ANTIGUA CIP AP­PLI­CA­TIONS UP 49% FOR 2018

The Star (St. Lucia) - Business Week - - TECHNOLOGY & TAXATION -

The Antigua Cit­i­zen­ship by In­vest­ment pro­gramme (CIP) is beat­ing records in 2018, with the first six months of the year hav­ing the great­est vol­ume of ap­pli­cants in the his­tory of the pro­gramme.

Ac­cord­ing to the the lat­est re­port re­leased by the Antigua & Bar­buda Cit­i­zen­ship by In­vest­ment Unit, the ap­pli­ca­tions to end June 2018 are at 278, up 49% from the 187 ap­pli­ca­tions in the first half of 2017. There is no doubt that the gov­ern­ment’s de­ci­sion to cut prices from US$200,000 to US$100,000 for up to a fam­ily of four is one of the ma­jor rea­sons for the record start to the year.

The high num­ber of ap­pli­cants may also have been in­flu­enced by the gov­ern­ment’s de­ci­sion to ac­cept cur­ren­cies other than just US dol­lars, such as Eu­ros, and soon they will ac­cept pay­ment in an as-yet-un­con­firmed cryp­tocur­rency.

The in­vest­ment into the coun­try dur­ing this boost to the num­ber of CIP ap­pli­cants has been quite healthy as a re­sult. Con­tri­bu­tions to the gov­ern­ment dur­ing this pe­riod, ex­clud­ing real estate and busi­ness in­vest­ment, are said to be over US$20 mil­lion. The re­port for the first half of 2018 also breaks down the na­tion­al­ity of the ap­pli­cants, with Chi­nese in­vestors lead­ing the pack at 31% of all ap­pli­cants.

This is fol­lowed by Syr­i­ans, Rus­sians and fi­nally Libyans com­bin­ing for the next 20% of ap­pli­cants.

With the US$100,000 price point for a fam­ily of four be­ing ex­tended by a fur­ther 12 months, the out­look is pos­i­tive for the sec­ond half of 2018. The ex­ten­sion of the dis­count pe­riod will un­doubt­edly con­tinue to make an im­pact on the num­ber of cit­i­zen­ship by in­vest­ment ap­pli­cants in Antigua & Bar­buda.

The Cit­i­zen­ship by In­vest­ment Pro­gramme was es­tab­lished fol­low­ing par­lia­men­tary as­sent to the Antigua and Bar­buda Cit­i­zen­ship by In­vest­ment Reg­u­la­tions 2014

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