23 billion.