Antigua & Barbuda’s Citizenship by Investment (CIP) program is being tightened through a 2026 amendment to the Citizenship by Investment Act 2013. The changes introduce mandatory independent audits of the Citizenship by Investment Unit (CIU) and extend the post‑citizenship residency requirement from five days to a total of 30 days over a five‑year period.
Key amendments
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Audit requirements
- The CIU will undergo annual independent financial audits and biennial operational audits conducted in line with internationally accepted auditing and financial reporting standards.
- Six‑monthly reports must be submitted to the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA), while the CIU continues to report to Parliament.
- The CIU’s CEO is required to manage the program according to ECCIRA’s standards and directives.
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Residency requirement
- Successful applicants and their dependents must now spend 30 days in Antigua & Barbuda within a five‑year period, rather than the previous five‑day minimum.
- The 30‑day rule takes effect only after citizenship is granted and passports are issued; it does not require annual presence.
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Legislative context
- The amendment was presented by Prime Minister Gaston Browne in Parliament and is intended to align domestic law with the ECCIRA agreement, which the regional regulator is slated to launch in September.
- The residency change had already been applied administratively; the bill formalises it.
Reactions from industry observers
- Patrick Peters (Client Referrals) emphasizes that the 30‑day rule is 30 days total over five years, not an annual requirement, and expects minimal impact on the program’s attractiveness.
- Nuri Katz (Apex Capital Partners) warns that the added travel requirement could increase costs for families—potentially tens of thousands of dollars for a family of four—thereby exerting downward pressure on the program.
- Both observers view the audit provisions positively, citing greater transparency and stronger governance as essential for the program’s long‑term viability.
EU pressure and broader implications
- The European Commission has asked the five Caribbean CBI jurisdictions to phase out their programs by June 2028, offering a 24‑month transition period for negotiation.
- The EU’s European Travel Information and Authorisation System (ETIAS) is expected to serve as a pre‑screening layer for visa‑free travelers, similar to Canada’s Electronic Travel Authorization (eTA).
- Industry analysts suggest that jurisdictions demonstrating robust due‑diligence, transparent oversight, and tangible economic benefits will be better positioned to retain EU visa‑free access.
Outlook
The amendment aligns Antigua & Barbuda’s CIP framework with regional standards and introduces stricter financial oversight. While the extended residency requirement may raise costs for new investors, the move is framed as a step toward greater program integrity amid increasing EU scrutiny. The next formal EU checkpoint is scheduled for December, when a report on the Visa Suspension Mechanism will be released.
Source article: www.imidaily.com
