Inside Naoero’s $90,000 citizenship offer and extra fees
The Pacific nation of Nauru, now renamed Naoero, has launched a citizenship-by-investment program to fund climate adaptation projects. The program offers passports for $90,000 to help the country relocate infrastructure to higher ground due to rising sea levels.
Why it matters
It highlights the creative and often controversial financial strategies small island nations are using to combat the existential threat of climate change.
The world's third smallest country has been making many waves online for all the revamp it has been doing. The Pacific island nation of Nauru, which recently officially changed its name to the Republic of Naoero, has now extended a new citizenship offer in an effort to save its climate.Naoero has launched a citizenship-by-investment programme that allows foreigners to obtain a passport in exchange for a financial contribution, with proceeds aimed at funding climate adaptation projects to tackle the rising sea levels. The scheme, known as the "golden passport" programme, was introduced early last year as the country is seeking funding for a major relocation plan that involves moving 90% of families and infrastructure to higher ground.
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