As Deputy CEO of the Citizenship by Investment Unit (CIU), Sherelyn Hughes-Thomas’s days are busy helping to manage Antigua’s citizenship by investment programme and fulfilling the dreams of its applicants from across the globe. After a couple of years of dramatic changes in the world, she tells The Citizen more about the programme’s developments and what she loves about her island.
Since we last spoke at the end of 2018, many things have happened in the world. How have you seen the CIP industry evolve during this time?
In many ways, it feels as if we are living in a very different world; one in which we need to be even more resilient, adaptive and visionary. While the fundamentals of the industry remain unchanged, and even as the industry continues on an increasing growth trajectory, governments and programme managers are required to exercise a higher degree of probity and moral rectitude. Where administrators may have interpreted increasing demand in the market to portend limitless revenues through expedited reviews and lax management, this has resulted in a culling of programmes in response to international concerns and pressure. The industry now also requires greater state-to-state partnership and consultation in acknowledgement of the need to share custody of borders and protect national security. Other changes include shifts in applicants’ motivation for citizenship and their emerging interest in ensuring that their investment effects impactful change.
Has the profile of applicants to the Antigua & Barbuda citizenship by investment programme changed over the past few years?
Yes, the profile of applicants has changed considerably, which has augured well for the programme. In the early years of our operation, our applications were overwhelmingly from a specific jurisdiction. As awareness of the programme has grown, and its appeal has found favour with potential applications, we have reduced that concentration risk and have, through our own efforts, as well as the partnerships we have built over the years, increased the number of countries from which we receive interest. Additionally, because both our and the government’s approach is to promote Antigua & Barbuda as an investment jurisdiction, we have seen a marked increase in the number of applications from applicants in countries who are not seeking citizenship for mobility but rather as an opportunity to expand their corporate footprint or enhance their lifestyle options.
What would you tell someone about Antigua that they probably didn’t know before?
If you’ve never been to Antigua & Barbuda, and you’ve only read the literature that is online or in other media about our climate, you would be forgiven for thinking that we inhabit a little arid rock, given that we are prone to drought on account of the average annual rainfall. But what you wouldn’t know is that all it takes, as we say in Antigua, is “a good shower of rain”, and the land transforms from parched and dry to lush, verdant vegetation. I like to think of this as a metaphor for our potential as a country and our place in the world. All we need is an opportunity, a fair chance, a “little rain”, and an unobstructed pathway to chart our course to become a country that is prosperous, ordered, and successful. We are well able to withstand challenges that are part of the normal course of a country’s development, but we can do without the artificial and deliberate barriers which we are often compelled to surmount.
How important is it for the CIU to encourage investors to also “invest” in the culture of the islands?
Investing in the country’s culture is one aspect of true integration. We encourage our licensed agents, who are all citizens and residents, to go beyond simply facilitating a citizenship application. We challenge and expect them to ensure that their clients truly learn about and appreciate what it is to be a citizen of Antigua & Barbuda. As such, when these citizens come to the country to swear the Oath of Allegiance, we encourage full immersion in the culture. What one understands and values tends to gain one’s attention, advocacy and support. In pursuit of this, we have infused our road trips with our culture, taking to our citizens and potential applicants a literal taste and feel of the islands. We intend to continue to do so as we are confident that this will open pathways for tangible and formalised investment in culture and other aspects of development.
How important is it to stay connected with the diaspora and new citizens of the country?
Citizenship is a privilege and, in the words of several leaders in our hemisphere: it is the highest office or title in any country. Possession of multiple citizenships does not negate nor dilute this privilege’s importance and the responsibilities accompanying it. When a country grants citizenship to an individual, they enable them with rights and obligations which hold great value. As such, both the country and new citizens have a duty to uphold and monitor these responsibilities.
We have seen a marked increase in the number of applications from applicants in countries who are not seeking citizenship for mobility but rather as an opportunity to expand their corporate footprint or enhance their lifestyle options.
From the perspective of the issuing nation, it is important to maintain ongoing connectedness with its citizens. The country should be keenly aware of the accomplishments of the diaspora, as well as whether there are any potential or actual risks associated with them. Furthermore, citizens resident outside of Antigua & Barbuda should be kept abreast of developments in the country. Governments also need to maintain relationships with their citizens as they conduct social development planning. Identifying opportunities for partnerships with the government or other citizens is also important. Programmes such as the CIP exponentially increase access to economic resources and high-level skills available to small island developing states.
Are there any new investment projects in the pipeline?
One of the strengths of the Citizenship by Investment Programme is the commitment of the investor community on-island. They recognise the opportunities this initiative provides in leveraging financing but also in raising awareness about their particular project. Therefore, we have built important partnerships, particularly in the hospitality sector. As a result, we have a steady addition of reputable projects from which applicants can select.
Programmes such as the CIP exponentially increase access to economic resources and high-level skills available to small island developing states.
Over the past few months, we have approved four new developments, each of which is greenfield, so we are very excited about that. We haven’t adopted a model of simply granting approval status to every built project that exists. The objective of the real estate option, in particular, is to facilitate expansion in the visitor accommodation and luxury residential sectors, and we have been successful in doing that. Additionally, a number of existing developments are undertaking new phases, so we also look forward to their completion.
Where is your favourite place on the island?
My favourite place is the Green Corridor, Fig Tree Drive. Driving through, I can’t help but smile, and I feel lighter. I fell in love with the area on drives with my parents as a child. I loved the winding slopes and the cool air; it always felt like I was travelling beneath a canopy of vegetation. As an avid reader as a child, it was the closest thing to the images described in some of my favourite stories and fairy tales. Now, as an adult, every quiet trek through the corridor convinces me that it is still a magical place and that with the right master planner, rigorous environmental management and a commitment to creating new experiences for those we welcome to our shores, we can indeed create an extraordinary place, where nature informs the built environment.