Categorized | Local, News, Regional

ANTIGUA Government clarifies position on CIP

Antigua, CMC – The Antigua and Barbuda government says advertisements placed by a United Arab Emirates (UAE) based company may have created a false impression that citizenship of the island could be attained by purchasing a house being sold by the company.

The Gaston Browne administration has dispatched an official statement to the UAE based Sweet Homes regarding the Citizenship by Investment Programme (CIP) through which citizenship is provided to foreigners who make a substantial investment on the island.

A government statement said that the statement to international partners, including the United States, Canada and the United Kingdom “was clear in pointing out the relationship between the Government’s CIP Programme and the Sweet Homes project.

“The Government of Antigua and Barbuda has a fully transparent, non-exclusive policy of licensing property developers with at least 1,000 condominiums to serve as suppliers for our National Development Fund (NDF) though our Citizenship by Investment Programme (CIP).

“These suppliers are paid a commission of 10 per cent of the US$200,000 that is collected from each successful applicant.”

The statement said that many countries have given exclusive rights to certain individuals and firms to promote their NDF programmes, but this is not so in Antigua and Barbuda.

“The government holds to the position that exclusivity could give rise to corrupt engagements.  Therefore, Cabinet, which is responsible for the administration of the programme, has decided not to enter into any exclusive arrangements.

“The Antigua and Barbuda CIP is administered by the Cabinet and not by a single Minister as a safeguard against any possibility of corruption.  All expenditures from the fund must be approved by the Cabinet as whole. This provision is enshrined in law. “

The statement said that each applicant for citizenship is subject to a rigorous due diligence process, involving internationally reputable agencies in the US, UK and Canada, to ensure that only persons of the highest standard of integrity are accorded citizenship and that such persons pose no threat to the security of all other countries to which citizens of Antigua and Barbuda travel.

“In the specific case of Sweet Homes, it cannot process applications.  It has to refer all applications to a local processor who is required to be an Antiguan citizen by law.  In turn, the application is scrutinised by the CIP in the manner described above.

“The government of Antigua and Barbuda wishes to make it clear that Sweet Homes real estate customers in Ajman do not qualify for citizenship under Antigua and Barbuda’s US$400,000 real estate which is applicable only to real estate projects domiciled in Antigua and Barbuda.”

The statement said that the government has been made “that Sweet Homes competitors have complained about the company’s advertising campaign in the Emirates and on its website, suggesting that the advertising gives the misleading impression that purchasers of the properties would be eligible for citizenship of Antigua and Barbuda.

“The government has instructed that all advertising for this and other projects by scrutinised by its CIP unit and that, where such advertising is found to be misleading, to discontinue it immediately.

“However, on the substance of Antigua and Barbuda’s CIP, Sweet Homes has been operating in accordance with the laws of Antigua and Barbuda including those governing the CIP.   Further, Sweet Homes has added a further layer of due diligence through its employment of the Chartered Accounting firm, Crowe Horwarth, to conduct due diligence on its own clients”.

Antigua and Barbuda’s Citizenship by Investment Programme is designed to attract foreign direct investment into key sectors of the economy such as tourism, financial services, marine services, information technology and IBC formations.

“Once investors meet the required qualifications, they become eligible for citizenship,” the statement noted.

Comments are closed.

TMR print pages

Newsletter

Archives

https://indd.adobe.com/embed/2b4deb22-cf03-4509-9bbd-938c7e8ecc7d

A Moment with the Registrar of Lands

Antigua, CMC – The Antigua and Barbuda government says advertisements placed by a United Arab Emirates (UAE) based company may have created a false impression that citizenship of the island could be attained by purchasing a house being sold by the company.

The Gaston Browne administration has dispatched an official statement to the UAE based Sweet Homes regarding the Citizenship by Investment Programme (CIP) through which citizenship is provided to foreigners who make a substantial investment on the island.

A government statement said that the statement to international partners, including the United States, Canada and the United Kingdom “was clear in pointing out the relationship between the Government’s CIP Programme and the Sweet Homes project.

Insert Ads Here

“The Government of Antigua and Barbuda has a fully transparent, non-exclusive policy of licensing property developers with at least 1,000 condominiums to serve as suppliers for our National Development Fund (NDF) though our Citizenship by Investment Programme (CIP).

“These suppliers are paid a commission of 10 per cent of the US$200,000 that is collected from each successful applicant.”

The statement said that many countries have given exclusive rights to certain individuals and firms to promote their NDF programmes, but this is not so in Antigua and Barbuda.

“The government holds to the position that exclusivity could give rise to corrupt engagements.  Therefore, Cabinet, which is responsible for the administration of the programme, has decided not to enter into any exclusive arrangements.

“The Antigua and Barbuda CIP is administered by the Cabinet and not by a single Minister as a safeguard against any possibility of corruption.  All expenditures from the fund must be approved by the Cabinet as whole. This provision is enshrined in law. “

The statement said that each applicant for citizenship is subject to a rigorous due diligence process, involving internationally reputable agencies in the US, UK and Canada, to ensure that only persons of the highest standard of integrity are accorded citizenship and that such persons pose no threat to the security of all other countries to which citizens of Antigua and Barbuda travel.

“In the specific case of Sweet Homes, it cannot process applications.  It has to refer all applications to a local processor who is required to be an Antiguan citizen by law.  In turn, the application is scrutinised by the CIP in the manner described above.

“The government of Antigua and Barbuda wishes to make it clear that Sweet Homes real estate customers in Ajman do not qualify for citizenship under Antigua and Barbuda’s US$400,000 real estate which is applicable only to real estate projects domiciled in Antigua and Barbuda.”

The statement said that the government has been made “that Sweet Homes competitors have complained about the company’s advertising campaign in the Emirates and on its website, suggesting that the advertising gives the misleading impression that purchasers of the properties would be eligible for citizenship of Antigua and Barbuda.

“The government has instructed that all advertising for this and other projects by scrutinised by its CIP unit and that, where such advertising is found to be misleading, to discontinue it immediately.

“However, on the substance of Antigua and Barbuda’s CIP, Sweet Homes has been operating in accordance with the laws of Antigua and Barbuda including those governing the CIP.   Further, Sweet Homes has added a further layer of due diligence through its employment of the Chartered Accounting firm, Crowe Horwarth, to conduct due diligence on its own clients”.

Antigua and Barbuda’s Citizenship by Investment Programme is designed to attract foreign direct investment into key sectors of the economy such as tourism, financial services, marine services, information technology and IBC formations.

“Once investors meet the required qualifications, they become eligible for citizenship,” the statement noted.