Effective August 1, 2024, the Antigua and Barbuda Citizenship by Investment Unit will implement pivotal amendments to its program, as outlined in the Citizenship by Investment (Amendment) Regulations 2024, No. 50. These modifications are part of a broader strategy to make the program more attractive and accessible to international investors and their families. Here’s what potential investors need to know about the upcoming changes.
Continuation of Existing Investment Terms
Firstly, the current investment thresholds and associated fees will remain unchanged until July 31, 2024, at 11:59 p.m. AST. This provides a narrow window for applicants wishing to capitalize on the existing conditions before the new regulations take effect. Apex Capital Partners advises clients to expedite pending applications to take advantage of the current terms.
Key Regulatory Amendments
Starting August 1, the program will see several significant changes. These include adjustments to the definitions of dependents, which aim to broaden the inclusivity of the program. The age limit for dependent children and spouses included in applications is now 35 years. This change simplifies the application process for families and enhances the program’s family-friendliness.
Additionally, a notable amendment is the introduction of an ‘alternate main applicant’ feature. This allows the primary applicant to designate another family member as an alternate who can perform required actions on behalf of the main applicant in cases of incapacitation or death, provided they are at least 18 years old.
Revised Investment Thresholds and Fees
The program’s investment thresholds have been recalibrated. The minimum investment required for real estate purchase is now US$300,000. Contributions to the University of the West Indies Fund are pegged at US$260,000, including processing fees, while donations to the National Development Fund start at US$230,000. The investment requirements for business ventures remain unchanged.
The fee structure has also changed. The processing fees for a single applicant have increased to US$10,000 and US$20,000 for a family of up to four, with additional members incurring extra costs. Due diligence fees and associated costs are detailed to ensure transparency and aid applicants in their financial planning.
Implications for Investors
These amendments should enhance the attractiveness of the Antigua and Barbuda Citizenship by Investment program. By simplifying family inclusion and adjusting financial thresholds, the program aims to remain competitive in the bustling market of investment-based citizenships.
Apex Capital Partners remains committed to guiding its clients through these changes, offering expertise and support to navigate the evolving landscape of global investment opportunities. As these amendments come into force, prospective investors are encouraged to consult with their dedicated relationship managers at Apex to ensure a smooth transition under the new regulations.
