Antigua and Barbuda is experiencing an increase in applications for citizenship through investment (CBI) programs. A lot of these prospective buyers are scrambling to get their hands on new passports. Nadia Dyson, owner of the International firm Luxury Locations, said as many as 70 percent of existing buyers want to secure citizenship. The overwhelming majority of these buyers are American. Wealthy people are showing greater interest to obtain foreign citizenship by investment. Often seen as a backstop against political risk and other market worries, this trend has sharply picked up steam.
Antigua’s Prime Minister Gaston Browne has been vocal about the positive effects of this new stream of revenue on his country’s economy. He explained that the profits made from these sales have been key in bringing the country back from the brink of insolvency over the last 10 years. Since its inception in 1993, Antigua’s CBI program has brought in more than $1 billion. That funding has underwritten several key infrastructure projects, opening the door to a state-of-the-art, new hospital.
Antigua’s CBI program allows successful applicants to hold on to their current citizenship while obtaining a new one through investment. The program’s real estate investment threshold, once as low as $200,000, has recently risen to $300,000. One can simply decide to give $260,000 to the University of the West Indies in Antigua.
The lure of Antiguan citizenship goes far beyond the tangible, short-term benefit of being able to buy property. Caribbean nations like Antigua and Barbuda offer access Passports give you visa-free access to almost 150 countries. This means the United Kingdom and the Schengen area of Europe. This feature is one of the reasons the program is so popular with U.S. citizens, who represent almost half of all applicants.
According to Dominic Volek of Henley & Partners, U.S. citizens were the most common applicants for CBI programs in the Caribbean last year. Their unprecedented interest in these opportunities has completely upended the market. He pointed out that less than 10-15% of applicants even move. The popular perception is that second citizenship represents a form of protection from a world full of uncertainties.
“Around 10-15% actually relocate. For most it’s an insurance policy against whatever they’re concerned about. Having a second citizenship is a good back-up plan.” – Dominic Volek
Volek noted that for some U.S.-based clients, it is advantageous to hold a passport from a country with a stable political climate. He admitted that the current political environment in the United States contributes to this trend.
“We don’t talk politics with them, but the unstable political landscape [in the US] is definitely a factor.” – Nadia Dyson
Dyson shared more on the changing reasons people are buying property in Antigua. He added that demand has changed dramatically in a 12-month span.
“This time last year, it was all lifestyle buyers and a few CBI. Now they’re all saying ‘I want a house with citizenship’. We’ve never sold so many before.” – Nadia Dyson
The Caribbean region is home to many powerful countries with CBI programs. These are Antigua, Dominica, St. Kitts and Nevis, Saint Lucia, and Grenada. Per country, each offers their own unique set of attractive incentives and demands on interested investors.
St Lucia’s Prime Minister, the Hon. Philip J. Pierre, mentioned his administration’s commitment to maintaining robust security vetting procedures in his country’s CBI programme. This new commitment will help save organizations from inadvertently supporting criminal behavior. Meantime, Prime Minister Roosevelt Skerrit of Dominica recently touted his country’s CBI program as being “sound and transparent.” He pointed to their present day work fending off efforts to compromise its integrity.
Henley & Partners states that interest in Caribbean CBI programs has increased by 12%. It’s an increase from the end of the fourth quarter 2024. The increase underscores the undeniable attraction of living the Caribbean lifestyle. Notably, it highlights the many economic and strategic benefits that come from acquiring dual citizenship.
Robert Taylor, the Canadian national who recently purchased real estate in Antigua. He intends to retire there this year. With his decision, he set an example that reflects a taste of what’s to come. Caribbean countries are inundated with foreign investors wanting to buy residence and even citizenship.
The fiscal resources raised through CBI programs have become crucial lifelines for governments throughout the Caribbean. Andre Huie, an expert in economic policies, stated that the public recognizes the economic value these programs bring and appreciates how governments utilize the funds for development projects.
“The public understand the value of it to the economy, and appreciate what the government has been able to do with the money.” – Andre Huie