Correspondent banking may further impact Antigua Citizenship by Investment program
/“Part of the problem that the CIP has had is the movement of funds into the jurisdiction because of correspondent banking issues,” said Cabinet spokesperson Melford Nicholas at a meeting that week.
Despite a statement by an official representative, the Cabinet of Ministers said the Citizenship by Investment program showed good results in 2019, raising $ 120 million by October 2019. According to forecasts of the Cabinet of Ministers at the end of the year, the total revenue will amount to 132 million US dollars.
In the previous year, 2018, the country received $ 100 million, which is 32% less than this year. And 2017 showed a result of $ 67 million.
Find out more about Citizenship by Investment in Antigua and Barbuda
Melford Nicholas also said that “last year, we had to agree with the other CIP jurisdictions to lower some of the rates of trade and as a result of that, even though were processing a similar amount of files similar to the previous year, the yield has been less ".
Investments in the National Development Fund (NDF) for obtaining citizenship of Antigua and Barbuda were reduced to $ 100,000 in 2017. In 2016, these investments amounted to $ 200,000.
“If we’re able to get a throttle on the correspondent banking issue and the funds are flowing, I think that it will serve us much better than it has within the last two years,” the minister explained.
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