CSL monthly Industry Updates
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Antigua & Barbuda Cuts Citizenship by Real Estate Investment Requirement by 50%
The Government of Antigua & Barbuda has announced a new Special Offer under the Citizenship by Investment Program, effective from May 1, 2018: Real Estate Investment Minimum Reduction by 50%
- US$400,000 qualifies 1 family
- US$400,000 qualifies 2 families
What does this mean to the clients?
Two (2) applications from related parties can make a joint investment, with each applicant investing a minimum of US$200,000 in order to qualify.
Terms & Conditions:
- All processing and due diligence fees remain unchanged.
- Special Offer valid until October 31, 2018.
- Real Estate property purchased during this time can be resold in 5 years under the CBI Program and qualify the next buyer for citizenship.
To see the list of all applicable fees visit: Antigua & Barbuda Fees and Requirements. To learn more about Antigua & Barbuda visit: Discover Antigua. With the above mentioned changes, Antigua is the second Caribbean jurisdiction to revise their RE investment minimum in 2018. Earlier this year Saint Kitts & Nevis has introduced a new investment option on a permanent basis – Fractional Ownership Real Estate Investment, where investment of US$200,000 qualifies an applicant with his family for a lifetime citizenship in Saint Kitts and Nevis. The full ownership investment option remains available as well. Get a free personalized quotation or talk to one of CSL advisors about the most viable Real Estate projects in Antigua.
Antigua Real Estate Offer FAQs
Below you will find answers to the most frequently asked questions on the new Real Estate 50% discount offer in Antigua & Barbuda:
- What is meant by the term “related parties”?
Parties are related by virtue of being represented by the same Licensed Agent and by having agreed to apply for citizenship under the Limited Time Offer (LTO) for the purchase of real estate to be jointly owned by themselves and the related applicant.
- What additional documentation is to be submitted by the Licensed Agent for applications under the LTO?
(a) A cover letter indicating that the submissions are LTO files and listing the names of the Principal Applicants which are jointly applying and their beneficiaries. (b) An affidavit from each applicant indicating their agreement to participating in the LTO. (c) An addendum to the Sales Agreement signed by both parties. This document should outline the basic terms of the LTO, the modality of ownership, rights of survivorship, and terms for disposition of property should either party wish to do so during the five year review period and thereafter.
- How will the Unit manage the processing of related party files where one party is approved and the other is denied?
If either of the related parties is denied, the application will be delayed for cause and the agent advised of a six (6) week period in which to identify a replacement applicant. The clock on processing will stop with relation to the application. Should a replacement not be identified and a complete file submitted within the specified period, the applicant may choose to switch to another investment option or retain the RE option under the higher (US$400,000)threshold. The Licensed Agent may also withdraw the file.
- Can related parties come from different Licensed Agents?
No. Related parties cannot be represented by different Licensed Agents.
- Is there a limit to the number of individuals per file under the LTO?
Applications under the LTO may be for families of no more than a Principal Applicant and three (3) dependents.
- What processing fees are payable under the LTO?
Each application will attract the customary processing fees, that is, US$50,000 for a family of four.
- If a unit is priced at US$800,000 can the agent submit four files?
Yes, a unit which is priced at US$800,000 can be purchased by four (4) related parties.
- Do the standing guidelines on the addition of dependents continue to apply?
Yes. The requirements and fees for the addition of dependents still apply.
Antigua Lowers Age Requirements for Dependent Parents
The Citizenship Unit has amended Citizenship by Investment Legislation as follows:
- Reduce the age requirements for dependent parents of the main applicant or his/her spouse from 65 to 58 years of age; and
- Remove the requirement for dependent children under 18 to visit Antigua and Barbuda for 5 days in the first 5 years. Please note however: Upon attaining the age of 18, the residency requirement must be fulfilled as well as the requirement to swear an oath or pledge allegiance.
How Can You Become a Dual Citizen?
The Citizenship by Investment Program (CIP) is an opportunity for qualifying individuals to legally obtain a new citizenship and passport in a relatively short timeframe via an investment into the country’s economy. To qualify for the Program applicants may either make a donation directly to a government fund or invest into government approved real estate projects. The funds are used to benefit local communities, build and create jobs, modernize infrastructure and stabilize the local economies of once struggling nations. Along with the second passport, Economic Citizenship programs allow investors obtain the associated benefits of dual citizenship, such as greater visa-free travel options, a broader array of investment and tax planning opportunities, gain personal security and privacy, all while investing in a country’s future. Caribbean CBI programs are by far the most time-effective and affordable programs of this kind in the world. In the Caribbean region Citizenship-by-Investment (CBI) applicants have a choice between 3 investment options and may select one which best meets their individual requirements:
Contact us today for a complimentary, no-obligation consultation and an all-inclusive cost breakdown. As an industry leader with 15+ years of Caribbean immigration experience, Corporate Solutions Ltd has the resources at our own disposal to provide the frustration free service that HNW clients are accustomed to expect, including your personal citizenship advisor, multi-language support, offices in various time zones and response to your enquiries within 24 hrs.
If you would like to receive more information or assistance preparing your Citizenship by Investment application, please feel free to contact us directly for a complimentary 30-minute consultation.