The past 12 months have not been easy in Antigua & Barbuda. The country started strong with 187 applications to its Citizenship by Investment program between January 2017 and June 2017. That brought the island’s total applications up to 1,121 applications since the program first began in 2014.
But that early momentum was shaken when the island was particularly hard-hit by the Atlantic Hurricane Season. Hurricane Irma made landfall on Barbuda in September 2017, destroying an estimated 95% of the structures on the island.
Rather than be discouraged, Prime Minister Gaston Browne chose to view the destruction caused by the hurricane as an opportunity to rebuild the island with better infrastructure. Antigua & Barbuda also used the opportunity to rebuild to adopt a green island concept with a focus on alternative energy sources as well as organic agriculture.
The destruction of much of the island was also an opportunity for the Caribbean to rally together. Countries like St. Kits & Nevis who weren’t as hard hit used the opportunity to restructure their CBI programs to allow funds collected to be used toward repairing and rebuilding their neighbours like Antigua & Barbuda.
Antigua & Barbuda also restructured their CBI program to allow for more income to flow in the short term to help boost cashflow to aid in rebuilding. The threshold for the National Development Fund option for the Citizenship by Investment program was lowered from $200,000 to a $100,000 for a family of 4 and $125,000 for a family of 5 and more. Fees have also been reduced from $50,000 to $25,000 for a family of four.
As for interested investors, 2018 offers an exciting opportunity to be part of rebuilding the nation of Antigua & Barbuda to be stronger than before with better infrastructure and improved services.
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