A leading voice in the global luxury market, Rob Report, is highlighting Antigua and Barbuda as a very lucrative second home for ultra-high-net-worth individuals around the world.
The report titled “Business Executives Are Buying Second Nationalities. Here’s Why” provides an invaluable source of insight and expertise on the reasons wealthy businesses owners realise the need to own an alternative nationality, and the valuable return for the host country ssome of which include access to enhanced opportunities, safety and security, or recourse to a Plan B in uncertain times.
“For the countries that sell passports, especially the smaller Caribbean islands, those fees can really add up. Take Antigua: More than $400 million has been generated there through citizenship investment, which represents about 15 percent of annual government revenue and 20 percent of all foreign investment. Speaking in the boardroom of his office, which overlooks Buckingham Palace, Kaelin describes the passport trade as “globalization at its best.” Rob Report Author, John Arlidg
A major player and industry leader in the Citizenship by Investment (CBI) Industry, Henley and Partners, is playing a pivotal role in partnering prospective CBI investors and host countries. Henley & Partners together with the host government executes a rigorous investigation prior to approving applicants and ensure that the candidate is capable of investing in the host country. All applicants undergo the strictest due diligence procedures even before they are accepted as clients and again before their applications are submitted to the relevant governments, which then themselves conduct their own further and very
thorough due diligence.
“Antigua and Barbuda continue to improve its position as a preferred CBI destination. With Antiguan and Barbudan citizenship, a potential investor can expect to enjoy the travel convenience of visa free access to approximately 150 countries. In addition, an investor will gain an inside look into a number of exciting and attractive real estate and investment opportunities, and will experience an ease of doing business within a safe and hospitable environment. For us, as the host country, we benefit directly from these investments through increased job creation, infrastructure development, and an overall improved standard of living” explains Managing Partner of Henley & Partners Antigua and Barbuda, Gaye Hechme.
For countries like Antigua and Barbuda, the CBI programme has managed to keep its economy afloat. The economic fortunes of Antigua and Barbuda were hit hard during the global economic crisis of 2008 with a loss of ten thousand jobs. Fortunately, there has been a resurgence in the economy since the introduction of the CBI Programme. Over $400 million has been collected through citizenship investment, which represents about 15 percent of annual government revenue and 20 percent of all foreign investment.
“ If we didn’t have that CIP Programme, the economic fortunes for Antigua and Barbuda would have been significantly different. There would be fewer people working and certainly, our debt to GDP would have been much higher. People would have probably continued to be losing their homes, their cars, their boats. We have now seen a reversal in those fortunes in which people are buying more homes,” admits Prime Minister of Antigua and Barbuda, Honourable Gaston Browne.
The Caribbean remains on high demand to potential CBI clients because of its
visa-free or visa on entry access to over 150 destinations, including the
European countries and countries in the Schengen area.
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10,000 jobs lost? Wonder where that information came from?
Great….so wheres the 400 MILLION ….
HOW WAS THE 400 MILLION SPENT ?
Gaston Browne your busy selling citizenship / passports how the CIB MONIES SPENT
WHO HOLDS GASTON RESPONSIBLE
WHERES THE ANNUAL FINANCIAL REPORTS
WHO HOLDS GASTON RESPONSIBLE
The 6 monthly report which details how the moneys were spent can be found, by all, in the reports section of the cip website.
The report is on CIP website if you’re a history buff because you can only get data up to June 2018 over a year overdue. Social security payments make up approximately half of the disbursements with Carnival coming in a distant second. Apparently Social Security is broke and depends heavily on CIP for pension payments.
Secondly Antigua has visa free access to 135 countries not approximately 150 countries as this article suggests. We are behind the like of St. Vincent, St. Kitts and Trinidad. I can’t remember Antigua playing catch-up to these other islands but you never know
Thanks guys …..wowwwwww ….ANTIGUA IS A SAD STATE…
Who bruke TREASURY…?..
THANK GOD I NEVER WORKED A DAY IN ANTIGUA
ANTIGUANS NEED TO STOP SOCIAL SECURITY PAYMENTS from their paychecks ..IF YOU HAVE TO BEG OR HOPE YOUGET WHATS RIGHTFULLY YOURS
The strangest thing is this administration has said over and over again that they are not in the business of selling passports.
After reading this article, that debate has been settled……
You do not see the benefit of CUP money as Antigua is the only CIP country that uses the CIP generated money for recurrent expenditure. All other countries invest in infrastructure and the like. We are the only dummies.
As a native Antiguan, I think Antigua’s CBI program is great. The program is helping Antigua become more globally recognised and it’s leading to high-quality immigrants making Antigua home. CBI immigrants are a lot of valuable to Antigua than CARICOM immigrants are, that’s for sure.
I don’t like the idea of when people say Antigua is ‘selling passports’. We are not selling passports, we are providing full citizenship to those that donate money to our country. Many European countries do the same thing and its smart for us attract the globally rich.
Also, a huge portion of the money generated by the CBI program is used to pay down Antigua’s high-interest rate debt that was racked up over 20 years. Therefore a lot of the money isn’t ‘seen’ in projects as it is instead being used to get rid of debt liabilities that previous administrations built up.
One day Antigua will be debt free and that will be because of our CBI program!
@Antigua’s CBI Program: Antigua would be debt free one day,you say.It would be because the Chinese could be the new owners of all things Antigua not Barbuda.So I kind of agreed with you but not for the same reasons.So begin to learn your Mandarin Chinese now.
When the penny drops, it will be too late.
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