Back in March 2024, the five heads of the countries operating CIPs in the OECS signed a memorandum of agreement (MOA) to integrate aspects of the programmes. Can you tell us more about what was agreed on and the main goals?
The ultimate goal of the MOA is the standardisation and strengthening of the administration of the programmes. Six main areas were focused on, which are:
1. Increasing the minimum investment threshold to US$200,000.
2. Formalising information sharing and the implementation of common transparency standards.
3. Establishing a regional regulatory body for the programmes.
4. Implementing common security screening and background checks framework.
5. Implementing common standards for regulating promoters and agents of the programmes.
6. Formalising joint capacity building for officials and programme operators.
What are the advantages of unifying the programmes for both the participating countries and potential investors?
Harmonisation strengthens the programmes and creates resiliency. The old adage teaches us that unity is strength. I note, however, that the OECS is no stranger to unification, as harmonised legislation, including the Banking Act and Insurance Act, have been in place for decades. Therefore, once implemented, these common standards will redound to more secure borders for the CARICOM region as well as for our international partners. Common standards will also attract a higher calibre of applicants to our programmes and thereby facilitate further investments in infrastructure, and skills and talents capacity in the individual countries.
“Antigua & Barbuda’s CIP has demonstrated that integrity and consistency are key components of resilience. We will continue to forge forward, ensuring realignment of programme features with global trends in a bid to remain relevant and attractive.”
Can you explain the new conditions and pricing systems of the Antigua & Barbuda programme?
The programme changes for Antigua & Barbuda became effective 1st August 2024. The legislative changes include:
• a further expansion of the definition of dependents, which increases the number of family members who are eligible for citizenship;
• allowance for a designated alternate principal applicant; in the event of incapacitation or death of the principal applicant;
• streamlining of application processing and due diligence fees, and;
• changes to the investment threshold for three of the four options as follows:
» Real Estate US$300,000 Investment (previously US$200,000)
» UWI Fund US$260,000 inclusive of processing fees (previously US$150,000)
» National Development Fund US$230,000 (previously US$100,000)
How do these new conditions align with the other CIPs in the Caribbean?
The programme changes outlined above mainly address Agreement 1 of the MOA. Regional CIPs are collaborating, with the support of the Eastern Caribbean Central Bank and the OECS Commission, to implement the remaining five, which are actively being addressed. For instance, we have agreed on the treatment of denied applications; applicants denied in one country will be denied in all five countries.
Additionally, the first step towards the establishment of a regional regulatory body has been taken with the identification of the members of the interim committee charged with moving this process forward. Furthermore, our regular meetings ensure our continued fervour and commitment towards the achievement of the unified desired outcomes.
The programme is now more expensive than it was previously. What advantages does making Antiguan citizenship more ‘exclusive’ offer to both applicants and the nation?
Given that the common minimum investment threshold has become effective, there is little difference in the financial outlay required by potential applicants to each programme. Antigua & Barbuda’s uniqueness of being the regional travel hub, the most developed OECS country, and having the most diversified opportunities available continue to make investing in the twin island state extremely attractive.
Additionally, the Antigua & Barbuda CIP has had a track record of integrity and consistency; features which have become highly sought after in the investment migration industry. The finalisation of the comprehensive software upgrade will also enhance applicants’ experience with our programme.
“Antigua & Barbuda’s uniqueness of being the regional travel hub, the most developed OECS country, and having the most diversified opportunities available continue to make investing in the twin island state extremely attractive.”
How do these changes address the concerns of nations that have been critical of the citizenship by investment industry?
Our international partners have been concerned about gaps in the administration of some programmes, which present increased risk to their borders given that the passports of these countries allow visa-free access to their borders. Concern has also been expressed about the risk of inadvertently facilitating illicit transactions due to an ineffective vetting process.
The characterisation of the “race to the bottom” is being addressed by the ongoing implementation of the components of the MOA. Unification of the processes and standards means that the operators will approach the administration of their individual programmes similarly. Additionally, common training for programme operators and information sharing on applicants to the regional programmes support a more thorough and consistent assessment of their eligibility. Enhancing the vetting process ensures that the risk to the borders and the risk of facilitating illicit transactions are mitigated.
“Searching for a brighter, more secure future? Come to my beautiful twin island state – Antigua & Barbuda!”
Is there anything else you would like to add?
Antigua & Barbuda’s CIP has demonstrated that integrity and consistency are key components of resilience. We will continue to forge forward, ensuring realignment of programme features with global trends in a bid to remain relevant and attractive. We will not compromise on our standards which are at all times influenced by international best practices. Searching for a brighter, more secure future? Come to my beautiful twin island state – Antigua & Barbuda!