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From the IRB regulations...
8.7 A Player who is a national of the country or Union for which he has been captured under Regulation 8.2 and who holds the nationality of another country or Union, may apply to participate in an Olympic Event to represent his new country or Union subject to the following conditions;
8.7.1 The Regulations Committee shall consider the application of a Player under this Regulation 8.7 which must be submitted with all relevant supporting documentation by the Union for whom the Player wishes to next represent in an Olympic Event (or a Union associated with the Olympic Sevens Team the Player wishes to represent). The application
shall be pre-notified to the Player’s Union (namely the Union whose National Representative Team the Player represented);
8.7.2 The Player will be required to observe and demonstrate a stand down period of at least 3 years since the time the Player last represented their former Union and the time the Player first plays for the second Union or country, which must be in an Olympic Event. The Player may not represent the second Union in any other form of the Game until after they
have participated in such Olympic Event.
(a) Solely in respect of the Rio Olympic Games 2016, a stand down period of at least 18 months will be permitted, between the time the Player last represented their former Union and the time the Player first plays for the second Union or country, which must be in an Olympic Event in the Rio Olympic Games cycle, which the Player must observe and demonstrate.
So basically a Test player that holds a second passport can switch eligibilities to play in the Olympics, and thereafter play Tests for the new country. There might be some ex-ABs the islanders might have a look at, but I wonder if folk might be a little too focused of places of birth. Has anyone looked at what passports the players might be eligible for by marriage?