Health is Wealth

With one of the most robust economies in the Caribbean region and enjoying five consecutive years of economic growth, as you would expect, investment opportunities abound in the dual-island nation of Antigua & Barbuda. Given that the tourism sector is the backbone of the economy and accounts for 60 percent of the country’s GDP, unsurprisingly around 40 percent of investments are in this crucial industry. As the government is committed to diversifying its tourism offer and reducing seasonality through the creation of niche markets, the twin islands have once again put themselves on the international map; this time as the first wellness destination in the Caribbean.

The islands naturally provide the necessary ingredients associated with well-being, and investors are flocking to the islands to build luxury properties with a gamut of wellness facilities, increasing the offer in this booming sector. However, this small-but-mighty country’s plans go well beyond the wellness attractions of the incredible climate, beaches, spas, sporting facilities and healthy cuisine. A frontrunner in innovation; whether that be the first country in the Caribbean to ban single-use plastics, or the recently-launched innovation centre, Antigua & Barbuda’s bid to make the islands a regional centre for stem cell research and a major player in the medical marijuana industry may not be the first things that spring to mind when thinking about a small island nation of just 100,000 people. However, with the legislation on stem cell and medical marijuana that have come into force recently, the islands are preparing themselves for an influx of investment in these sectors where the worlds of medicine and wellness overlap.

As the islands gain a name for themselves in these niche and technical markets,it is expected that more businesses in the medical sciences sector will be attracted.

The cannabis industry is experiencing unprecedented global growth fuelled by worldwide legislative changes and scientific advances which demonstrate the potential therapeutic use of specific cannabis derivatives in treating a number of medical conditions. Antigua & Barbuda has a great deal to offer within the cannabis space, including ideal weather and soil conditions and cultivation expertise. With regulations in place to control the cultivation and production of medical-grade cannabis, the government is currently considering the first applications for licenses for production in the twin islands and anticipating many more. The economic potential for the islands is huge. With former world heavyweight boxer, Mike Tyson having recently visited the shores of the twin islands to explore investing in a luxury hotel, where guests will be able to enjoy medical marijuana treatments during their stay, the islands are finding themselves in the international spotlight and gearing up for increasing interest in this field.

To provide a framework and help garner investment in another worldwide medical and wellness revolution, the 2019 Stem Cell Bill was passed by parliament earlier this year. The new legislation will regulate stem cell research and therapy and the licensing of these facilities. With the first stem cell medical centre about to open, it is expected to pave the way for further investment in stem cell medical centres on the islands. Antigua & Barbuda is positioning itself to become a leading nation for stem cell treatments and research and a business cluster in this field will increase productivity and economic reward.

And it doesn’t have to stop there. As the islands gain a name for themselves in these niche and technical markets, it is expected that more businesses in the medical sciences sector will be attracted – a virtuous circle of investment begetting further investment along with talent and innovation. Education being at the heart of the government’s development strategy, finding qualified employees is not difficult either. In addition to the three medical schools, the University of the West Indies have recently opened their fourth campus in Antigua providing a steady stream of highly educated graduates. And let’s face it, who wouldn’t want to relocate to these gorgeous islands for the right job opportunity in any case? Daily flights to New York, Miami, London ensure that the islands are anything but remote. And for investors who choose to start their business through the country’s Citizenship by Investment Programme (CIP), the benefits can also qualify them for citizenship to a nation with visa-free travel to 165 jurisdictions. All going to show that in spite of its small size, Antigua & Barbuda just never stops surprising.