In a remarkable testament to its growing appeal, Antigua & Barbuda’s Citizenship by Investment (CBI) program has reported record-breaking application numbers for the first half of 2024. According to the Citizenship by Investment Unit (CIU), 739 applications were received in just six months—a staggering 205% increase over the same period last year (242 CBI applications).
This surge reflects a rapid response to the anticipated increase in investment thresholds, following a Memorandum of Agreement (MoA) among the Organization of the Eastern Caribbean States (OECS) signed in March 2024 to set minimum CBI investment thresholds at $200,000 by the end of July 2024. The record-breaking application numbers underscore the program’s appeal, with investors acting swiftly to secure citizenship before the ‘price-tag’ increase, highlighting Antigua & Barbuda’s position in a competitive, high-demand market for Caribbean second citizenship.
Setting New Records
The unprecedented growth of Antigua’s CBI program in 2024 is driven largely by investor confidence in its reliability, appeal, and benefits that an Antigua & Barbuda passport can bring to its holder. With 739 applications submitted between January and June alone, 2024 is shaping up to be the CBI program’s most successful year. This half-year total surpasses full-year application numbers from previous years, highlighting the program’s upward trajectory. “The sharp increase builds on a successful 2023 when the CIU received 685 applications—a 40% jump from the 489 applications submitted in 2022.”
The recent decision to adjust investment requirements according to the MoA has also played a crucial role in this influx, as prospective investors rushed to apply before the new thresholds took effect in August 2024.
Report Highlights
The report reveals that the National Development Fund (NDF) remains the most popular route among applicants, accounting for 83% of total applications in the first half of 2024. This donation option is favored for its simplicity and direct impact on the nation’s development. Meanwhile, real estate investments contributed 15% of applications, highlighting a shift toward tangible, long-term investment routes as part of the program’s evolution.
The report has also revealed the top nationalities participating in the program, showcasing a broad range of international interests. Leading investors come from China (12%), the United States (11%), and Nigeria (9%), with a notable rise in applications from Turkey, which now represents 6% of total applicants. This international appeal demonstrates Antigua & Barbuda’s success in positioning itself as a global investment hub, attracting investors from diverse markets who value the strategic advantages of having a second passport.
With 622 new passports issued in the first half of 2024 alone, Antigua & Barbuda is on track to naturalize over 1,200 individuals by the end of the year. In 2023, a total of 1,191 CBI passports were issued. This sustained demand highlights the CIU’s operational efficiency in processing applications while ensuring quality and compliance standards. The program’s economic impact is equally significant, contributing nearly 60% of Antigua & Barbuda’s non-tax revenue and generating an estimated $67 million in 2023. Funds raised through the CBI program have been instrumental in financing key national infrastructure, healthcare, and community projects, underscoring the program’s role in fostering national development.
Investment Options of Antigua & Barbuda’s CBI Program
As of November 2024, Antigua & Barbuda’s CIP offers several investment avenues for applicants seeking citizenship. Each option provides unique benefits, catering to different investor priorities:
National Development Fund (NDF): The NDF remains the most accessible route, requiring a one-time, non-refundable contribution of $230,000 for a family of four. These funds support national development projects, allowing investors to contribute directly to Antigua & Barbuda’s social and economic growth. Applicants must also cover processing fees ($20,000 for a family of four, $10,000 for each additional dependent) and due diligence fees ($8,500 for the main applicant, $5,000 for a spouse, and $2,000-$4,000 for each dependent).
University of the West Indies (UWI) Fund: Applicants may alternatively make a non-refundable donation to the UWI Fund, with a minimum requirement of $260,000 for a family of six. The processing fee for each additional dependent is $10,000, and the same due diligence fees apply. This option supports educational development in the region and grants one qualified family member a one-year tuition scholarship at a University of the West Indies campus.
Investment in Approved Real Estate: The real estate option requires a minimum investment of $300,000 and allows investors to acquire property within a government-approved development in Antigua & Barbuda, with the potential for resale after five years. Investors are also responsible for covering processing and due diligence fees, similar to those required for the NDF option.
Investment in Business: The thresholds for the business investment option are at least $1,5 million if there is a single investor and $400,000 in the case of joint investment, provided that the total budget of an approved business project is at least $5 million.
Benefits of Antigua & Barbuda Citizenship
Holding citizenship in Antigua & Barbuda provides significant advantages, enhancing global mobility, financial freedom, and lifestyle opportunities.
Visa-Free Travel: Antigua & Barbuda passport holders enjoy visa-free or visa-on-arrival access to over 150 countries, including key destinations in Europe, Asia, and the Americas, making international travel more convenient and accessible.
Wealth Management and Tax Efficiency: Antigua & Barbuda does not impose personal income tax, capital gains tax, or inheritance tax on citizens, providing a tax-efficient environment for investors looking for wealth diversification and protection.
Post-Approval Investment: Applicants must make the required investment only after receiving conditional approval of their CBI application.
Dual Citizenship: Antigua & Barbuda allows dual citizenship, enabling investors to retain their primary nationality while enjoying the benefits that bring to them their second passports.
Stable & Safe Living Environment: The country offers a secure and politically stable environment, along with an attractive climate, natural beauty, and an inviting culture, making it a highly desirable location for personal and family residency.
Family Inclusion: The CBI program extends its benefits to family members, allowing applicants to include spouses, children, and dependent parents in their applications. This makes it an ideal solution for multi-generational families.
Antigua & Barbuda’s CIP has become a model of success in the Caribbean investment migration landscape, attracting investors from diverse regions and delivering meaningful economic and social contributions to the nation. The record-breaking surge in applications for 2024 reflects the program’s resilience, adaptability, and competitive positioning on the global stage. For those seeking an alternative passport that offers freedom, financial flexibility, and a stable environment, Antigua & Barbuda’s CBI program stands as a robust option.