Latest / IMI Podcasts / Antigua & Barbuda Announces New Prices and Dependent Criteria

Transcript

Antigua & Barbuda Announces New Prices and Dependent Criteria · IMI Podcasts

• 0:00
  SPEAKER_00: The Antigua and Barbuda Citizenship by Investment Unit has announced amendments to its Citizenship by Investment Program regulations set to take effect on August 1, 2024.
• 0:11
  SPEAKER_00: The changes outlined in a memo issued by the CIU's CEO, Charmaine Donovan, include modifications to the definition of dependence, the designation of an alternate main applicant, and revised minimum investment thresholds and fees.
• 0:27
  SPEAKER_00: The amendments come as part of a memorandum of agreement executed by five heads of government of the Organization of Eastern Caribbean States Territories operating CIPs.
• 0:38
  SPEAKER_00: The MOA initially aimed to implement a minimum investment threshold of$200,000 by June 30, but Antigua and Barbuda requested an additional 30 days to complete the necessary parliamentary approval process.
• 0:53
  SPEAKER_00: Under the revised regulations, the amendment has expanded the definition of a dependent child to include biological or legally adopted children of the main applicant or their spouse up to 30 years of age.
• 1:06
  SPEAKER_00: Furthermore, it removes the requirement for dependent children to prove financial dependence.
• 1:12
  SPEAKER_00: Lastly, the legislation now allows for the addition of a spouse of a dependent who marries after the application is approved, provided the dependent is not older than 35 years of age at the time of applying to add the spouse of the dependent.
• 1:27
  SPEAKER_00: The amended regulations also introduce the option for a main applicant to designate an alternate main applicant at the time of application.
• 1:35
  SPEAKER_00: The alternate must be at least 18 years old and have the authority to act on behalf of the main applicant in case of the main applicant's death or incapacitation.
• 1:45
  SPEAKER_00: Minimum investment thresholds are now as follows real estate investment of$300,000, University of the West Indies Fund or Higher Education Donation of$260,000, inclusive of processing fees, National Development Fund donation of$230,000.
• 2:07
  SPEAKER_00: Investment in business unchanged at$1.5 million for sole applicants, or$400,000 from a total of$5 million if part of a joint venture.
• 2:18
  SPEAKER_00: The new legislation also revises processing, due diligence, and other fees.
• 2:24
  SPEAKER_00: Initial submission fees for a single applicant are$10,000.
• 2:28
  SPEAKER_00: For a family of up to$420,000.
• 2:32
  SPEAKER_00: For a family of more than$420,000 plus$10,000 per additional member.
• 2:38
  SPEAKER_00: Post-approval addition fees for dependent child up to$5 years are$10,000.
• 2:43
  SPEAKER_00: For dependent child aged$6 to$17 years,$25,000.
• 2:48
  SPEAKER_00: For a dependent aged$18 years and older,$50,000.
• 2:53
  SPEAKER_00: Finally, due diligence fees are as follows.
• 2:56
  SPEAKER_00: For a single applicant,$8,500.
• 2:59
  SPEAKER_00: For a spouse,$5,000.
• 3:02
  SPEAKER_00: For dependent child up to$11 years free.
• 3:04
  SPEAKER_00: For dependent child aged$12 tatters,$17 years,$2,000.
• 3:10
  SPEAKER_00: For dependents aged 18 years and older,$4,000.
• 3:14
  SPEAKER_00: While the revised minimum investment thresholds for Antigua and Barbuda's CIP are higher than the initially proposed$200,000, they remain lower than those announced in the CIU's June 27th memo.
• 3:27
  SPEAKER_00: The NDF option, for example, was previously proposed at$230,000 for a family of four and$245,000 for a family of five or more.
• 3:38
  SPEAKER_00: Similarly, the UWI fund higher education option was initially$300,000, and the real estate option was$325,000.
• 3:50
  SPEAKER_00: Antigua and Barbuda's 30-day postponement resulted from the country's legal process.
• 3:56
  SPEAKER_00: Parliament needed to approve the new legislation, which was not ready on July 1st.
• 4:01
  SPEAKER_00: While the reason for the delay was legislative, it did give Antigua and Barbuda time to assess the new price framework in the region, and the country may have adapted its prices accordingly.
• 4:13
  SPEAKER_00: This episode first appeared as an article by Ahmed Abbas on IMIDaily.com.
• 4:19
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry.
• 4:26
  SPEAKER_00: And consider upgrading your membership to IMI Pro to get insider access to networking opportunities, industry events, data, and members only content.