T A decade’s triumph: The evolution of the Antigua & Barbuda Citizenship by Investment Programme By Charmaine Quinland-Donovan, CEO of the Antigua & Barbuda Citizenship by Investment Programme Unit
When the Citizenship by Investment Unit (CIU) officially launched in October 2013, most people had not cast their eyes this far. At best, a five-year lifespan was expected. But, in true Antiguan and Barbudan style, with resilience, ingenuity, strong leadership, commitment and hard work, we are celebrating our 10th anniversary.
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THE CITIZEN
The establishment of the CIU through parliamentary mandate was a groundbreaking initiative aimed at attracting foreign direct investment (FDI) to revitalise the economy after the 2008 mortgage crisis and subsequent global financial upheaval. Simultaneously, it served as a strategic avenue to bolster the country’s primary economic driver, tourism, by increasing room stock through the real estate and business investment options. This has led to the success stories of Nonsuch Bay, Verandah Resorts, Verandah Estates, Tamarind Hills, Awesome Developments (formerly Stanhope Shepherd), the construction of a number of luxury villas, and other ongoing developments. Additionally, beyond its tangible impact, the Citizenship by Investment Programme (CIP) serves as a catalyst for economic activity when successful applicants utilise tourism services such as transportation, accommodation and food during their five-day visit requirement. Moreover, this requirement adds a sense of belonging by nurturing a bond between our new citizens and their adopted country, transcending a mere transactional acquisition of a passport. Underpinning its efficacy in economic activity further, only the citizens of Antigua & Barbuda who are ordinarily residents in this country are eligible
