Antigua & Barbuda Citizenship by Investment Programme celebrates 10 years!

A decade’s triumph: The evolution of the Antigua & Barbuda Citizenship by Investment Programme.

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.

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 to become licensed agents for this programme. This, therefore, ensures a continual circulation of funds within the economy.

The CIP’s inception owes much to the foresight and dedication of the original task force comprised of patriotic Antiguan and Barbudan professionals, led by Fitzmaurice Christian, who studied the programme's viability and brought it to fruition. Their resounding vision was clear: this programme was an economic development initiative and not about selling passports. Undoubtedly, the economic impact of the CIP cannot be understated.

According to Prime Minister Browne, it has generated approximately US$37 million annually, contributed a total of US$370 million in direct cash contributions and an estimated US$740 million in overall economic impact. Consequentially, it accounts for up to 10-12 percent of the country’s total revenues and more than 60 percent of non-tax revenues, funding vital sectors such as healthcare, education and infrastructure. With a strategic long-term plan, its potential yields are envisioned for the coming decades. Notably, we have processed 4,200 citizenship applications over the past decade. Unlike some smaller OECS countries that have processed tens of thousands of applications and where the number of successful applicants has reached as high as 50 to 80 percent of their populations, in Antigua, a conscientious decision was taken as a nation to manage the potential demographic impact. Our programme boasts one of the most stringent regulatory frameworks, which minimises the possibility of nefarious actors slipping through. As a complement to the robust due diligence, the restricted countries policy is a unique feature of our programme and acts as a first-level filter for sanctioned persons and entities and other bad actors.

These past ten years mark only the beginning of our journey toward continued growth, innovation, and economic impact.

Escalating scrutiny from first-world countries concerning the access that new citizens have to countries in the EU and UK behoves us to remain focused on our gatekeeping duties, as the safety of our collective borders remains top on our minds. Our unique five-day residency requirement was once viewed as a disadvantage and an inconvenience but is currently being recognised as an asset as it is the foundation of a genuine connection between the new citizen and his/her new country of citizenship. Unlike other Caribbean programmes without such a prerequisite, a residency requirement demonstrates to the international community our commitment to integrity. When new citizens come to our shores, it helps to foster important connective experiences with our people and culture and can unlock economic opportunities beyond their initial visit spending. We also know they tend to fall in love with the twin-island nation’s beauty and return for annual vacations and investment opportunities. Even citizens who had selected the National Development Fund as their qualifying investment option have chosen to make further investments in real estate or other ventures after experiencing the country’s endless possibilities.

While it is the CIU that establishes regulations and policies, it’s the international market agents/authorised representatives who determine how the programme gets packaged and promoted. As another component of our comprehensive due diligence framework, we will continue the work on enhancing our partnerships with each authorised representative to ensure that the marketing of the programme is in line with standards. Going forward, the Unit will focus on enhancing these facets, particularly with the appointment of Jeffrey Hadeed as Chairman of the Board.

As we commemorate a decade of the CIP, we stand at the threshold of a promising future. These past ten years mark only the beginning of our journey toward continued growth, innovation, and economic impact. With unwavering commitment and a customer-focused and transformative approach, we stride forward, poised to exceed the successes of the past and embrace a future filled with boundless opportunities for Antigua & Barbuda.

Milestones:

April 2013: Legislation established

August 2013: The CIU office opens

October 2013: Citizenship by Investment Programme launches

November 2013: First application

January 2014: Mr George Georges becomes first new citizen

2017: Investment threshold changes

2018: The University of the West Indies option introduced

2020: Broader definition of dependents introduced, and virtual oath option available

Article written by Charmaine Quinland-Donovan, CEO of the Antigua & Barbuda Citizenship by Investment Programme Unit.