All-Time High: Antigua & Barbuda CBI Application Volume Up 205% Year-on-Year in H1 2024

Antigua & Barbuda has released Citizenship by Investment Program (CIP) data for 2023 and H1 2024 after a 20-month pause, showcasing unprecedented growth in application numbers.

The CIP broke its previous yearly record of applications in the first six months of 2024 alone, ensuring this year will be its best, no matter what happens during the second half of the year.

Investors submitted 739 applications to Antigua & Barbuda's Citizenship by Investment Program (CIP) in the first half of 2024, surpassing any previous full year and showing an 8% increase over 2023's total.

This surge followed the announcement of minimum threshold increases to align with pan-Caribbean CBI standards. The government postponed the implementation from July to August 2024, likely catalyzing investors and creating an application rush.

CIP applications reached 685 in 2023, marking a 40% growth from 2022's 489 applications.

Most applicants (83%) chose the National Development Fund (NDF) donation option in H1 2024, while real estate investments accounted for 15%, mirroring historical patterns.

In 2023, the NDF attracted 78% of applications - consistent with its 77% all-time program average - while real estate maintained 14% of all applications.

NDF contributions generated US$62.975 million in H1 2024, outpacing 2023's total by 8% and surpassing the previous half-year record (H2 2018) by 65%. This figure falls just 1.5% short of 2018's record annual record. The 2023 NDF revenue reached US$55.475 million, marking a 46% jump from 2022.

Chinese investors led H1 2024 applications at 12%, with Americans following at 11% and Nigerians at 9%. The program witnessed a surge of Turkish applicants, registering 6% of all applications.

Traditional source markets showed declining shares in terms of all-time applications, except for Americans and Nigerians, which grew 1.5% and 1% overall.

In 2023, however, Nigerians dominated the charts, registering 33% of all applications before declining in 2024. Chinese investors came in second spot (23%) and Americans in third (21%).

Turkish applicants held firm at 6%. Russians also registered 6% of all applications in H1 2023 before Antigua suspended their applications after the Russian-Ukrainian conflict began and a roundtable with the US Treasury consultations, which resulted in the pan-Caribbean CBI MoA.

The government issued 622 new passports in H1 2024, suggesting a year-end projection of 1,244. The previous year, the government managed 1,191 naturalizations, which was 11.5% lower than 2022's 1,346.

Both years, however, remain close to the five-year average of 1,374, demonstrating consistent processing despite growing application volumes and backlog management efforts.

The CIP remains a crucial economic driver, generating "nearly 60% of the government's non-tax revenue." The government did not specify the exact amount of revenue in 2023 in its budget statement, but it expects it to be around US$67 million.