Exclusive or Exploitive? Antigua and Barbuda’s CBI Investment Controversy
Despite singing an MOA for a minimum investment threshold on CBI, Antigua and Barbuda continues to promote their programme at a lesser price.
18th of July 2024
Despite signing an MOA for a minimum investment threshold on CBI, Antigua and Barbuda continues to promote their programme at a lesser price.
Reportedly, while other nations have increased their investments, Antigua and Barbuda has still made its programme available at US $100,000 for another month. This is causing confusion and potentially trapping investors in fraudulent schemes.
Starting June 30 this year, five Caribbean nations renowned for their Citizenship by Investment (CBI) Programs announced the minimum investment threshold to US $200,000. These changes were implemented effectively from July 1, 2024, following a Memorandum of Agreement (MOA) signed earlier this year in March.
Despite the official increase, Antigua and Barbuda, along with its agents, continue to promote the program at a lower price.
They are encouraging individuals to secure their slots before August. Reportedly, they have advised applicants to submit all other documents later, promising citizenship regardless of when the documents are completed.
Associates Times has uncovered specific instances where agents continue to actively promote Antigua and Barbuda’s CBI programme at the old investment prices. Marketed as an “Exclusive Opportunity” to capitalize on what is being advertised as an expiring opportunity on 31 July 2024, these agents are leveraging urgency to attract investors.
This deceit not only undermines the integrity of the CBI programmes but also jeopardizes the financial security of individuals drawn to these seemingly lucrative offers.
Promotion and acceptance of CBI applications at lesser than the minimum investment threshold continues to concern the international partners. The international partners are upset over the recent conduct.
“If somebody is not submitting full documents, just giving in their name to hold the position at a lesser price, then this citizenship should not be considered legitimate. It is unethical to promote or grant citizenship at less price despite signing off an official document, promising to stand against underselling,” said an expert associated with the industry.
The international partners of Antigua and Barbuda, including key stakeholders and allied nations continues to express their deep concerns over the ongoing discrepancies within the CBI program.
In a move aimed at tightening controls and safeguarding the program’s integrity, they have urged the Antiguan government to accept only fully complete applications.
This directive specifies that all necessary documents must be in place at the time of submission; any applications lacking complete documentation by the July deadline will automatically be subject to the new, higher investment threshold.
This stringent requirement is intended to close loopholes that some agents might exploit, pushing applicants to rush incomplete filings under the pretense of securing the lower investment rate. The change is designed to ensure that all participants are fully compliant with the updated financial requirements, preventing any future legal or financial discrepancies that could arise from incomplete or delayed document submissions. This step not only aims to protect the integrity of the CBI process but also to safeguard potential investors from falling victim to misleading promises.
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