Thursday, March 28, 2024

Antigua CIP: 366 applications received for 2020

The Budget Statement 2021 was presented by Honourable Gaston Browne on 28th January 2021. During his speech he outlined the importance of revenues from CIP.

Here is a quick summary :

Covid effects

Due to effects of Covid, global lockdowns and travel restrictions, Gross Domestic Product (GDP) in the ECCU plummeted by 16.2 per cent for the year 2020.

Antigua also suffered devastating effects with GDP declined from 4.5% to 3.6% in 2020.  The tourism decline a 62.5 per cent reduction from the 1.05 million visitors recorded in 2019.  Faced with severe shocks from the pandemic, economic activity in Antigua and Barbuda is projected to have declined by 17 per cent in 2020.

This decline in visitor numbers, combined with shutdowns, implementation of curfews and social distancing measures, resulted in a 63.6 per cent contraction of the hotel and restaurant sector for 2020 as compared to growth of 7.7 per cent in 2019. Additionally, the construction sector, which had real growth of 6.6 per cent in 2019, is projected to decline by 22 per cent in 2020.

NON-TAX REVENUES OF THE CITIZENSHIP BY INVESTMENT PROGRAMME

The significant damage to our economy by the global effects of COVID- 19 underscored the importance and benefits of the Citizenship by Investment Programme (CIP).

As tax revenues fell rapidly and swiftly, it was – and continues to be – that the CIP has helped to sustain our economy, said the budget report.

In 2020, a total of 366 applications were received, representing a 22 per cent decrease from the previous year.  Nonetheless, the CIP generated $115.7 million in 2020.

“We have set a target to double the number of applicants in 2021, and every effort will be made to achieve it”. said PM Browne

The full statement is available here as pdf

Prabhu Balakrishnan
Prabhu Balakrishnan
Founder of Citizenship by Investment Journal. Chief Editor with over 15 years experience in PR and News publishing. He Loves writing about citizenship, residency and wealth migration. CIP Journal is a Leading publication founded in 2017 bringing latest news from CBI/RBI market.

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