Background of the Citizenship by Investment Program

Antigua and Barbuda launched its Citizenship by Investment Program in 2013, making it one of the youngest CBI programs globally. It was created to stimulate economic growth, attract foreign direct investment, and support national development. The program is regulated by the Citizenship by Investment Unit (CIU), which ensures transparency, compliance, and diligence in processing applications. It’s structured to appeal to high-net-worth individuals (HNWIs) interested in the Caribbean’s tax-friendly environment, stable political climate, and tropical lifestyle.

Benefits of Antigua and Barbuda Citizenship by Investment

Obtaining Antigua and Barbuda citizenship through the CBI program offers a range of benefits, making it an attractive choice for many investors:

1. Visa-Free Travel: Antigua and Barbuda passport holders can access over 160 countries without needing a visa or with visa-on-arrival privileges. This includes major destinations like the Schengen Area, the United Kingdom, Hong Kong, and Singapore.
2. Dual Citizenship: Antigua and Barbuda allows dual citizenship, so investors can retain their original nationality. This feature is particularly appealing to individuals who do not wish to give up their current citizenship.
3. Tax Advantages: Antigua and Barbuda offers a favorable tax regime, with no personal income tax on global earnings, wealth, inheritance, or capital gains taxes. This makes it ideal for those seeking financial privacy and reduced tax liabilities.
4. Family Inclusion: The CIP allows applicants to include spouses, children, and dependent parents or grandparents in the application, extending citizenship benefits to the entire family.
5. Efficient Processing Time: The program is known for its efficient processing time, with approval generally granted within three to six months. This quick turnaround is appealing to individuals seeking a second passport without prolonged wait times.
6. Secure Investment Environment: Antigua and Barbuda is a member of the United Nations, the Caribbean Community (CARICOM), and the Commonwealth of Nations. Its stable political climate and strong economy offer a secure environment for foreign investment.

Citizenship by Investment Requirements

To qualify for Antigua and Barbuda’s CIP, applicants must meet several key requirements, including:

1. Age: The principal applicant must be at least 18 years old.
2. Clean Criminal Record: Applicants must undergo a thorough background check and present a clean criminal record.
3. Good Health: Applicants and their dependents should be in good health and may need to undergo a medical examination.
4. Due Diligence: Every applicant must pass the CIU’s stringent due diligence process, which involves thorough checks to ensure that applicants have a clean background and source of funds.
5. Investment: Applicants must meet one of the approved investment options as set out by the program.

Investment Options for Citizenship by Investment

The Antigua and Barbuda CIP offers four primary investment options, each designed to cater to different financial profiles and objectives:

1. National Development Fund (NDF) Contribution

The NDF is a non-profit fund established to support Antigua and Barbuda’s socio-economic projects. Applicants can make a one-time, non-refundable contribution to this fund. The minimum required contribution is:

• $100,000 for a single applicant or family of four.
• $125,000 for a family of five or more.

This is the most cost-effective option for those who prefer not to invest in real estate or business.

2. Real Estate Investment

Investors interested in real estate can acquire citizenship by purchasing government-approved property. The requirements for this option are as follows:

• Minimum investment of $200,000 in an approved real estate project.

The property must be held for a minimum of five years. This option provides investors with the potential for capital appreciation, rental income, and a tangible asset in a prime Caribbean location.

3. Business Investment

This option allows applicants to invest in an approved business within Antigua and Barbuda. The two options under this category include:

• Minimum of $1.5 million in an approved business as a sole investor.
• Joint investment of $5 million, with each investor contributing at least $400,000.

This option is ideal for individuals seeking to engage in the country’s business sector or diversify their investment portfolio with international business interests.

4. University of the West Indies Fund Contribution

This relatively new option requires a $150,000 contribution for families of six or more. In addition to securing citizenship, one member of the family is entitled to a one-year scholarship at the University of the West Indies campus. This option appeals to larger families looking to benefit from both citizenship and educational opportunities.

Application Process for Antigua and Barbuda Citizenship by Investment

The application process for Antigua and Barbuda’s CIP is relatively straightforward, with six main steps:

1. Consult a Licensed Agent: Antigua and Barbuda law requires applicants to work with a licensed CBI agent to submit their application. These agents are responsible for ensuring that applications meet all requirements and are submitted accurately.
2. Preparation of Documents: Applicants must gather and prepare a series of documents, including identity proof, police clearance, financial statements, medical certificates, and investment evidence. This stage requires accuracy, as any mistakes or missing documents can delay processing.
3. Submit Application: Once the necessary documents are ready, the licensed agent submits the application to the CIU. Applicants pay a due diligence fee at this stage.
4. Due Diligence Checks: The CIU conducts a thorough background check to verify the applicant’s character, financial background, and criminal record. This process can take several weeks to complete.
5. Approval and Investment: After successfully passing due diligence, applicants receive a “Letter of Approval in Principle” from the CIU. They then make their chosen investment (NDF contribution, real estate purchase, or business investment).
6. Passport Issuance: After confirmation of investment, the applicant receives a certificate of citizenship and can apply for an Antigua and Barbuda passport. The entire process typically takes three to six months.

Maintaining Citizenship

Antigua and Barbuda requires citizens to spend at least five days in the country within the first five years of obtaining citizenship. This residency requirement is minimal, and failure to meet it could result in the revocation of citizenship.

Costs and Fees

In addition to the investment amount, there are various fees associated with the Antigua and Barbuda CBI program:

• Due Diligence Fees: $7,500 for the main applicant, $4,000 for dependents over 12.
• Processing Fees: Approximately $30,000 for a family of four.
• Passport Fees: Around $300 per person.

Conclusion

Antigua and Barbuda’s Citizenship by Investment Program offers investors a unique opportunity to gain a second citizenship with extensive travel benefits, tax advantages, and investment opportunities in a stable, tropical nation. With multiple investment options, family inclusivity, and a relatively quick processing time, the Antigua and Barbuda CIP remains a top choice among the Caribbean CBI programs. While there are associated costs and residency requirements, the numerous benefits make this program a valuable consideration for high-net-worth individuals seeking to expand their global presence and secure a flexible, tax-friendly second citizenship.