On Wednesday August 2nd 2017 the Government Cabinet Office approved some important changes to the Antigua and Barbuda Citizenship by Investment Program (CIP). The program’s changes affect citizens of currently-restricted countries, as well as all processing fees for everyone who chooses to invest in both the sustainable aquaculture project or a real estate development project as their route to second citizenship.
The changes are effective as of August 1st 2017. All applications received by the Citizenship by Investment Unit, from August 1st will benefit from the changes unless processing is already complete.
Antigua and Barbuda Changes on Restricted Countries
Currently-restricted countries. Before August 1st, anyone who is a citizen of Afghanistan, Iraq, North Korea, Somalia, the Yemen, or Iran (including if they are currently resident in Iran) is excluded from the program. Now, however, they may apply for citizenship if they satisfy all current qualifications, and if they also satisfy the following 4 requirements:
- They migrated from those countries while they were still legally minors.
- They maintain permanent residence in any of the following countries: Australia, Canada, New Zealand, Saudi Arabia, The United Kingdom, The United States, or the United Arab Emirates.
- They have been permanent residents in one of those countries for not less than 10 years.
- They do not maintain any economic ties to the any of the restricted countries.
The Program's Goals
The program has two main goals:
- To add a minimum of 10% to the country’s GDP by increasing the country’s sustainable deep-sea fishing industry. (This estimate is shown in Aspen Assurance Company's overview of the aquaculture project.)
- To offer secure and profitable investment paths to citizenship, either via the Sustainable Aquaculture Project, or via luxury real estate developments.
The result is that Antigua and Barbuda’s economy benefits and high net worth individuals who are looking for second citizenship, can achieve it by investing safely and profitably in a partially government-vested fund or in successful luxury real estate developments. These developments are created and managed by internationally-respected developers. Approved investment options include the following three programs.
Coconut Beach Resort
The new Coconut Beach Club Resort is a five acre luxury development featuring a private beach, 68 hotel rooms, and up to 42 condominium units. Leisure World Properties (LWP) is the developer. LWP boasts international expertise coupled to a first class local track record. Citizen applicants invest a minimum of US $400,000. The annual ROI is 4%, and investors may sell after 5 years. Investors also enjoy one week a year’s free stay at the resort.
Tamarind Hills
Tamarind Hills is a prestigious resort community of apartments, townhomes, and villas in the southwest of Antigua. As well as an exclusive beachfront, half-acre villa sites sitting on the ridgeline may be purchased. The community offers sporting, dining, and shopping activities, as well as full butler and concierge services. The project is fully approved by the government for its Citizenship by Investment Program. Citizen applicants invest a minimum of US $400,000, and must hold the investment for a minimum of 5 years.
Final Note
The changes to the CIP broaden the opportunity of attaining second citizenship with all its tax, travel, and other benefits. The government intends to review these changes within the next six months. In or before February 2018, they may be changed again, confirmed or withdrawn. It will, therefore, pay everyone who is looking for a speedy route to second citizenship, coupled to a secure and refundable investment to contact us by clicking this link so we can arrange a free initial consultation, answer your immediate questions, and help you to begin the extremely valuable process of getting a second passport for you and your family.
