Transcript
Anton Bakov is a Russian businessman and the founder of Russia's Monarchist Party.
Mr Bakov wants to use three uninhabited islands in the Southern Line Islands of Kiribati, making one of the islands, Malden, his capital.
Mr Bakov's wife, Marina Bakova, who translated for her husband during our interview, spoke on his behalf.
"This is the desire of not only the heir of the Russian Throne, of Nicholas the third, but also a great number of Russian compatriots who are not happy with Putin's regime and would like to have their revival of Romanov Empire...as an alternative Russia, maybe, an alternative Russia."
Mr Bakov says he chose Kiribati because the area has Russian connections, due to Russian exploration in the 1800s.
He says it would also be suitable for the chain of resorts he plans to build.
"Actually we are collaborating with several poor countries and one of which is Kiribati. Kiribati has a wonderful climate, it's a very peaceful country and we are interested in it because it's very neutral and very peaceful."
When asked what benefit the project will have for the people of Kiribati, he says he would be investing $350 million US dollars and the resort complex would create jobs."
A former president of Kiribati, Teburoro Tito, the project must be considered very carefully but it is an attractive proposal for Kiribati.
"On one hand we can see the economic benefits that will be created in terms of turning Malden [island] into an eco-tourism island, something like the Maldives."
Mr Tito says that could be a big boost to the Kiribati tourism industry.
"Assuming the things they're saying are true, are correct, then I would like to see it happen. If they can do it, without any cost on us, except the land which can host them, then I don't see any fuss - at this stage."
However, a former Tongan politician and academic specialising in Pacific issues, Sitiveni Halapua, is more sceptical.
Dr Halapua questions what Mr Bakov's motives are and whether he is looking for a tax haven.
He thinks reviving the Russian empire in the Pacific is a very weird idea.
"It's scary when you have people like that with money travelling around the world trying to set themselves up with their own rules and regulations and stuff like that - and they can sell that to anybody else, the highest bidder, it's very strange but it's also scary."
Dr Halapua is urging the Kiribati Government not to rush its decision and to do its homework on Mr Bakov.
"I can understand the Government of Kiribati trying to do its best to raise as much resources as they can to deal with their own problems including climate change but one has to remember that sometimes you think 'this is the solution to your problems' and it turns out to make the problems worse."
Another academic, Pala Molisa of Victoria University, warns the Pacific is becoming the new hunting ground for predatory countries wanting to invest.
He says it's a fine balancing act for governments around the region trying to attract investors and ensure local sovereignty and good development.
He says consultation with local communities is key.
"If you look closely at a lot of these experiments too, they've often been ways of practicing a kind of cultural imperialism that actually runs roughshod off the voices and concerns of communities especially at the lower grassroots level."
A spokesperson for the Kiribati Government say its Foreign Investment Commission is still considering the proposal and it is not yet a done deal.
It's not the first time that Mr Bakov has attempted to revive the Romanov Empire - the Cook Islands News reported in 2011 that Mr Bakov announced he had bought Suwarrow Island and made it the new capital of his empire.
The Cook Islands Government promptly dismissed his claims as inaccurate and a con.
