The Caribbean island of Antigua and Barbuda is becoming a preferred destination for UHNW billionaires from all over the world who are interested in its investment immigration program. The list of high-profile billionaires include Australian billionaire James Packer, movie star Robert De Niro, members of the royal family from Middle Eastern countries, billionaires from China, and the daughter of the late Baron Rothschild.<\/p>\n
These wealthy individuals are investing in high-profile ventures like a 7-acre beachfront holiday home, renovation of Barbuda\u2019s K-Club hotel, and development of a luxury resort that will be spread over 36-acres of prime real estate on the beaches of Antigua and Barbuda.<\/p>\n
This trend of wealthy A-listers making tourism-related investments in Antigua and Barbuda began with the Chinese billionaire owner of the Yida Group who initiated a billion-dollar project to build a 1600-acre mega resort in the country. This venture is expected to host holiday homes, marinas, as well as the region\u2019s biggest casino.<\/p>\n
Growing interest in the country\u2019s Citizenship by Investment program has led to a 2.1% increase in the Ultra-High Net Worth population of the country. A UHNW individual is one who owns assets in excess of US $30 million. This surge in UHNW population is attributed to the formal introduction of an investment immigration program by the country\u2019s government in 2013.<\/p>\n
Antigua and Barbuda scores over St. Kitts and Nevis and Barbados, other nations that offer citizenship via investment in the region, by combining low tax rates and attractive business prospects with the benefits of a second passport offered without onerous residency conditions.<\/p>\n
The country\u2019s investment immigration program requires either a US $1.5 million business investment, investment of US $400,000 in a real estate project that has been approved\u00a0by the government, or a one-time donation of US $250,000 to the National Development Fund. The latter is the most-preferred option amongst investors.<\/p>\n
Those holding the Antigua and Barbuda passport are entitled to visa-free travel to 130 nations including developed countries like the UK, Hong Kong, Canada, and Singapore. The program imposes a minimum residence requirement of 35 days per year along with the rule requiring investment to be maintained for at least five years.<\/p>\n
The head of the Citizenship by Investment program has indicated that half the demand for the program comes from Chinese applicants. Next are applicants from the Middle East while a small number of European and American investors too are interested in the citizenship program. Chinese applicants prefer this program due to its low cost and the benefit of hassle-free travel privileges.<\/p>\n
Authorities expect to receive around 200 applications per year with a relatively short processing period of just three months. According to a 2015 report, there are around 1160 Ultra-High Net Worth individuals residing in the region with close to 70% of such individuals coming from a country outside the region.<\/p>\n
Benefits of second passport apart, the Caribbean region offers the potential of attractive returns at a low cost to real estate investors. Prices of luxury homes in the region are significantly below the 2008 highs despite rising by 9% in 2014. This has led to growing interest in big-ticket real estate and property development deals amongst investors from all over the world. Waterfront properties, which are relatively rare in other countries, are available in large numbers in Antigua and Barbuda and other nations in the region.<\/p>\n
Another factor that is contributing to growing interest in the investment immigration program is the government\u2019s efforts to improve tourism infrastructure in the country. 4G connectivity, better roads, overhaul of the St. John Port, construction of a new International terminal targeting a three-fold increase in tourist throughput over the next 15 years, improved air connectivity, and more hotel rooms are some measures that have improved the overall quality of living in the country, especially for UHNW individuals.<\/p>\n
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