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Antigua & Barbuda becomes latest Caribbean country to sell citizenship to int'l investors

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(Globalpost/GlobalPost)

KINGSTON, Jamaica - The struggling country of Antigua

The twin-island nation of some 90,000 inhabitants started accepting applications last week for its citizenship-by-investment program, which is closely modeled on the one offered by nearby St. Kitts

Prime Minister Baldwin Spencer said the revenue will help put the country "on the road to sustainable growth and development." The nation was slammed by the 2008 global economic crisis and the subsequent collapse of the financial empire of convicted fraudster R. Allen Stanford, who based his Stanford International Bank on Antigua and was once the country's largest private employer.

Spencer called for islanders who are hesitant about the concept to "trust your government." He said the program "should in no way jeopardize the integrity of the national passport" as critics have asserted.

A foreigner can qualify for Antiguan citizenship with a $250,000 donation or with a real estate investment of $400,000. A business investment of $1.5 million can also qualify. There are government processing fees of $50,000 for applicants and due diligence costs for background checks.

An Antigua

The strategy is part of a trend in the Caribbean. For years, St. Kitts

"Investor visas" are offered by many nations across the globe, including the U.S. and Britain. But the Caribbean countries offer a very fast path to full citizenship at a relatively low cost. The whole process, including background checks, can take as little as 90 days in St. Kitts, where there's no need to ever live on the islands, or even visit.

Some Caribbean leaders are opposed to the sale of citizenship, arguing that it undermines the integrity of their country's passport and could dilute national identity. "When you start to sell your citizenship, you will sell anything," St. Vincent

In Antigua, Spencer said all applications will be carefully reviewed and he's confident the program will be rigorously managed. He is required to submit a report to lawmakers in six months on how the program is working.

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David McFadden on Twitter: http://twitter.com/dmcfadd

http://www.globalpost.com/dispatch/news/the-canadian-press/131014/antigua-barbuda-becomes-latest-caribbean-country-sell-citize