The government is hoping that an increase in the commission paid to Citizenship by Investment Programme (CIP) agents will result in more revenues for the country in short order.
The director of the Citizenship by Investment Unit (CIU) and the Chairman were invited to Cabinet in order to report and plans to increase the revenue-yield from the Citizenship by Investment Program (CIP).
The government says changes made over the years to the programme were not so focused upon profitability.
“At this time, changes that could attract more traffic and more revenue are being contemplated,” it was reported after Wednesday’s Cabinet.
“Commissions paid to agents, for example, that are currently among the lowest-paid in the region by the Antigua and Barbuda CIP will be increased. A plan to bring more files by increasing the incentives to agents was articulated and agreed; it will not lessen the revenue to Government under the NDF option,” it was reported.
Meantime, a change to the Real Estate option of the CIP was also announced.
It will allow for two persons to pay $200,000 each, or for the same $4000,000 total, but for each to receive separate title. Large files of four or more family members that currently come from Saudi Arabia, Brunei, Dubai and others will be diverted to the University support option at $150,000 per file—the same amount which would be paid-in currently to the CIU.
The Cabinet anticipates that the attractiveness of the increased commissions will be felt in as little as two weeks, if the announcement goes out shortly. It was so ordered. Where necessary, amendments to the law will come in two weeks when the Lower House is expected to convene. A stronger performance is anticipated.
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In the mean time, the other public workers are sucking salt….
Antigua’s CIP would do so much better if it lowed the fees single men and single women have to pay if they want to add future a future wife/husband as their fellow citizen. Right now, if a single guy gets his CIP and then 3-4 years later gets married, he must pay $75,000 anew to add his wife as an Antigua citizen. This amounts to a double charge just because a guy was single when he first applied to the program.
Oh, and if a Antigua CIP citizen has a future child, the cost is $25,000 to have that child be an Antigua citizen, totally rubbish compared to other CIP programs in the world. Potential applicants pay attention things like this and this is why Antigua’s CIP is going down. Dominica doesn’t have these outrageous fees and neither does St. Kitts.
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