One form of participation in the Antigua and Barbuda citizenship by investment program is purchase of real estate. Investors are seeking to open an account with local banks and get back the funds they’d invested in holiday-related property.
How does the banking system of Antigua and Barbuda work? What are the peculiarities of the offshore system? Which banks are most reliable? Find the answers below, also, we’ll share with you some important details about conducting business safely in Antigua and Barbuda.
The country’s financial sector is reliable and stable thanks to Antigua and Barbuda’s membership in the Eastern Caribbean Currency Union. Stable economic growth is also an important factor, as Antigua and Barbuda’s GDP in 2016 amounted to $1.45 billion, which surpassed the previous year’s numbers by 6.6%.
Antigua and Barbuda’s central bank is the Eastern Caribbean Central Bank which sets the direction of development, controls the processes, regulates monetary policy, and supports the stability of the Eastern Caribbean Dollar.
The World Bank’s Ease of Doing Business Index placed the banks of Antigua and Barbuda 98th out of 183 countries, which does say a lot about the advantageous conditions of taking loans. The country ranks 29th in the Reliability of Investments Index.
The first offshore bank was opened in Antigua and Barbuda in 1983. Since then, the sphere has been actively developing and is considered to be one of the most promising and profitable today. A well-developed partner network and a sizeable number of correspondent banks of the Antigua and Barbuda offshore zone promise significant prospects for wealthy businessmen.
According to the legislation of Antigua and Barbuda, international business companies (IBCs) are exempted from paying taxes on dividends, interest, royalties for 50 years. This allows foreign investors to open trust accounts on most attractive terms.
Find below the main information on major commercial banks in Antigua and Barbuda:
Opening an account in one of these banks is the best option for investors who are planning to establish a business or purchase real estate on the islands. The second case is especially relevant, because one may invest in elite real estate in Antigua and Barbuda and return investments in 5 years’ time.
The procedure is fairly simple in any bank. The client fills out an application form and submit standard documents. The default set of documents includes:
As a rule, there’s a full list of necessary documents and the application form itself published on each bank’s official website. If one is available to personally open an account in one of Antigua and Barbuda’s bank, the process usually takes just one day. Opening an account remotely might take from three to five days.
No information about the applicant / account holder is disclosed to third parties, as per the confidentiality law. The account can be opened in all popular currencies, including US dollars, Canadian dollars, pounds and euros. The owner obtains a card and a checkbook.
The country’s authorities pay their undivided attention to regulation of the banks’ offshore activity so as to maintain the optimal balance between providing attractive business management opportunities and respecting strict international standards. International scandals and the fact that the offshore is being abused have prompted the Antiguan authorities to review the legislation and create a precise handling system to protect the country’s reputation.
Businessmen often invest in real estate objects and projects, tourism, and establishing of international companies in Antigua and Barbuda. The latter option falls under the Law on International Business Companies, which means they can obtain a license for offshore activities.
Close to 2,000 investors have gotten the status of Antigua and Barbuda’s citizenship by taking part in the official government citizenship by investment program.
The amount of minimum investment, now twice reduced, starts at one-time non-refundable donation of US$100,000 to the Antigua National Development Fund. The option of investing in real estate stays the same for now, staring at US$400,000, but those will be the money well invested. Antigua’s tourism sector is developing speedily, there is an international airport there, and highly prestigious yacht shows attract wealthy tourists from all around the world.
Already interested in acquiring the second citizenship of Antigua and Barbuda? Find more detailed information, get answers to your specific questions. Our experts consult and accompany future investors in their journey to the second home.
We also urge our clients to compare conditions of the various CBI programs. This helps them make up their minds and opt for what suits them best. Speaking of Caribbean nations, we can name at least two other reasons to strongly consider one of the countries in the region as your second home: