M.C.I.L. and the Citizenship Investment Act
(M.P.M.C. Press Secretary) - The Citizenship Investment Act 2016 has attracted a lot of interest and government officials are now engaging with potential investors.
The Act is an initiative by government to attract new businesses to stimulate the economy and create new employment opportunities.
And there has been a lot of interest, reiterates the Chief Executive with the Ministry of Commerce, Industry and Labour, (MCIL) Pulotu Lyndon Chu Ling.
As the implementing agency of the Act, MCIL have been promoting the new law designed to attract foreigners to receive a Samoan citizenship. However in return they must start a business operation in Samoa that will create new jobs.
“The response from many of the interested parties appears positive and many have communicated back to us after initial contact,” says Pulotu. And he suspects that perhaps the main reason for investors not coming forward immediately could be that they were under the assumption once they pay up the initial $4 million tala upfront payment for a Samoan citizenship, there deal is sealed.
“There are a few mandatory requirements which include a medical and police report as well a proven business record.etc.
“In drafting the Act, due diligence was exhausted which include public hearings to garner the views of the people and stakeholders,” added Pulotu.
“And part of the Act was designed based on public reservations and even grave concerns voiced in parliament by the lawmakers that putting a price tag on Samoan citizenship would open the gateway for foreigners to take over the country.
“But not according to the Act.”