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Citizenship by Investment Unit targeting 1,000 high net-worth individuals to live and work here

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Two experts from the Citizenship by Investment Unit (CIU) were asked to provide options to the Cabinet members at Wednesday’s meeting, that would allow the residency program that is contemplated to be engineered in order to serve the country’s need.

The idea that is being transformed into policy would allow high-net-worth individuals and high-income-earners who can work from any place in the world, to decide on residing in Antigua for a period of up to two years.

The presenters provided several recommendations for Cabinet that would satisfy the expectations of the lawmakers. The Cabinet was informed that similar programs have been adopted by Portugal, Ireland, Netherlands, Malaysia, Singapore, and Thailand.

The CIU is targeting 1,000 of the various types that would be attracted to the program. Thus far, 2,700 persons have acquired Antigua and Barbuda citizenship by the CIP, during the seven years from 2013 to the present.

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One response to “Citizenship by Investment Unit targeting 1,000 high net-worth individuals to live and work here”

  1. This program is not new and is similar to residency programs in the USA and Canada. What would be attractive for any high-net-worth individual to want to live here instead of in a developed world? Well we are not for nothing saying that Antigua is Paradise. Just look at the pristine beaches that we have. We can look at those high net worth individuals living in communities like Mill Reef Club, Jumby Bay, and there are many private homes as well. Eric Clapton comes to mind. At one point even Oprah Wingfield wanted to build her house in the Caribbean here in Antigua, but sadly the then UPP government blow that deal and she went to Anguilla instead. Antigua has a history of having high net worth individuals living among us, bit due to the increase in especially terrorism in the world many have become very concern about security where ever it is they go. We the locals don’t really think of that concern. Especially when you look at the proximity of the runway to the road. That is a cause of concern for many of those high net worth and diplomats. And one would notice that whenever a very special diplomat would land or take off from our airport the defends force would be patrolling the roads adjacent to the airport. And then there are the families of these persons. Young and old children. And they also have their need. So if your family cannot be made happy living here for a long period of time you won’t either. Therefore when you cater to this group you will have to give up a lot of your own freedom and way of live. Unless you want to go to the “wannebees” those that need no personal protection. No one would really harm them and they do have a bit of money to spend. Antigua’s tourism in the past was mainly High Net Worth individuals and the “Wannabees”. It was know as a “Richman’s Paradise. We somehow in the 80’s lost that market went for the low end, mass tourism. I do hope that one day we can return to that stage in our tourism. And Barbuda will lead the way. Look at the PHL development. Just like what Stanford had in mind with the Guiana Island project to have build 37 homes for only high net worth individuals who would pay an annual fee of US$15million and have all the amenities in life for them and their family. That will raise over half a billion each year for the upkeep of the development and thereafter you will have the many spin-offs to government and local companies alike. A private Clinic with trained Nurses and Doctors 24/7. Butler Service 24/7. A little paradise in Paradise. And security been the main issue for these special group. But kid you not, we will have to go to parliament and may have referendum to change our beach access laws just like the problems we have seen with fishermen trying to trespass the Mill Reef Property not realizing the importance of security of these people. And I wonder if Antigua is really ready for that.

REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]