Antigua and Barbuda, is one of the Caribbeans most popular and affordable citizenship by investment program. In Dec 2017, the Antigua and Barbuda slashed its prices by 50% for NDF to $150,000.
The Prime Minister of Antigua and Barbuda, Gaston Browne announced the following during his Budget Speech 2018.
“We have witnessed an increase in the number of applications received by the Citizenship by Investment Unit in November and December, returning monthly submissions closer to pre-June 2017 levels.”
“Citizenship by Investment Unit continues to maintain its multi- layered due diligence examination of each applicant and all dependents, subjecting each file to the most rigorous scrutiny by reputable international agencies, including INTERPOL, prior to approval.
We intend to maintain the Citizenship by Investment programme – and to continue to vet applicants rigorously – so that it continues to contribute to our national well-being” he said during the speech.
- Through its three investment options, the National Development Fund, Real Estate and Business Investment Options, a total of 1,269 applications have been received and processed from inception to December 31, 2017.
- In 2017, the Citizenship by Investment Unit, processed a total of 321 applications, which should yield an estimated $64 million in direct revenue to the Central Government and capital injection of $198.7 million into hotels, residential developments and other business interests.
Prime Minister spoke losing visa waiver with Canada, caused a drop in CBI applications. He said “In June 2017, Canada revoked visa-free access for Antiguan and Barbudan passport holders. At the time, we were the only OECS jurisdiction with visa-free access to Canada. Following this development, the number of CIP applications fell across all options but particularly, the National Development Fund.”
In 2018, many new hotels will be under construction. Taken together these new projects will increase our room stock by over 1,500 rooms. These include:
- The Callaloo Cay project that will become the home of Antigua’s Waldorf Hotel. Construction has already started at Morris Bay on this US$120 million luxury hotel. This will be a 120 room property, that will generate jobs for 500 persons during construction and 500 jobs once the hotel is operational.
- Royalton Hotel on the north side of the lagoon and opposite the Royal Antiguan, is another major project that will start in 2018/2019. It will be a 350 room property constructed at a cost of US$150 million. Approximately 800 jobs will be created as a result of this project.
- The Marriott Autograph Hotel will be a 100 room resort, built on the site where the Yeptons Villas once stood. This will be a US$50 million project that is expected to create 250 jobs.
- The Valley Church Beach Hotel will be a 250 room resort constructed at a cost of US$100 million.
- In Barbuda, the Paradise Found project by Robert De Nero will be a property developed at a cost of US$250 million.
- The PLH Hotel project by John Paul DeJoria, is also to be constructed on Barbuda. This hotel will be constructed at a cost of US$200million.
- The old Half Moon Bay Hotel, in contention since 1995, or for 22 years, is being demolished and the Replay Group in partnership with Rosewood Hotels and Resorts, have incredible plans for this site. Over the next several months, the developers will undertake rehabilitative work and begin civil works and installation of utilities. By the fourth quarter of 2018, construction on this US$150 million to US$200 million property will begin. The new Half Moon Bay resort will comprise of 47 ultra-luxury villas. In creating the new Half Moon Bay hotel, the developers intend to engage the surrounding community and its artisans to craft a resort that befits the natural beauty of the area. There are to be about 400 construction jobs and approximately 500 permanent jobs created because of this investment.
