ST JOHN’S, Antigua – The government of Antigua and Barbuda has announced plans to introduce a new minimum threshold for its Citizenship by Investment Programme (CIP) in response to pressure from the European Union (EU).
According to a press release from the Citizenship by Investment Unit (CIU) to its agents worldwide, by July 31, the new baseline fee of US$200,000 will increase contributions to the country’s National Development Fund (NDF), which is currently priced at US$100,000 – $125,000, and the University of the West Indies (UWI) Fund, which is now priced at US$150,000. This move aims to end the practice of underselling.
The changes follow a Memorandum of Agreement (MOA) executed between five heads of governments of the Organisation of Eastern Caribbean States (OECS) that operate CIPs, including Antigua and Barbuda.
In a June 26 communiqué, Charmaine Donovan, the CIU’s Chief Executive Officer, disclosed that the new prices will be implemented by July 30.
This date is a month later than the expected implementation date for Antigua and Barbuda, as the changes require parliamentary approval. The decision, which was unanimous, was initially expected to take effect by June 30.
Subject to parliamentary approval, the proposed amendments to the investment thresholds are – for the NDC,
a family of one to four, the minimum investment threshold will be US$230,000; while for a family of five or more, the minimum threshold will be US$245,000.
For the UWI fund, the minimum threshold will be US$300,000; for real estate – the minimum threshold will be US$325,000; investment in business thresholds remain as is — US$1.5 million for sole applicants and US$400,000 from a total of US$5 million in a joint venture
However, processing fees remain unchanged at US$30,000 for a single applicant up to a family of four, except for the UWI for which the processing fees are included in the investment amount. For a family of five or more, processing fees have been reduced to US$10,000 for each additional dependent.
Following meeting of the signatories to the Agreement – Antigua and Barbuda, Dominica, St Kitts and Nevis, and Grenada – was held on June 19, the other islands have already implemented the changes since all that was needed was cabinet approval and gazetting.
The four islands also committed to sharing data between CIPs and enhancing programme transparency.
They will share information on applicants with each other by establishing a digital portal with the Joint Regional Communications Centre (JRCC) in Barbados.
In addition, they will set common standards for agent regulation and CIP marketing, which will prohibit the use of passport photos and visa-free access in advertisements, among other things.
A regional authority will be established to set standards in compliance with international requirements and best practices.
The four Eastern Caribbean countries will also strengthen post-approval screening of CIP citizens and the retrieval of cancelled passports.
For St Kitts and Nevis, the best-performing CIP country, this means a decrease in its Sustainable Island State Contributions (SISC) option. However, the change allows it to align with its Caribbean competitors.
These changes are meant to align with European Union (EU) demands to raise the minimum investment threshold. The EU has been pressuring Caribbean states to eliminate or alter their citizenship programmes. The EU has, in the past, threatened to remove visa-free travel to Europe’s Schengen Area from countries that currently have CIPs.
While Antigua and Barbuda continues to boast of having the most robust due diligence process before citizenship can be granted, there have been instances where naturalised citizens have been flagged by Interpol or arrested for involvement in multi-million-dollar schemes.
