The Citizenship by Investment Unit (CIU) of Antigua and Barbuda issued a memo on June 26, 2024, proposing a new price threshold and additional 30 days before implementing changes to its programme.
The memo, signed and issued by the CIU’s Chief Executive, Charmaine Quinland-Donovan, outlines the new proposed investment thresholds and timelines for file submission.
According to the Memorandum of Agreement (MoA) signed by all five Caribbean nations earlier this year, the respective CBI programmes would implement a minimum investment threshold of $200,000 by June 30, 2024.
Antigua & Barbuda has now requested additional 30 days until implementation of the new price model.
Amendments to MoA
Subject to parliamentary approval, the proposed amendments to the investment thresholds are as follows:
1. Contribution to the National Development Fund (NDF):
- For a family of 1 to 4, the minimum threshold will be US$230,000
- For a family size of 5 or more, the minimum threshold will be US$245,000
2. Contribution to the University of the West Indies (UWI) Fund– The minimum threshold will be US$300,000
3. Real Estate – the minimum threshold will be US$325,000
4. The business investment thresholds remain unchanged
“We appreciate this initiative taken by the government of Antigua & Barbuda and would urge investors to act swiftly and lock in their applications at the current price”, said Jeremy Savory, founder and CEO of Savory & Partners.
The memo provides guidance on application submission, and timeline which stipulates that physical documents and submission fees are required to be submitted to the Unit within 21 days of the electronic upload.
Historic agreement
The MoA signed by Antigua, Dominica, Grenada, St. Lucia, and St. Kitts this May marks a significant step towards enhancing cooperation and integration among their Citizenship by Investment (CBI) programmes. Effective from June 30, the MoA establishes a minimum investment threshold of $200,000. However, Antigua & Barbuda has extended its application deadline under the previous investment threshold until the end of July, providing a temporary opportunity for prospective applicants.
Key provisions of the MoA include:
1. Harmonised Pricing and Investment Thresholds: The MoA aims to standardize pricing and investment thresholds across the signatory nations to prevent price competition that has previously been a concern.
2. Information Sharing and Transparency Standards: Signatory countries have committed to sharing applicant information in accordance with six principles of citizenship by investment agreed upon with the US Treasury.
3. Establishment of a Regional Competent Authority: Antigua, Dominica, Grenada, and St. Kitts will collaborate to establish a joint regional competent authority. This initiative aims to strengthen regulatory oversight and ensure compliance with international standards and best practices.
4. Enhanced Screening and Agent Regulation: The MoA underscores the signatory nations’ dedication to improving protocols for screening CBI applicants and recovering canceled passports.
Additionally, common standards for agent regulation and marketing practices are set to be established.
The MoA’s signing represents a pivotal moment in Caribbean regional cooperation, aiming to streamline and enhance the integrity of their respective CBI programmes.
