Lauded as one of the most beautiful places in the world, Antigua and Barbuda is a Caribbean country that has become a popular place to apply for a second citizenship, not only because of its picturesque beaches and pristine waters, but also due to its attractive citizenship by investment program (CIP).
The CIP offered by this independent Commonwealth nation has several advantages over other countries offering a second passport.
For one thing, the cost of a second passport from Antigua and Barbuda is significantly lower than other citizenship by investment programs in the region. Aside from that, the country offers three investment options applicants can choose from, including:
- a contribution to the National Development Fund (NDF);
- buying a government-sanctioned real estate property; or
- investing in a business.
Unlike other naturalization programs that take years to conclude, the application processing for citizenship by investment in Antigua can be done in six months or less. Plus, you don’t have to live in or travel to the country frequently during the processing of your application; you only need to visit at least five days within five years of the approval of your application to maintain citizenship status.
To make the most out of these benefits, below are five ways you can maximize your economic citizenship in Antigua:
1. Actually Live in Antigua and Barbuda
Many people invest in a second passport for business, visa or security reasons but, in order to really maximize your economic citizenship in Antigua and Barbuda, you should reside there too.
Characterized by tropical weather, you will get to enjoy a carefree beach lifestyle many travelers crave. With English as its official language, the country is also home to a rich culture and history and mouth-watering cuisine that cannot be found anywhere else.
On top of that, the entire 170 square mile stretch of the nation’s islands makes for an excellent venue for rest and relaxation so you can go on that luxurious vacation anytime you want.
2. Bask in the Sun
In Antigua and Barbuda, locals enjoy 365 days of pure summer fun every single year, thanks to its tropical climate and mostly warm, dry, and sunny weather all year-round. Boasting powdery white sandy beaches and a colorful ecology under deep blue waters, this country is a paradise for both divers, beach-lovers and those who want a break from busy city life.
In this nation, the weather is great; it rarely ever drops below 22°C or 72°F. It also sees just enough precipitation to keep the flora green and lush all year, but rarely so much rain that would spoil activities such as diving and sailing.
3. Travel to More than 100 Countries Visa-Free
Another major draw for Antigua second passport holders is the hassle-free and money-saving travel benefit the country offers. The nation offers a visa-free travel pass to more than 130 countries, including some in Europe, Africa, Asia, Oceania, and the Americas.
The nation is also linked by direct flights to several major cities including New York, Miami, Toronto, and London.
4. Start a Business There
Many entrepreneurs choose to apply for an Antiguan second passport because of its travel and tax benefits. However, actually setting up a business in the country is also a viable way to maximize the use of your economic citizenship.
For one thing, starting a business in the country is quite easy. It only entails registering a name through the proper channels and applying for insurance, medical coverage, and social security.
The process of registering a business in Antigua and Barbuda will depend on the kind of legal entity you want your business to be. If you choose to apply for partnership or sole proprietorship, you should be able to do so by following these three simple steps:
- Accomplish the registration form from the Intellectual Property office.
- After conducting a name search to confirm the company or trade name you want to register is unique, an Intellectual Property officer will process your application.
- Once your application is processed, you only need to pay an EC$100 fee for registering your business at the Intellectual Property office.
5. Grow Your Business with Attractive Tax Benefits
Once you’ve started a business in Antigua and Barbuda, the next thing you will want to do is to nurture it, along with your financial situation, with the help of attractive tax benefits offered to Antiguan residents.
Whether you’re a business owner or employed by another company, you can earn $3,000 every month or $36,000 in a year before any tax is deducted from your income. If your salary bracket reaches the $48,000 annually, you will be taxed 10 percent of your total gross income. The next bracket is set at 15 percent for a $120,000 annual income, followed by 20 percent for $180,000. Any amount over the fourth bracket is taxed by 25 percent.
The best part is that you don’t have to file for capital gains or inheritance taxes, so long as the proceeds cannot be legally deemed as income.
Maximize Your Second Passport
The Antigua citizenship by investment offers plenty of benefits that, if used the right way, can offer you financial freedom. Make sure you understand what you’re gaining after receiving your Antiguan passport and make the most out of it with this article as your guide.