Following a severe reduction in the volume of applications for Antiguan citizenship by investment program (CIP) under the National Development Fund contribution option (NDF), Prime Minister Gaston Browne announced in parliament on Thursday October 12th, 2017 that the program would lower the contribution requirement from its current US$200,000 to US$100,000. A family of four will pay a contribution of US$100,000 as well as processing fees of US$25,000. This is a 50% reduction which becomes effective on November 1st , 2017.
 
The Prime Minister said that during the last two months, a mere three applications had been lodged under the National Development Fund contribution option (NDF). This means that during that time, the National Development Fund contribution option (NDF) only generated US$600,000 in revenue.

Browne said other countries such as Dominica have been doing extremely well with a National Development Fund contribution option (NDF) price at US$100,000 – so Antigua and Barbuda will now do the same. He added that Dominica’s NDF makes US$50 million per month.

Browne pointed out and said the 50% price cut was necessary to help fund the reconstruction of Barbuda, which has been left virtually uninhabitable after this season’s hurricanes.

As an example, under the National Development Fund contribution option (NDF) program, a family of up to four persons will now cost as follows:

• US$100,000 - National Development Fund contribution option (NDF)
• US$25,000 - Government Processing Fee
• US$15,000 - Due Diligence on Main applicant and Spouse
• US$1,200 - Passport Fee
• Total Cost : US$141,200*

*(Plus: Legal fees)

For Antigua and Barbuda, the real estate option will remain priced at US$400,000 and the business investment option will remain at US$ 1.5 million.

The reduction brings Antigua’s price into line with its competitors Dominica (US$100,000), Saint Lucia (US$100,000) and Saint Kitts & Nevis (US$150,000 for a single applicant, but as cheap as the others for families). It also means Grenada is now the most expensive Caribbean CIP, a premium that island may be able to justify on the grounds that it has a status as an E2 treaty country, unique to the Caribbean. Indeed, Grenada has seen tremendous growth in application figures even as neighboring programs have lowered prices.

In a controversial move, St Kitts and Nevis recently reduced the required contribution for its citizenship by creating a Hurricane Relief Fund under its CIP where an applicant can get citizenship for US$150, 000.

Saint Kitts & Nevis’ recent decision to offer a (6-month temporary) discount on its CIP just days following hurricane devastations on its sister islands sparked an uproar in which politicians and CBI-consultants accused Saint Kitts & Nevis of attempting to grab market share just at the moment when islands like Dominica and Barbuda needed CBI-revenue the most, accusations Kittitian PM Timothy Harris has dismissed.
 
For more information on Antigua and Barbuda’s Citizenship by Investment Program, please click here.
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