Who are Antigua's citizenship investors today?

Thought Leadership by Kaline Kennard, Managing Director, Citizens International

From the man who has built a simple yet successful spice trading business between India and Africa to the well educated woman based between Switzerland and Tel Aviv who earns her income strategically investing in international stock markets, there is a broad array of individuals worldwide who are attracted to becoming citizens of Antigua & Barbuda.

It appears a shift is afoot in the motivations for a second citizenship here, however, and the source market for such clients.

Fifteen years ago, the market for Caribbean citizenship by investment programmes was predominantly Asian. Thereafter, we saw an expansion to the Middle East and CIS region and, in recent years, a bloom of interest from the West African market. These markets remain strong for the Antigua & Barbuda programme, and all remain primarily motivated by travel benefits – let’s not forget that Antigua & Barbuda passport holders can travel to over 140 countries, including the UK and Europe.

These same applicants, however, harbour secondary and even tertiary motivations that are gaining importance in their decision matrix. I refer to personal safety – having somewhere to go if needed, and lifestyle improvement – life on a tropical island such as Antigua & Barbuda is enticing as the country continues to develop and improve, sometimes even offering things the leading nations of the world no longer do.

WHERE DO TODAY’S INVESTORS COME FROM?

In 2022, our clients for the Antigua & Barbuda Citizenship by Investment Programme (CIP) came from 16 countries and counting, with enquiries from well over 40 countries.

However, it’s evident there has been a major shift in provenance that escalated with the C-19 era. In a nutshell, we’re seeing a growing number of North Americans and western Europeans desirous of Antigua & Barbuda citizenship.

These are individuals who would previously barely entertain a conversation about a second passport, stating confidently, “I don’t need that” – a refrain I’ve heard repeatedly. I understood, being blessed with two ‘first world’ passports myself, the built-in sense of security. However, in recent years we have all seen significant shifts in the world.

During the pandemic, many international borders became difficult to cross without an alternative citizenship. Social division is inflamed, nationalism is on the rise and every week we hear concerns from our western clients for the next generation. Some of our North American and European clients are looking to Antigua & Barbuda as a place that might yet survive the ravages of what they see as a catastrophic pathway for western society.

The economic effects of these new western citizens over the next decade will be pronounced in the twin islands. Almost all our North American and European citizenship applicants will buy a home, spend extended periods of time on the island, contribute to their local community, and start businesses.

Whether or not that’s true, I know that today’s lifestyle in Antigua is attracting increasing numbers of international people who want to become citizens and thereby protect their freedom and right to live here and contribute to its economy to boot. Their commonality being their dissatisfaction with their home countries and their equally strong desire for a better quality of life, and let’s not forget lower taxes.

Of the hundreds of conversations our team has had with North American and European clients these past few years, the desire to potentially live in Antigua and improve one’s lifestyle for mental and physical health reasons has been key. The twin islands’ climate alone offers one of the most attractive lifestyles anywhere in the world.

The explosion in wealth and remote work technology has underpinned this. The result is that our clients’ profiles have shifted from the Shanghai factory owner or the Lagos gas stations owner, both of whom desire visa-free travel benefits, to the CEO from Toronto who is hedging his bets against a perceived looming ‘nanny’ state, can work remotely and wants his kids to grow up barefoot on the beach, whilst enjoying lower taxes.

The economic effects of these new western citizens over the next decade will be pronounced in the twin islands. Almost all our North American and European citizenship applicants will buy a home, spend extended periods of time on the islands, contribute to their local community here, and start businesses.

As a group, I believe they will drive one of the most significant economic contributions the country has ever seen - attracting more and more like them and ultimately helping to stem the long-lamented ‘brain-drain’ of talented young Antiguans - and more besides.

We think this rising tide will lift all boats, and now is a wonderful time for Antigua & Barbuda. We continue to proudly champion the island on the international stage and firmly believe that all Antiguans and Barbudans will collectively benefit from the country being a secure, multicultural, developing paradise.