(Statement from Cabinet)
The Cabinet invited a lawyer and the Solicitor General to address the issue of payment of Non-citizens Landholder’s License fees.
A fee of $400 is charged to Antigua and Barbuda firms when the firm, whose directors constitute more than 33% of all directors, acquire real property.
The Cabinet has noted that non-citizens are required to pay 5% of the value of the land to be acquired, which would normally be multiples of $400.
Non-citizens have been utilizing the local company arrangement in order to forego the higher payment. The Cabinet is determined to ensure that the Inland Revenue Department receives the higher amount due it.
The Solicitor General advised that the loophole, which has been exploited by several legal practitioners, will have to be addressed by amending the law to ensure greater clarity.
The Cabinet has promised to take the amendment to parliament next time it is convened.