PM Rubbishes Sir George Ryan’s Criticism of Jolly Beach Investment and Explains Advantages of CIP Cost Model
Prime Minister Gaston Browne has moved to clarify his government’s strategy for the Jolly Beach redevelopment, arguing that critics have misunderstood the mechanics of Antigua and Barbuda’s Citizenship by Investment (CIP) programme.
The remarks came during his Browne and Browne radio programme, where he addressed concerns raised by Sir George Ryan, who suggested it would be impossible to build a 350-room hotel for US$35 million.
Mr Browne dismissed the notion that the Jolly Beach model was based on standard construction cost estimates. “At US$100,000 a piece with amenities, you cannot build a 350-room hotel for US$35 million. If anything, it would probably run you US$350 million based on today’s costs,” he said.
Instead, he stressed that the financing mechanism revolves around a new real estate option under the CIP. The government already offers citizenship through a US$200,000 contribution to the National Development Fund (NDF), which yields no tangible return for investors.
The Jolly Beach option, he explained, provides a different route: applicants who contribute the standard US$200,000 NDF fee can choose to invest an additional US$100,000 in the resort redevelopment. This grants them ownership of a unit at Jolly Beach, which can be used as a vacation property and resold after five years, allowing investors to potentially recoup their full US$350,000 outlay.
The Prime Minister emphasised that the government carefully structured the new option to avoid undermining the NDF. “If we were to say you pay US$100,000 for a room at Jolly Beach and become a citizen, then you completely destroy the NDF,” he explained. “This way, the US$200,000 contribution remains intact, while the additional US$100,000 offers a real estate benefit.”
CIP programmes across the Caribbean have been under increasing scrutiny, particularly from the European Union and the United States, over concerns about security and financial transparency. Most countries in the region, including St Kitts and Nevis, Dominica, and Grenada, offer both donation-based and real estate-based options, with investment thresholds ranging from US$200,000 to US$400,000.
By introducing a hybrid model tied to the Jolly Beach project, Antigua and Barbuda aims to keep its programme competitive while simultaneously revitalising a long-dormant tourism property.
For the government, the Jolly Beach redevelopment is more than just a hotel project; it is a test case for using CIP to finance large-scale infrastructure and tourism renewal. Critics, however, question whether the model will generate sustainable benefits for locals beyond the immediate inflow of funds.
Mr Browne acknowledged opposition voices but argued that political differences should not cloud understanding of the policy’s mechanics. “Sir George may have some construction knowledge, but he’s not an authority on how the CIP works,” he said.
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This smoke and mirror explanation is not going to cut it.
No longer it’s about social Security, it’s about CIP investors and programs.
If that’s the case, keep Social Security money out of Jolly Beach.
It’s because you live like dogs and will die like dogs why Gaston gets away with this nonsense.
Or should I say scary cats.
I don’t know why the PM wasting his time with Ryan. He is no innovative and smart businessman. He failed with the hotel on Newgate Street and the Conference Centre. And he and his cronies failed with ABIB and Jolly Beach. And then set up the Tranquility Suites which was milking Jolly Beach by getting water and electricity and paying nothing. No wonder Jolly Beach failed under them. He came here as a mason and along with his Montserrat buddy who was Education Minister got an exclusive on all construction and repairs of all schools, State College and all basketball courts from 1976. So let’s get real. I blame Bobby Reese for creating him and giving him a platform to mouth off during the Talk to me Days. Biggest knowitall in Antigua.
This sounds like a Timeshare sales pitch, as part of selling the Nation’s sovereignty.
Can the investor consider the unit to be an ABnB promote and lease it as such?
Lol. So Gatson Browne is turning jolly beach into a ” Time Share” resort?
This guy is really something else. Gatson Browne doesn’t have to listen to Ryan, but he better listen to his voters, and the tax payers who pays their taxes and SS faithfully.
This deal is a bad deal to involve SS money. Bad bad deal to be playing around with the citizens money. Remember Gatson Browne, this is not your money, so stop the games sir.
Mr Rayon is speaking truth the PM is the one the one not making any sense at all