How to Live the Caribbean Dream
The Government of Antigua and Barbuda outlines the latest guidelines, along with recent updates, to the nation’s dynamic Citizenship by Investment Programme.
Long a favourite vacation destination, and beloved port of call for luxury yachts, the idyllic Caribbean nation of Antigua and Barbuda has emerged as a stable investment jurisdiction. Its Citizenship by Investment Programme provides one of the most efficient routes anywhere to a second citizenship for wealthy individuals, ensuring both financial freedom and peace of mind at a time of increased global uncertainty. With initial responses legislatively mandated within 90 days and an average processing time of six months, the programme is built on the pillars of robust client assessment, transparency and responsiveness.
The country is a safe and secure base for families, a low- tax and business-friendly jurisdiction with no restrictions on dual citizenship and no tax on worldwide income. The application process is uncomplicated and the programme has in excess of 30 Licensed Agents who are certified to assist applicants in completing their submissions.
New developments
Following on two important international agreements, first with the United States of America Treasury Department in February 2023 and latterly among Organization of Eastern Caribbean States Citizenship by Investment Programme Prime Ministers themselves in March 2024, the Caribbean Citizenship by Investment Programmes have undergone significant changes in the last 12 months. The most noteworthy of these changes has been the increases in the minimum investment threshold which have come into effect in July and August of 2024.
For Antigua and Barbuda, the investment threshold increases were delayed on account of the requirement to pass legislation in its parliament, however the country has quickly aligned itself with its sister states in adherence to the Memoranda of Agreement signed by the Prime Ministers of Antigua and Barbuda, Dominica, Grenada and St. Kitts, in March and by St. Lucia’s Prime Minister in June.
Central to the changes agreed by the Prime Ministers are measures to strengthen the programmes domestically and regionally, as well as to reassure stakeholders that these investment initiatives do not threaten border security of concerned countries, neither do they facilitate money laundering or the financing of terrorist activities. To this end, all Prime Ministers agreed in March 2024 to boost collaboration in the areas of information sharing and transparency standards. They also agreed on the establishment of a regional authority to regulate the programmes, as well as joint training and capacity building, greater oversight and regulation of marketing and promotion agents/agencies.
Finally, there is to be increased focus on post approval monitoring and security screening and harmonisation of a minimum investment threshold.
While the matter of the proposed increase in the threshold was keenly watched by the market, the Antigua and Barbuda programme markedly enhanced the value to clients of its overall offering by modifying its definition of dependants, allowing for the designation of an alternate principal applicant and by implementing a reduction in its processing fees.
In respect of dependants, the country removed its requirement for children to demonstrate financial dependency on the principal applicant while at the same time allowing dependent children to add their spouses and children up to age 35. Further, processing fees were reduced from US$30,000 to US$10,000 for single applicants and US$20,000 for a family of up to four, with incremental payments of US$10,000 for each additional dependant in the application.
Antigua and Barbuda has always offered the best value for families and these enhancements have further solidified its positioning as the programme for families.
Donation and investment options
Each of the four investment options has been retained. The most subscribed to of these is one of two donation options – the National Development Fund. As a direct one-time payment, with no additional obligations entrenched, and due to its competitive pricing, this option appeals to a large number of the programme’s applicants. Subsequent to the price adjustments, qualifying applicants can make a contribution of US$230,000 under this option. The second donation option, the University of the West Indies (UWI) Fund, supports the Five Island Campus located in Antigua and Barbuda. The country secured the establishment of the prestigious university’s fourth landed campus in 2019. A donation of US$260,000 is required for this option which accommodates a family of six or more and is inclusive of processing fees.
Individuals seeking citizenship also have an opportunity to either invest in approved real estate or an approved business. Through the real estate option, the property must be purchased for a minimum of US$300,000 and ownership is to be held for a minimum of five years after approval of the citizenship application. Savvy investors, seeking to establish new businesses in Antigua and Barbuda or to partner with local enterprises with high growth potential may do so under the business option which requires a minimum investment of US$1.5m by a single individual. For those who wish to take on larger projects, two or more individuals may make a minimum investment of US$5m in an approved business, with each making an contribution of no less than US$400,000.
Further information – https://cip.gov.ag/