Following an in depth public consultation process, the Parliament of Antigua & Barbuda passed legislation in the first quarter 2013 which established a Citizenship by Investment Program. The program was officially launched several months later. The launch establishes Antigua & Barbuda as one of a small group of North American and European nations which offers qualifying investors the opportunity to apply for permanent citizenship.
So, what are the advantages of Antiguan citizenship? First and foremost, the right to call our beautiful twin island nation home. Where else offers a different beach for every day of the year? No wonder Antigua & Barbuda has a long history of attracting some of the world’s most celebrated stars of the music and fashion worlds who have purchased homes here. However, as the tourism slogan goes, the beach is just the beginning…
Prime Minister Dr. Hon. Baldwin Spencer, Antigua & Barbuda
Antigua & Barbuda has one of the Caribbean’s most well established tourism industries, which has emerged as the backbone of the economy. The strength of the sector is a result of natural beauty combined with a location at the heart of the Caribbean and popular annual events such as Antigua Sailing Week, the longest running sailing regatta in the Caribbean and one of the world’s premier sailing events. As one of the Caribbean’s regional transport hubs, direct flights from Europe, the USA, Canada and the Caribbean transport visitors directly to these palm-fringed shores from cities around the world.
Besides a tourism sector built around being a sailing and beach lovers’ paradise, Antigua & Barbuda has a well-established international financial services sector and is home to international private banking specialists.
The country is a politically stable member state of the Commonwealth with the Governor General representing the Queen as Head of State. Antigua & Barbuda is also a member of the Caribbean Community, the Organization of Eastern Caribbean States and the Organization of American States. As such, citizens enjoy the benefits and privileges of all these organizations.
With strong international links, holders of an Antigua & Barbuda passport enjoy visa free travel to over 130 countries, including the UK, Canada, the Schengen area countries of the EU, Hong Kong and Singapore, offering many applicants significantly enhanced global mobility. Citizens also enjoy freedom from capital gains and inheritance taxes.
To qualify for citizenship, carefully vetted applicants must be over 18 years of age and make a significant investment in to the economy of Antigua & Barbuda through one of three options.
Antigua & Barbuda: New Citizenship by Investment Program Sets Sail
The first investment option involves a one-time non-refundable minimum contribution of $250,000 USD to the National Development Fund (NDF), a non-profit fund established to finance government sponsored projects such as public-private partnerships and audited by an internationally recognised accounting firm.
To qualify for citizenship under the second option, applicants are required to make a minimum investment of $400,000 USD in an approved real estate project. Real estate projects across Antigua & Barbuda have been designated as eligible for investment by program applicants.
The third and final option involves a minimum investment of $1,500,000 USD in to an eligible business, either as sole investor or joint investor. Existing or proposed businesses require approval from the Antigua & Barbuda Investment Authority (ABIA).
A process has also been established for family applications to enable the spouse, dependent children, parents or grandparents of the main applicant to apply jointly for citizenship.
From a home in one of the world’s most beautiful and politically stable locations to enhanced global mobility, the Antigua & Barbuda Citizenship by Investment Program therefore offers successful applicants a range of potential advantages whilst helping to bolster the economy of the nation – a win win situation. Time to set sail for Antigua & Barbuda.
This article was originally published in Issue 4 of The Caribbean Property Investor magazine. To read the full issue, click here.