CBI Spotlight: Antigua & Barbuda
The Basics on Antigua & Barbuda's Citizenship by Investment Program.
Note: For information purposes only. Not intended as personalized advice of any sort. Please consult a qualified professional.
For a broad overview of Citizenship by Investment, see our previous post.
"Certain governments are willing to grant you citizenship and a passport in as little as three months in exchange for a sizable investment or donation in their country." -Andrew Henderson, Founder of Nomad Capitalist
"Having a second passport is… the ultimate insurance policy… [ensuring] that, no matter what, you always have a place to go - to live,work, do business, retire, and in some cases, even seek refuge. That way, when things go bad, you can take yourself and your family out of harm’s way… [and] the more options you have for you and your family, the more freedom you will experience." -Simon Black, Founder of Sovereign Man
Today’s Citizenship by Investment (CBI) Spotlight is on Antigua & Barbuda, a pair of islands to the east of St. Kitts & Nevis, in the Caribbean.
The nation is described by Nomad Capitalist's Jovana Vojinovic as "one of the most luxurious and exclusive two-island-states out there," with plenty of beautiful beaches, "some of the most exclusive resorts in the world," as well as "rum factories, brightly colored villages, and friendly locals." With a recently expanded international airport, "direct flights to London, New York, Miami, and Toronto are available pretty much every day," and tourism in Antigua & Barbuda is said to generate around 60% of GDP.
The islands experience a warm tropical marine climate year-round, but their location between the Atlantic Ocean and Caribbean Sea make it a prime target for tropical storms and hurricanes. In 2017, Hurricane Irma so devastated Barbuda, that the island was reportedly uninhabitable, and its 1,500 residents had to be evacuated to nearby Antigua. According to the website World Nomads, about 75% of Barbuda’s population returned a year later, and as of 2019, "half of the island’s 1,200 properties have been rebuilt."
"Recognizing just how fragile their situation is," writes Jovana Vojinovic at Nomad Capitalist, "the Antiguan government has taken steps and made investment banking and financial services an important part of their country’s economy," allowing "foreigners [to] invest and manage their capital at a fraction of the cost than in the western world."
Antigua & Barbuda introduced their Citizenship by Investment program in 2013, and "the program was one of the first to offer an investment option of a donation to the National Development Fund." It’s also one of the cheapest, at USD $100,000 for a family of four, before fees.
Antiguan citizenship comes with amazing tax benefits, on top of no residency requirement. The team at Sovereign Man happily report that "citizens are not taxed on local or worldwide income, even if you live in Antigua full time," because "the country has no personal income tax at all," nor do they have any "capital gains tax or estate taxes." Far East Horizon Capital notes that "there is a real property tax from 0.1% up to 0.5% on the assessed market value of the property."
The Antiguan passport is a strong one, with visa-free access to over 150 countries, including Russia, the UK, the EU, Brazil, South Africa, Hong Kong, and Singapore, according to Henley & Partners.
One other benefit that is often overlooked with Antigua & Barbuda is the opportunity to not only get citizenship for yourself and your family, but you could also send one of your family members (or yourself) to university, with a full ride, one-year scholarship. (More on that shortly.)
Citizenship by Investment in Antigua & Barbuda can be obtained through one of four options:
Donation to the National Development Fund (NDF) - "The NDF is a fund that was established around 15 years ago to finance government projects that improve the lives of its populace," writes Jovana Vojinovic at Nomad Capitalist. "Think building roads, investing in education and the like." Families of four or less must pay a USD $100,000 contribution, plus USD $30,000 in processing fees. Families of five or more must make a contribution of USD $125,000, plus USD $30,000 in processing fees, and USD $15,000 for the fifth dependent as well as each additional dependent.
Donation to the University of the West Indies (UWI) Fund - Available only to families of six or more, donating to the UWI Fund not only "[qualifies] six applicants for citizenship," but also entitles "one family member [to] receive a one-year scholarship to the university," says Vojinovic. The contribution of USD $150,000 includes all processing fees, but families of seven or more will have to pay USD $150,000 plus USD $15,000 processing fees each for the seventh and additional applicants.
Invest in Real Estate - Those opting for an investment and Antiguan and Barbudan real estate must select from government-approved projects, with a value of at least USD $400,000. There are also processing fees of USD $30,000 for a family of four or less, plus USD $15,000 for each additional applicant.
Business Investment - The most expensive option of the four requires the main applicant to invest in a government-approved business of at least USD $1,500,000, or a minimum of two people making a joint minimum investment of at least USD $5,000,000 in a government-approved business. With joint investments, each partner must contribute at least USD $400,000 to reach that USD $5,000,000 minimum. In addition, processing fees cost USD $30,000 for families of four or less, plus USD $15,000 per additional applicant.
You should also be aware of the additional passport fees, says Vojinovic:
Due Diligence Fees: "USD $7,500 per adult applicant, USD $2,000 per dependent aged 12-17 (under 12 is free), USD $4,000 per dependent aged 18 or older."
Passport Fees: "Every person in your family who needs a passport will have to pay USD $300."
Agent Fees: "Whatever fee you agree upon with the authorized agent or an agency, you’ll have to add it to the total cost of obtaining an Antiguan passport. This will usually range from USD $40,000 to USD $70,000."
Is Citizenship by Investment in Antigua & Barbuda right for you? Only you can decide that. If you believe this program is the right choice for you, then you should begin by making sure you meet the standard requirements. You must be at least 18 years of age, with no criminal record, be of good character, be in good health, possess verification of a livable income obtained legally (no drug dealing, money laundering, etc.), and not be a threat to Antigua & Barbuda's national reputation or security. You also cannot be under any sanctions or entry bans in the EU, the US, the UK, or Canada.
How does the process work? Let’s break it down, step-by-step:
Assemble your documents. Vojinovic tells us an applicant will need a "police certificate proving that you don’t have a criminal record, a copy of your passport, a marriage certificate, a birth certificate, and a few others too. All of your documents should have an apostille so that they can be legally used in Antigua and Barbuda." An apostille, according to the U.S. State Department, is someone who certifies and authenticates "the seals and signatures of officials on public documents such as birth certificates, court orders, or any other document issued by a federal agency or certified by an American or foreign consul."
Find an Authorized Representative and Licensed Agent. The program website has lists of Authorized Representatives and Licensed Agents available to the public for free. You must "apply with your advisor or individually via an authorized agent," writes Vojinovic. "You will have to pay 10% of the government fee (so $3,000 if you’re going the donation route) to start the application process." In addition, "real estate investors will need to provide a sale agreement," and "business investors will need to get their project approved."
Submit your documents and application materials, and wait. Expect the due diligence process to take as long as three months to be completed by the Antiguan government.
Receive your Certificate, and pay any remaining fees. "From the day that the Certificate of Registration of Citizenship is issued, you will have 30 calendar days to finalize your investment and pay all the fees."
Receive your passport. You will have to "visit an Antiguan Embassy, High Commission or a Consular office to take an oath of Allegiance and physically receive your passport," Vojinovic informs us. Your new passport will be valid for five years, and "during that time, you must visit and spend at least five days in the country to be able to extend the passport once it expires. All subsequent passports are valid for periods of 10 years." This could be easily accomplished with a week-long vacation once during the five-year period, or a once-annual trip over a long weekend. (Remember that you don’t have to have to own a residence there, because there’s no residency requirement. You can just stay at a resort or hotel in Antigua.)
Obtaining second citizenship is a big step in your journey to Escape From The West. Once you have your second passport, and a residence outside the West, you’ll be able to begin the process towards renouncing your U.S. or other Western Citizenship. It is then, we believe, that one can enjoy true freedom and prosperity.