The government has warned that Antigua and Barbuda’s Citizenship by Investment Programme (CIP) could suffer a significant setback if the country loses visa-free access to Europe’s Schengen Area, describing the travel privilege as one of the programme’s key selling points.
Gov Warns Visa Threat
The warning came as Cabinet continued discussions on the European Union’s proposal that Caribbean countries phase out their Citizenship by Investment programmes, with Antigua and Barbuda maintaining that it will continue to defend the initiative while engaging European officials.
Responding to questions during last Thursday’s post-Cabinet media briefing, Director General of Communications Maurice Merchant acknowledged that unrestricted access to the Schengen Area is an important factor for investors seeking Antiguan and Barbudan citizenship.
“The Antigua and Barbuda Citizenship by Investment Programme prides itself on the Antigua and Barbuda passport being able to grant visa-free access to a number of countries, and these countries include the Schengen countries,” Merchant said.
“Removing visa-free access from Antiguans and Barbudans or Antiguan and Barbudan passport holders would significantly impact the Citizenship by Investment Programme.”
Citizenship by Investment programmes allow qualifying foreign investors to obtain citizenship in exchange for approved investments. Antigua and Barbuda’s programme has become one of the government’s largest sources of non-tax revenue, helping to finance infrastructure projects, climate resilience initiatives and debt reduction. Cabinet this week reaffirmed that the programme has played a critical role in supporting national development without imposing additional taxes on citizens.
Merchant said the government does not accept that Antigua and Barbuda’s programme poses the risks suggested by the European Union and intends to continue discussions rather than dismantle the initiative.
“The government believes that it should not be dictated to,” he said, adding that Antigua and Barbuda would continue collaborating with European officials while protecting its sovereign right to determine its own economic development policies.
He also rejected suggestions that Antigua and Barbuda operates a weak vetting system, telling reporters that industry representatives who attended Wednesday’s Cabinet meeting argued the country’s due diligence process is among the most rigorous in the region.
According to Merchant, stakeholders reported that while some competing jurisdictions process citizenship applications in about six months, applications in Antigua and Barbuda can take as long as 24 months because of extensive background checks.
“They complain of 24 months being taken to process some applications, and that’s due to the due diligence that Antigua and Barbuda incorporates into its Citizenship by Investment Programme before granting citizenship,” he said.
Government says it will continue working with its OECS partners to develop a coordinated regional response while maintaining dialogue with the European Union in an effort to preserve both the country’s Citizenship by Investment Programme and visa-free access to the Schengen Area.
