New structure of fees for CIP to take effect from August 1
People applying for Antiguan Citizenship through the Citizenship by Investment Programme (CIP) will pay more as of August 1st.
The increase will be applied to the minimum investment, which will be increased from US$ 100,000 to $200,000 and the investment options.
Finance Minister Gaston Browne piloted the resolution in the Lower House on Thursday. He said the changes align with a harmonised approach adopted by several OECS Member states offering economic citizenship.
The participating states signed a Memorandum of Understanding (MOU) last month.
“The floor minimum investment is now US$200,000. Now the members of the honorable house would recall that previously we were at US$200,000 what had happened to all the programmes except St Kitts and Nevis were at US$ 100,000 and we found it difficult to compete. At one-point investments dwindled to about 3 files per month,” Browne said.
The territories also agreed to the establishment of an independent regulatory body to assist in developing and enforcing standards as well as to monitor compliance.
“This is to ensure that due diligence information is shared. So, an applicant cannot be rejected from a programme and be successful in the next. So, that type of information sharing is certainly important,” the finance minister added.
The promotional aspects of each programme will also be tweaked.
The investment options will also attract an increase as of August 1st.
This story was first published by Antigua News on : antigua.news/2024/07/19/new-structure-of-fees-for-cip-to-take-effect-from-august-1. © 2024 Antigua News. Republication without permission is not allowed.
About the author
The Editorial Staff refers to all reporters employed by Antigua.news. When an article is not an original creation of Antigua.news—such as when it is based on a press release, other media articles, letters to the editor, or court decisions—one of our staff members is responsible for overseeing its publication.
Read our editorial standards and corrections policy. Spotted an error? Contact the newsroom.
More from Antigua and Barbuda
View section
Teen Charged Over Tindale Road Burglary
Police say cash and property valued at EC$9,171.50 were stolen from a home on October 15.
By Shermain Bique-Charles
Browne Pursues Renewable Energy Partnerships and Long-Term EV Programme in Australia
Talks in Perth centre on a proposed OECS energy initiative, investment opportunities and plans to extend electric vehicle use beyond CHOGM.
By Shermain Bique-Charles
Sir Ronald Sanders Receives Ukraine’s Order of Merit for Defence of Sovereignty
Antigua and Barbuda’s ambassador honoured for diplomatic leadership at the OAS and support for Ukraine’s territorial integrity.
By Shermain Bique-Charles
Scottish Bagpipers and Caribbean Steelpan Musicians to Unite for One Commonwealth Night
A unique musical collaboration featuring Scottish bagpipers, Caribbean steelpan performers and an orchestra will highlight cultural unity during the November 2 celebration in Antigua and Barbuda.
By Cory Wayland
Comments
Be the first to comment.