The Antigua and Barbuda is currently thinking about changes to CIP legislation aimed at attracting more applications and increased revenue to the Citizenship by investment program (CIP) for 2020.
One of the most important changes proposed is increased commissions to agents submitting files. The Cabinet is expected to raise the commissions for agents within two weeks, according to the cabinet note released by Prime Ministers Office said today
“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. 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. ” said the statement
Another important change proposed under the new amendments of the CIP legislation will have
1. A change to the Real Estate option will allow for two persons to pay $200,000 each, or for the same $4000,000 total, but for each to receive separate title.
2. 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 Prime Ministers office said The Director of the Citizenship by Investment Unit (CIU) and the Chairman were invited to Cabinet in order to report on the improved systems which have been and could be further instituted in order to increase the revenue-yield from the Citizenship by Investment Program (CIP).
Major changes have been made several times throughout the CIP’s seven years by returning to the Parliament to amend the 2013 law; however, those changes were not so focused upon profitability. At this time, changes that could attract more traffic and more revenue are being contemplated.
“Where necessary, amendments to the law will come in two weeks when the Lower House is expected to convene. A stronger performance is anticipated.” said the office in the point 3 of the cabinet note.
Antigua and Barbuda, remains one of the fastest growing economies in the Caribbean region fueled by CIP revenues. This week the Government established economic office in UAE and later the office would be upgraded to embassy once a diplomatic representative is named.
Antigua announced addition of UWI fund option in Sep 2018 under the Citizenship by investment (CIP) to fund University of West Indies campus. The fund required $150,000 donation aimed at attracting big families. The annual report shows no applications received so far under the UWI option.
Antigua CIP remains one of the most transparent schemes in the Caribbean region. The Government publishes full annual report twice a year.
According to the official numbers released by Antigua CIU, as of mid 2019, more than
In another development this week, OECS welcomed the move by IMF Crediting the Citizenship by investment programs (CIP) in the region for creating Positive Economic Performance in OECS Countries.
The Head for Saint Lucia Citizenship Unit and Chairman of the Citizenship by Investment Programme Association (CIPA), Nestor Alfred, supported the IMF’s statements and called all the countries running CIP’s to unite and work together.
