Recently, there has been a surge in the investment market, with lots of countries offering residency or citizenship by investment programs.
Getting a second citizenship offers plenty of benefits. These include ease of travel to different world wonders, freedom of movement, economic stability, physical safety, and tax efficiency. And if you want to get one, Antigua and Barbuda citizenship is an excellent choice.
Why Choose Antigua and Barbuda
Antigua and Barbuda are among the best options if you are thinking of living in a paradise-like island. It is settled among the Leeward Islands, where the Atlantic Ocean and the Caribbean Sea meets. It is famous for its 365 beaches, with a population of a little more than 90,000 people.
The economic citizenship program of the country facilitates the comfort of visiting more than 100 countries visa-free, including the UK and the Schengen zone. Other benefits include the following:
- Travel to Antigua and Barbuda is not required during the application process.
- The application process can take up to 3-4 months.
- No education, interview, or managerial experience required.
- Dependent children below 28 years of age and dependent parents aged 58 and above can be included.
- There is no tax on worldwide income.
The Antigua and Barbuda Citizenship by Investment Program
There are several ways to get your Antigua and Barbuda citizenship, but the most popular option is through the country’s investment programs. These programs offer families with a higher quality of life, better access to education, greater security, wealth protection, and stability.
In 2013, the best citizenship by investment program was introduced. Antigua’s Citizenship by Investment Program (CIP) offers the following four investment opportunities.
1. National Development Fund or NDF Contribution or Donation
To become a citizen under this investment option, you have to contribute at least US$100,000 if you have a family of up to four individuals or US$125,000 for a family of more than four.
Aside from this, there are processing and due diligence fees you must pay for. These include US$30,000 for a family of up to 4 persons and US$15,000 for every additional dependent.
2. Business Investment
Under this investment option, you have to invest at least US$1.5 million to an approved business. Joint investment in an approved business is possible, but the total investment should be at least US$5 million, with each party investing at least US$400.000.
In addition, you have to pay the processing fees, amounting to US$30,000 for a family of a maximum of four persons and US$15,000 for every additional dependent. Also, you must pay for due diligence fees, amounting to US$7,500 for the principal applicant (another US$7,500 for the spouse), US$4,000 for every dependent of the applicant aged 18 years old and above, and US$2,000 for every dependent aged twelve to seventeen. For dependents that are less than twelve years old, not due diligence is required.
3. Real Estate Investment
Under this investment option, the applicant to buy a property valued at least US$200,000 in a preapproved development area. Also, this investment must be maintained for at least five years after the purchase unless the applicant buys an alternative approved property in the country. Other dues to be paid include property registration, taxes, and processing fees. But since properties can be returned to a rental pool once bought, investors can earn rental property during the period of ownership.
Here are some properties to consider:
- Half Moon Bay Antigua – This is Caribbean’s first residential and resort community. It redefines modern luxury that most buyers look for. It is situated on 132 acres, comprising 10 estate parcels that will soon be joined by the new Rosewood Half Moon Bay Hotel and some Rosewood Residences. It boasts of the traditional Caribbean architecture with a touch of eco-friendly, modern aesthetics.
- Callaloo Cay – Agreed to be managed by Waldorf Astoria Hotels & Resorts, Callaloo Cay has 25 branded villas and 95 guest rooms. Its hilltop accommodations and beachfront suites offer breathtaking views of the lush surroundings, making it an ideal space for an exclusive stay. Also, it offers superb facilities to its clients.
4. The University of the West Indies Fund
This is the latest investment option offered by the government of Antigua and Barbuda. It is their way of getting funds for the university’s fourth campus, which is located in Antigua. It is open to applicants with a family of six persons. It requires US$150,000 investment, which is already inclusive of processing fees. An added US$15,000 is required for every additional dependent. One perk of this investment option is that one family member is given a one year tuition-only scholarship at the University of the West Indies in Antigua.
Other Important Considerations
The CIP is a regulated program that is duly mindful of its responsibility to protect the nation and all borders while nurturing human relations. The government of Antigua and Barbuda grants citizenship only to the most deserving applicants. So if you are applying for your second citizenship under this program, expect to undergo strict background checks.
Moreover, the program prohibits applications from certain countries. These include North Korea, Iran, Afghanistan, Iraq, Sudan, and Yemen.
But there are exceptions to this ruling. A second citizenship application can be approved if there is a source of income generated elsewhere, if the applicant left these restricted countries before reaching their age of majority, or if they are legal permanent residents of either the UK, New Zealand, the UAE, Saudi Arabia, or the US.
Antigua and Barbuda is an excellent place to get your second citizenship. It offers plenty of perks that you and your family will love. The citizenship by investment program proves to be the sure-fire way of getting your application approved in 3-4 months.
Choose wisely from the four investment options. If you don’t know where to begin with your application, seek help from premium property management specialists and consultants who are working directly with well-known partners. These professionals can also provide you with tips and tricks to make sure that your application is granted immediately.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship, residency and investment into the Caribbean, North America, and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.