The Palau digital residency earned a revenue of $1.03 million in the last 12 months, according to the Ministry of Finance ( MOF).
MOF Minister Kaleb Udui, in a letter to leaders of Olbiil Era Kelulau, said that the earnings exceeded anticipated revenue.
“ I am pleased to report that the Digital Residency Office team remained focused on marketing the program, processing and improving cash flow and return on investment to produce the exceptional results we believe we have achieved over the past 12 months.
Minister Udui also said that as of mid-2023, the program has signed 8,200 digital residents and earned over 1 million USD last year.
He said he can attribute the success to the excellent performance of the Digital residency office staff and the consumers’ trust in the RNS technology.
Udui added that the office continued with the campaign and marketing of the program.
But while the program has its success, some challenges need to be addressed to further maximize the benefits of the program, Udui said,
He said that they aim to recruit more staff to sustain the program and handle the large number of applicants.
The DRO, he said, processes between 20 to 30 DRs a day.
The minister added that addressing misinformation about the program is also a challenge.