1. What is the Antigua Citizenship-by-Investment program?
The Antigua Citizenship-by-Investment program (CIP) is a scheme offering eligible applicants full citizenship of Antigua & Barbuda in exchange for an investment in real estate on Antigua or a contribution to the nation's economy.
The CIP was officially launched by Prime Minister Baldwin Spencer in October 2013 and has already begun accepting applications. You can read Prime Minister Spencer's CIP launch speech here.
The announcement follows a lengthy public consultation process into the Antiguan citizenship program options, which we reported on last December and 2 years of exploring viable options by the Citizenship by Investment Task Force.
2. What are the requirements to qualify for the Antigua Citizenship-by-Investment program?
The Government has outlined 3 separate routes to qualify for the passport programme:
(i) A non-refundable contribution of $250,000 to the National Development Fund.
(ii) An investment of $400,000 in an approved real estate project.
(iii) An investment of $1,500,000 into an eligible business, either as sole investor or joint investor.
3. What fees are involved?
Government processing fees:
> $50,000 for the main applicant.
> $50,000 for any spouse, dependent child aged 18-25 or parent aged 65+.
> $25,000 for any dependent child aged under 18.
Due diligence fees:
> $7,500 for the main applicant.
> $7,500 for any spouse.
> $2,000 for any dependent child aged 12-17.
> $4,000 for any dependent child aged 18-25.
> $4,000 for any parent aged 65+.
4. What are the benefits of the Antigua Citizenship-by-Investment Program?
> Full citizenship of Antigua & Barbuda granted to the applicant and family (including voting rights).
> Passport offering access to 130+ countries without challenging visa requirements, including Europe and Canada.
> Rights and privileges of citizenship of a Commonwealth country.
> No capital gains tax.
> No inheritance tax.
5. Are there similar second passport schemes in the Caribbean?
The Antiguan program is modeled on one of the world's longest running passport schemes. The St Kitts & Nevis Citizenship-by-Investment Program also includes a minimum investment requirement of $400,000 in a designated real estate development or $250,000 contribution to the Sugar Industry Diversification Fund.
Other Caribbean islands are also considering launching similar second passport schemes. Grenada is looking at re-introducing a Citizenship-by-Investment Programme to boost its real estate market.
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Labels: Antigua Property, Antigua real estate, citizenship-by-investment, economic citizenship, second passport