Antigua And Barbuda CBI Update: Another Caribbean Price Increase

I’ve said it before, and I’ll say it again: walls are going up everywhere, which is why acting now to craft your Plan-B is so important. In the last few years, Caribbean countries with enticing citizenship by investment (CBI) programs have raised their investment thresholds so much that investors must hurry up before it’s too late. 

Imagine being a citizen of a country with no income, inheritance, or wealth taxes, where paradise-like beaches are the norm, the weather is warm and sunny, and you can easily fly to destinations like Canada, the U.S., and the United Kingdom. This is the offer of Antiguan citizenship, but as of August 1, 2024, that price is now higher. 

On June 30th, 2024, most Caribbean countries offering CBI programs signed a Memorandum of Agreement (MoA) to harmonize their CBI programs and establish a minimum investment threshold of $200,000 USD, as well as a more comprehensive due diligence process. However, Antigua and Barbuda requested a 30-day extension to fully implement their new prices and has now implemented these changes. 

Antigua and Barbuda’s Citizenship by Investment (CBI) program has also undergone several changes, from updating the definition of dependents to raising investment thresholds. This article will discuss all the updates the program has undergone, the new prices and related costs of Antigua and Barbuda's CBI, and the benefits of being a citizen of this beautiful country. 

Caribbean countries have raised citizenship by investment thresholds, with Antigua and Barbuda increasing prices as of August 1, 2024, following a regional agreement to standardize programs and enhance due diligence

A BACKDROP OF CARIBBEAN CBI PROGRAMS AND ANTIGUA AND BARBUDA’S CASE

Previously, investment thresholds were much lower, and regulations were less standardized, but after the European Union's pressure, Caribbean countries like Antigua and Barbuda updated their investment minimums. 

While the other countries had already implemented changes, Antigua and Barbuda was on a 30-day extension to finalize its CBI policies. In the ‘Memo To Stakeholders,’ Charmaine Donovan, the CEO of the Citizenship by Investment Unit (CIU), outlined the proposed prices. Shockingly, some of them were expected to be higher than they are now. For example, the real estate investment minimum would have been $325,000, but it turned out to be $300,000 USD. 

Still, these price increases do not make sense, as thorough due diligence processes are already in place. While the EU coerced Antigua and Barbuda to increase the prices, they are high and could harm the program's competitiveness.

NEW PRICE POINTS AND INVESTMENT THRESHOLDS

Now, you might wonder what the new prices are and what investment options are available. In this section, you can find all the updates:

REAL ESTATE INVESTMENT 

Antigua and Barbuda offers an attractive Citizenship by Investment (CBI) program, but there's been a recent change in the cost of real estate investment. Initially, you needed to invest at least $200,000 USD, and on June 26, a proposal was made to set the investment requirement at $325,000 USD. However, after parliamentary approval, the amount was reduced to $300,000 USD, effective August 1st.

UNIVERSITY OF WEST INDIES (UWI) FUND

Though it may not be as attractive as other investments, the University of West Indies option is the second cheapest way of obtaining citizenship in Antigua and Barbuda. The price used to be a meagre $150,000 USD, but now it’s $260,000 USD (including processing fees). 

NATIONAL DEVELOPMENT FUND  (NFD)

This option aims to contribute to government-approved projects and certain charitable causes, which makes many investors opt for other investments. However, it is the cheapest route to Antiguan citizenship, formerly priced at $100,000 USD for a single applicant or family of four and currently priced at $230,000 USD. 

INVESTMENT IN BUSINESS

This is the only route that remains unchanged, requiring a single individual to invest $1,500,000 USD or, in the case of 2 or more persons, a total of $5,000,000 USD, where every individual must contribute at least $400,000 USD.  

CHANGES IN FEES

The recent amendments to the Antigua and Barbuda Citizenship by Investment (CBI) program have also brought changes to the fee structure, impacting both initial applications and subsequent additions. Here’s a detailed breakdown of the updated fees:

INITIAL SUBMISSION FEES

• Single Applicant: The cost for a single applicant is now set at $10,000 USD.

• Family of up to Four Persons: The fee is $20,000 USD for families consisting of up to four individuals.

• Additional Family Members: For each additional family member beyond the first four, an extra fee of $10,000 USD is applicable.

DUE DILIGENCE FEES

• Single Applicant: A due diligence fee of $8,500 USD is required.

• Spouse: The fee for a spouse is $5,000 USD.

• Dependant Child (aged 0-11 years): There is no fee for this category.

• Dependant Child (aged 12-17 years): The due diligence fee is set at $2,000 USD.

• Dependant (aged 18 years and older): An adult dependant incurs a fee of $4,000 USD.

• Benefactor: The fee for a benefactor is $5,000 USD.

• Enhanced Due Diligence: In cases where a review is requested for a denied application, the fee is double the standard due diligence fee.

POST-APPROVAL ADDITIONS

• Dependant Child (aged 0-5 years): Adding a dependant child within this age range will incur a fee of $10,000 USD.

• Dependant Child (aged 6-17 years): For children aged between 6 and 17, the fee increases to $25,000 USD.

• Dependant (aged 18 years and older): Adult dependants are subject to a higher fee of $50,000 USD.

OTHER FEES

• Passport Issuance: $300 USD per person.

• Five-Year Renewal (persons aged 17 and under): $500 USD.

• Five-Year Renewal (persons aged 17 and over): $1,000 USD.

Related content: Rising Costs: Five Caribbean Citizenship Programs Align Investment Minimums

ADDITIONAL MODIFICATIONS AND BENEFITS

The recent amendments to the Antigua and Barbuda CBI program include several changes offering greater flexibility and benefits to applicants. The definition of a child has been expanded to include both biological and legally adopted children of the main applicant or their spouse. Additionally, the requirement for dependent children to prove financial dependence has been removed, simplifying the process. 

The rules now also allow for the inclusion of dependent children up to the age of 30. The expanded definition of dependents covers children up to 30 years old and includes the spouse of a dependent, provided the marriage occurred after the initial application was approved and the dependent is not older than 35 at the time of application. 

Furthermore, children born or legally adopted after the initial application approval are also considered dependents under the same age condition. These changes collectively ease the process of maintaining family unity under the program, accommodating a broader range of family circumstances.

Another addition to the program is the introduction of the option to designate an alternate main applicant. This provision allows the main applicant to appoint another family member listed on the original application as an alternate main applicant. This designation can be made at the time of application submission and is particularly useful in cases where the primary applicant becomes incapacitated, either physically or mentally. 

The alternate main applicant must be at least 18 years of age and can only act if the original main applicant cannot fulfill their responsibilities, adding a layer of security and continuity and ensuring that the application process can proceed smoothly even in unforeseen circumstances.

The Antigua and Barbuda passport offers visa-free travel to many countries, favourable tax conditions, and a high quality of life with English as the official language and 365 beaches to enjoy

BENEFITS OF ANTIGUA AND BARBUDA’S PASSPORT

The investment minimums have indeed increased dramatically in a matter of years, but being able to add more dependents and assign an alternate main applicant are interesting perks, especially for families. However, there are more benefits to this passport (which some of my clients have already gotten):

TRAVEL AND MOBILITY

First and foremost, the Antiguan passport is fairly strong. It offers visa-free travel to multiple destinations worldwide, such as the European Union, Singapore, Hong Kong, the UK, and even Russia. This means that whenever you feel like travelling, whether for leisure or business, it is relatively easy to do so with your Antiguan passport. 

ECONOMIC BENEFITS

Another important benefit of the Antiguan passport is the ability to reside full-time in a country with an appealing tax regime. Think no taxes on income, capital gains, wealth or dividends; additionally, the country’s business-friendliness and simplified tax system will welcome expats with open arms. The country’s currency, the Eastern Caribbean Dollar, is pegged to the United States dollar at a rate of 2.7 to 1(as of August 2024), providing stability and peace of mind to expats and investors. 

LIFESTYLE AND RESIDENCY

Finally, we cannot neglect the lifestyle perks of residing in Antigua and Barbuda. For example, the official language is English, so it is fairly simple to connect with the locals and conduct your daily activities. The food is varied, offering a mix of Indigenous and African influences; some staples include seasoned rice, bun and cheese and a special soup called goat water. The climate is tropical and warm year-round, and interestingly, Antigua has 365 beaches, allowing you to visit one per day of the year. 

Related content: Building A Future Abroad In Antigua And Barbuda As An Expat

Despite increased investment thresholds, Antigua and Barbuda's updated CBI program is more family-friendly, with expanded dependent definitions and an alternate main applicant option

CONCLUSION

The recent amendments to Antigua and Barbuda's CBI program reflect the country's evolving landscape in offering second citizenship. Despite the increased investment thresholds, the program remains highly attractive due to its expanded definition of dependents, which includes more members and has become a more family-friendly program. The introduction of an alternate main applicant adds an extra layer of security, ensuring continuity even in unforeseen circumstances. 

The benefits of an Antiguan passport are substantial. It offers visa-free travel to numerous countries, an appealing tax regime with no income or wealth taxes, and a stable currency. Additionally, the country's warm climate, English-speaking population, and vibrant culture make it an ideal place for a new beginning. 

For those seeking a strategic Plan-B, yesterday was the best time to act and secure the numerous advantages that come with Antiguan citizenship. Now is the best second moment to do so before it’s too late.