After announcing the plan in 2020, the Solomon Islands government has already completed the first draft of its Citizenship by Investment Bill, a significant advancement.
This development was revealed in Parliament by Prime Minister Jeremiah Manele, who emphasized its significance to the administration’s 100-day plan. The bill will soon be presented to the Cabinet for consideration after undergoing peer review in the Attorney General’s offices.
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The Government for National Unity and Transformation (GNUT) has undertaken “one of the transformative policies,” and Manele emphasized the importance of the bill, noting that work is currently being done to provide “the appropriate regulatory framework” for its implementation.
Ordinary passports for the Solomon Islands will be issued to qualified international investors and their families under the proposed program, provided they fulfill “strict due diligence requirements.” These requirements are intended to guarantee program accountability and transparency.
Travel to 134 nations, including the UK and the Schengen region, is permitted without a visa with a passport from the Solomon Islands, which is rated 37th in the world.
Manele highlighted the project’s possible financial advantages, stating that it will draw in outside capital to augment the government’s present sources of income.
Nonetheless, the prime minister acknowledged the inherent risks connected to these kinds of projects. The initiative “brings the anticipated economic benefits to the country without undermining the credibility and standing of the country’s ordinary passport,” according to the administration, which is undertaking a thorough investigation to prevent potential dangers.
Before completing the bill for parliamentary introduction, the government intends to confer with Solomon Islanders to guarantee legal compliance and public participation. Before it reaches Parliament, Manele thinks that this consultation will enable the public to “contribute to its development.”
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