In a surprising turn, Antigua & Barbuda has delayed implementing the much-anticipated Caribbean Citizenship by Investment (CBI) Memorandum of Agreement (MoA).
Five Caribbean nations signed the MoA earlier this year, aiming to establish a unified minimum investment threshold of US$200,000 across their respective CBI programs by June 30, 2024. However, with the deadline now passed, only the remaining four signatories have moved forward with the changes as planned.
Antigua & Barbuda’s Request for Extension
The Citizenship by Investment Unit (CIU) of Antigua & Barbuda issued a memo on June 26, 2024, just days before the agreed-upon implementation date. The memo proposed new price thresholds and requested an additional 30 days to implement the changes to its program. The CIU’s chief executive signed the memo outlining the proposed investment thresholds and guided file submission timelines.
Jeremy Savory, founder and CEO of Savory & Partners, said, “Investors are rushing to meet the requirements before the deadline comes to pass. A wise choice, considering how rapidly things are changing.”
Proposed Amendments to Investment Thresholds
For the memorandum to move forward, parliament must approve Antigua & Barbuda’s proposed amendments to the investment thresholds.
The proposed amendments included an increase in the minimum contribution to the National Development Fund (NDF) to US$230,000 for a family of one to four and US$245,000 for a family size of five or more.
The minimum contribution to the University of the West Indies (UWI) Fund will be set at US$300,000, while the real estate investment threshold will be raised to US$325,000. The business investment thresholds, however, remain unchanged.
In response to these pricing adjustments, the St Kitts & Nevis CIU also announced significant changes to its program, effective immediately.
The most notable change is the reduction of the minimum contribution amount for the Sustainable Island State Contribution (SISC) option:
- US$250,000 for a single applicant or a family of up to four persons, down from the previous US$350,000
- US$25,000 for each additional dependant under 18 years of age
- US$50,000 for each additional dependant aged 18 or older
The revised SISC contribution threshold brings St Kitts and Nevis closer to the US$200,000 price point recently adopted by Dominica, Grenada, and St Lucia, in line with the pan-Caribbean CIP MoA.
The Public Benefit option has reduced from $275,000 for a single applicant to $250,000, however, the minimum investment thresholds for the Developer’s Real Estate Investment and Private Real Estate Investment remain unchanged.
Due diligence fees, application processing fees, and certificate of registration fees remain unaltered.
The Way Forward
As the CBI industry awaits further updates from Antigua & Barbuda, the remaining nations have implemented the changes as planned.
“We are working closely with our clients to make sure they’re well-informed about the changes and can make the best decisions possible,” Savory added.
As the situation unfolds, industry stakeholders hope for a swift resolution and a return to the unified strategy envisioned by the MoA.
