SUMMARY OF RECOMMENDATIONS
a. FEATURES OF CITIZENSHIP BY INVESTMENT: •
Citizenship, which confers the right to a passport being valid for a period of 5 years with application for renewal thereafter.
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Citizenship under this initiative comes with a residency requirement of at least fifteen days per year over a five year period. Citizens may opt to complete their residency requirement in any one year of the five year period.
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Purchase of a previously held property in a designated zone would not confer automatic eligibility for citizenship.
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The right to vote is not automatically conferred through the CIP. The provisions of the Representation of the People’s Act will apply.
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The CIU reserves the right to interview any applicant.
b. ELIGIBILITY REQUIREMENTS: •
Applicants may have to present themselves for an interview on completion of the due 1
diligence process and receipt of a favorable report. The Citizenship by Investment Unit (CIU) reserves the right to interview every applicant. Every successful applicant must appear in person in Antigua and Barbuda at the CIU to collect his/her passport and to take the Oath of Allegiance. •
A certificate of good health must be presented by the applicant.
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Individuals convicted of the crimes listed hereafter would not be eligible for consideration:-crimes against humanity, drug trafficking and related offenses, sexual offenses, capital offenses, money laundering, terrorism and its financing, human trafficking, migrant smuggling and piracy, or any immigration offence that led to a denial of visa, refusal of admission at port of entry, or deportation.
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There would be no automatic disqualification of specific jurisdictions, however in the national interest the Government could impose restrictions if necessary and these restrictions should form the basis of the policy guidelines established prior to the launching of the CIP.
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Applicants must deposit 100% of the contract sum after due diligence is completed.
A risk-based approach can be used to determine the need for an interview.
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There will be a physical presence requirement of a minimum 15 days annually or 75 days over a 5 year period. Where on application for renewal of a passport it is determined that the CIP citizen has not fulfilled the physical presence requirement, they would be required to comply prior to renewal.
c.
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Applicants may be 18 years or older.
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Dual (multiple) citizenship is allowed.
INVESTMENT QUALIFICATIONS FOR CITIZENSHIP:
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Applicants for citizenship must acquire property of at least US$400,000.00
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Contributions to the NDF and CF would be US$200,000 minimum (for a single applicant
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Business investment for citizenship would start at US$1.5M
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Multiple applicants may invest in a business not less than US$4 million each person contributing not less US$400,000.00 each
d.
REVOCATION: Antigua and Barbuda retains the right to withdraw citizenship obtained under the CIP if a citizen by investment fails to retain ownership of the real estate that prequalified him for citizenship, commits a crime on the territory of Antigua and Barbuda or elsewhere, has become a threat to national security and/or it has become evident that he/she had made one or more material false statements in the course of application.
e.
FEES There are three types of fees payable under the programme: Due Diligence, Processing and Commission. Due Diligence fees are the direct cost of assessing the worthiness of applicants. In addition to making an investment, the principal applicant and family members pay a Processing fee per person. The Commission is the amount paid by the applicant to Citizen by Investment Agents whose clients meet successfully apply and are granted citizenship.
f.
SPECIAL AREAS: RESORT DISTRICTS
The Task Force strongly recommends that only designated zones be considered eligible under the real estate component of the CIP. The developments in the zones recommended by the Task Force can be found in Appendix 1.
g.
DUE DILIGENCE:
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Outsourcing: The Task Force recommends that this function be
outsourced to
experienced international firms which currently provide the services to other jurisdictions that provide citizenship by investment. Additionally, the service providers must be those used to provide due diligence services to first world Governments and major financial institutions. •
Potential candidates: The Task Force interviewed and entertained presentations from Kroll, Ernst and Young (New York), IPSA International and Risk Advisory Group and recommends them as potential service providers.
h. INSTITUTIONAL SETTING: Citizenship by Investment programmes are treated as a pivotal strategic business development matter. The Task Force recommends that the Citizenship by Investment Unit be placed under the Prime Minister’s portfolio. This Unit must have a separate location from the Prime Minister’s Office.