Antigua and Barbuda Prime Minister Gaston Browne approved amendments to the Citizenship by Investment Act.
Lyle Julien examined what has changed for applicants.
New residency requirement
Investors may need to spend 30 days in Antigua and Barbuda during the first 5 years after obtaining citizenship. As of now, the requirement was 5 days over the same period[1]Source: Antigua Observer news portal. Citizenship may be revoked if the requirement is not met.
The rules for applying the new stay requirement are not yet known. Immigrant Invest lawyers have contacted the Citizenship by Investment Unit, or CIU, asking it to clarify:
- the date when the amendments will come into force;
- whether the stay requirements will change for investors who have already obtained their passports.
Immigrant Invest is monitoring changes in Caribbean countries. We will publish the official information once we receive it from the CIU.
Lyle Julien,
Investment programmes expert
Antigua and Barbuda is bringing its legislation into line with the agreement establishing the Eastern Caribbean Citizenship by Investment Regulatory Authority, or ECCIRA[2]Source: Laws of Antigua and Barbuda.
The agreement covers 5 countries that offer citizenship by investment: Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, and St Lucia. All participating countries are expected to introduce a minimum residence requirement for investors.
Other changes
The Prime Minister of Antigua and Barbuda noted that Caribbean citizenship by investment programmes are under increased scrutiny from international partners.
Every 6 months, the CIU will report to the new ECCIRA regulator. The unit will also continue submitting reports to the Parliament of Antigua and Barbuda.
The new rules establish 2 mandatory audits under ECCIRA supervision:
- Annual independent financial audit of the CIU.
- Independent operational audit every 2 years in accordance with internationally recognised auditing and financial reporting standards.
How to obtain second citizenship
Antigua and Barbuda citizenship can be obtained in at least 6 months. Applicants do not need to take a language or national history exam.
The application may include a spouse, children, parents, grandparents, and siblings, provided they meet the programme requirements.
Investment options:
- non-refundable contribution to the National Development Fund — $230,000+;
- contribution to the University of the West Indies Fund — $260,000+;
- purchase of approved real estate — $300,000+;
- business investment — $1,500,000+.
Immigrant Invest lawyers monitor legislative changes and help investors choose a country with the most flexible conditions.
