The Antigua and Barbuda Investment Authority (ABIA) has announced the re-launch of the Construct Antigua Barbuda Initiative (CAB-I). The Cabinet of Antigua and Barbuda has agreed to the continuation of the Initiative which will receive applications from July 2, 2018 until March 29, 2019 with benefits expiring June 30, 2019.
CAB-I, which first became operational in August 2011, is a domestic economic stimulus programme which incentivizes new home ownership by way of a public private partnership between the Government and participating suppliers and service providers. Through the exemption of the Antigua and Barbuda Sales Tax (ABST) at point of purchase and in-store discounts, CAB-I approved projects can benefit from savings of 15% – 20%. The programme has not only made new homeownership more affordable but has significantly impacted employment in the construction sector and has been credited with the resurgence in economic growth since 2012.
The Initiative which is open to citizens and residents of Antigua and Barbuda provides benefits for new residential construction projects with a cost to build of no more than $300,000.00.
The Construct Antigua Barbuda Initiative has approved in excess of 1100 applications valued at over EC$385 million since its inception. The programme, which has significant private sector support, also provides beneficiaries with access to reduced mortgage and insurance rates as well as discounted legal and services fees with participating institutions.
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