Why does Antigua and Barbuda need a Citizenship by Investment Programme? Antigua and Barbuda, as a middle income country, is no longer able to access development financing on favourable terms as in the past. However, as a consequence of systemic weaknesses in the domestic economy, exacerbated by the global economic and financial crisis, growth rates have fallen and economic activity requires a boost. As far back as 1997, the IMF in its Article 1V Consultations had indicated to the Government the need to formulate a public investment programme and mobilize resources for development. The Government has determined that the CIP can provide these critical resources. Who will manage the Citizenship by Investment Programme? The CIP will be independently managed by the Citizenship by Investment Unit (CIU). The decision to approve applications will rest with a designated core of professionals employed by the CIU. The CIU will report to the Prime Minister who will have the responsibility for the functioning and operation of the Unit as well as the Unit’s relationship with outside contractors and service providers. The CIU will also report twice annually to a Parliamentary Oversight Committee made up of representatives of both the Government and the Opposition. What are the features of the CIP? In order to qualify for Citizenship an applicant is offered one of four options: 1. Real Estate: Applicants for citizenship must acquire property valued at least US$400,000.00. 2. National Development Fund (NDF): Contributions to the National Development Fund (NDF) in the amount of US$200,000 minimum.
Contributions to this fund will be
governed by the provisions of section 42(2) of the Finance & Administration Act, 2006 which stipulates that there be established a special fund to be administered by a public officer. These funds will not be comingled with the consolidated funds and will only be utilized for public section projects and or innovation in private sector entrepreneurship. 3. Charitable Fund (CF) Contribution: Contribution to this Fund will be in the sum of US$200,000 to non-profit making organizations, as may be approved by the Minister, which deliver services in health care, education, sports, youth development or in environmental management. 4. Investment in a Business: (a) Investment in a business by a single investor in an amount of no less than US$1.5M