At least 66 persons of Nigerian origin received Antiguan passports between January and June 2024, new reports from Antigua & Barbuda’s Citizenship-by-Investment Unit show.
Through the programme’s headline $100,000 National Development Fund contribution, the Nigerians and their accompanying family members paid over US$6.6m into the island nation’s treasury during the period.
The report, presented to its Parliament on October 15, 2024, records 739 approved applications across all nationalities, a leap of more than 200 per cent from the same period the previous year.
Nigeria emerged as the third-largest source market, behind China and the United States, and the highest number of Africans obtaining Antiguan citizenship through the NDF route.
South Africa, Egypt, Kenya and Ghana follow at a distance, each accounting for single-digit applications.
Globally, the 10 foreign nationalities with the highest number of applications into Antigua’s CBI scheme were China, the United States, Nigeria, Turkey, Russia, India, Bangladesh, Iran, South Africa, and Lebanon.
The CIU attributed the surge to geopolitical uncertainty and an impending fee increase.
In August 2024, the Gaston Browne-led administration adjusted the minimum NDF contribution to $150,000 for a family of four, prompting many investors to file early.
Wealth-management analysts revealed that clients with pre-approval letters “locked in the old rate” before the deadline, explaining the unusually high volume for the six months.
According to the CIU report, the National Development Fund remained the most favoured route, attracting 614 applications and $62.98m in fresh capital, while real-estate projects drew a further 15 per cent of applicants.
Antiguan Minister of Tourism, Investment and Economic Development, Charles Fernandez, said the monies were channelled into hurricane-resilient housing, a national kidney dialysis unit and debt reduction.
The annexed nationality table, sighted by Sunday PUNCH, confirmed that nine in 10 Nigerians chose the National Development Fund route, funneling donations directly into public-sector projects rather than tying capital up in real-estate developments.
Only a handful opted for the real estate or University of the West Indies share purchase routes.
According to the report, Nigerian applicants are typically entrepreneurs or senior professionals seeking travel mobility, as Antigua passport holders get visa-free access to 150 countries, including the Schengen area and the United Kingdom.
Antigua & Barbuda launched its Citizenship-by-Investment Programme in October 2013 when it enacted the Citizenship by Investment Act No. 2 of 2013.
Under the law, applicants must pass an internationally outsourced due diligence check, show a clean criminal record and commit to one of four investment options.
They include the NDF ($150,000), approved real-estate purchase (minimum of $200,000), Business investment ($1.5m solo, or $400,000 in a $5m joint venture) and the University of the West Indies Fund ($150,000, which also grants one year’s tuition for a dependent).
Successful applicants must reside in Antigua for at least five days within the first five-year period. Since 2017, the programme has required biometric-chip passports and annual audits to meet EU and OECD transparency guidelines, the government says.(Punch)
