In this interview, Mrs. Charmaine Quinland-Donovan, CEO of Antigua & Barbuda’s Citizenship by Investment Unit (CIU), provides insight into the recent changes to investment thresholds under the country’s Citizenship by Investment Program (CIP). She discusses the motivations behind these changes, the benefits they bring to the nation, and exciting future developments for the program.
Dominic Hale: What can you tell us about recent changes to investment thresholds in respect of Antigua & Barbuda’s Citizenship by Investment Program (CIP) and the rationale behind this development?
Mrs. Charmaine Quinland-Donovan: In 2017, the international community publicised their concerns about the changing trends in the regional CIPs which they characterised as a “race to the bottom”. Since then, the scrutiny has been relentless and the international community’s concerns regarding transfer risks to their borders, resulting from the operation of these programmes by jurisdictions with visa-free access, have been amplified. Following continuous discussions, the heads of the Organisation of Eastern Caribbean States (OECS) countries with CIPs collectively agreed in March 2024, to elevate and align the standards of the programmes through six main initiatives. The first of these initiatives was the establishment of a minimum threshold of US$200,000 for investment options under the Programmes.
For Antigua and Barbuda, this translates to greater interests from more savvy investors as the offerings under our programme continue to be the most diverse. It is common place for investors under our programme to deepen the relationship with the twin-island nation, post approval, through additional investments in opportunities which align with their long-term goals.
Shirley Heights, Antigua and Barbuda
Increased interests in skills sharing is also a likely outcome of this development. We have noticed a growing trend with citizens through the programme expressing interest in volunteering their skills in medicine, for example, during their vacation period. As the programme attracts investors with specialist skills with greater consistency, we expect to see more of our new citizens offer to share their talents while establishing physical connections with the country.
Of course the most immediate benefit of the change is greater revenues. It is no secret that the programme generates much needed foreign direct investment to support Antigua and Barbuda’s economy and accounts for approximately fifteen percent of the country’s GDP. Many notable achievements have been made possible as a result of these inflows. As a small island developing state, opportunities to diversify the economy are very limited, and as have been seen before, it only takes a hurricane or a pandemic to deleteriously impact our main economic driver, tourism. Therefore, the increased revenues are welcome.
Dominic Hale: What other recent current or forthcoming developments pertaining to Antigua & Barbuda’s CIP are you most excited about for their capacity to enhance the jurisdiction’s offer?
Mrs. Charmaine Quinland-Donovan: The Citizenship by Investment Unit is at an advanced stage of a major software upgrade which will significantly enhance the way stakeholders interact with the Unit, as well as the overall experience for programme investors. Having effectively honed our processes over the years, the focus is currently on enhancing automation and efficiency while maintaining the high standards of probity for which Antigua and Barbuda’s programme has been renowned. My team and I are truly excited about this development as it underscores our collective goal of delivering the highest standards of service.
As previously shared, we are also excited about the calibre of investors these changes attract. Of the regional programmes, Antigua and Barbuda offers the most diverse options and untapped opportunities for each investor, no matter their stage in life. This makes us uniquely attractive, especially when you juxtapose these opportunities with the country’s high quality stock of real estate, modern infrastructure and accessibility. Airlift to and from Antigua is unmatched in the Eastern Caribbean. There are several daily flights from the United States of America, and the United Kingdom, and weekly flights from Canada. It is no wonder Antigua and Barbuda continues to be the number one choice for second citizenship.
“Antigua and Barbuda offers the most diverse options and untapped opportunities for each investor, no matter their stage in life.”
Dominic Hale: What would you point to that serves to elevate and distinguish Antigua & Barbuda’s CIP from other programmes within the region and elsewhere across the globe?
Mrs. Charmaine Quinland-Donovan: Antigua and Barbuda’s Citizenship by Investment Programme is regarded as the most stable and transparent of the regional programmes. Cognisant of the aeonian importance of inflows from this programme to Antigua and Barbuda’s economy, the administration of the programme has been approached in a manner which secures its sustainability. These sustained efforts have resulted in industry participants lauding Antigua and Barbuda’s Programme for its integrity and consistency.
As is turns out, the industry is attracted to integrity, transparency and consistency. Investors are more likely to be attracted to a programme that consistency delivers as expected. They like to know that the due diligence process is robust so that it weeds out illicit actors thereby minimising the possibility of large scale revocations which are synonymous with inconsistent processes and/or superficial background checks.
Additionally, of the regional programmes, Antigua and Barbuda is the only programme which requires the investor to establish a genuine connection with the country within the first five years of obtaining citizenship. Successful applicants of the programme are required to swear an Oath or pledge Allegiance to the nation state, and visit their new country of citizenship for a minimum of five days. Not only does this set aside the perceived transactional nature of these programmes, but is also provides further economic benefits to the country occasioned by the use of transportation, accommodation, and the like.
Dominic Hale: Looking ahead, how do you anticipate the global investment migration landscape will change? Are you confident that Antigua & Barbuda is well positioned to nimbly adapt and pivot to any new dynamics, such as evolving investor motivations?
Mrs. Charmaine Quinland-Donovan: As signalled by the March 2024 collective agreement, we can expect to see further harmonising and strengthening of the CIPs in the region. Competition will likely be concentrated on the geographic attributes of each country and the general attractiveness of their individual economies and investment climate. As the inherent risks associated with these programmes continue to be highlighted, globally, we will all be compelled to converge on the best standards side of the investment migration sphere.
The evolution of the Antigua and Barbuda’s programme has been largely influenced by the needs of investors in the industry. Our responsiveness to client needs has earned us the recognition of being the best family-oriented programme available. How we streamlined our processes to ensure the Unit remained open and functional throughout the Covid-19 pandemic exemplifies the pace with which we are able to pivot to serve our clients and the needs of the country. Antigua and Barbuda has the demonstrated ability to be strong on policies, standards, and compliance with legal and industry requirements, yet sufficiently nimble to institute required changes in our processes in response to the varied shocks which confront the investment migration industry.
Antigua and Barbuda is familiar with no other way of conducting the CIP business than to consistently apply best standards and practices. I can therefore confidently say that we are well positioned to rise with the tides as we continue to perfect what we do. Upon completion of the software upgrade, another positive check will be marked our “score sheet”.
For more information visit: https://cip.gov.ag/
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