New CIP product to fund UWI

Source: www.stlucianewsonline.com

The government of Antigua and Barbuda has introduced a new Citizenship by Investment product to help fund the University of the West Indies Campus expected to be located at Five Islands.

Prime Minister Gaston Browne made the announcement in Parliament on Thursday, saying that the new product will be sold at US$ 150,000.

This comes almost exactly four months after the initial announcement to introduce it.

He made the disclosure while presenting the C.I.P report for January to June in the Parliament.

According to the arrangement, the product is for families with six or more applicants. It will include one-year of free tuition for a single member of that family.

“The individuals who sell these applications under this programme will be paid a commission of $30,000.” the prime minister said.

Browne told legislators that the Citizenship by Investment Unit received 278 citizenship applications which yielded EC $90 million.

 “This shows that the decision we took last year to reduce the prices to US$100,000 has restored the number of applications,” he added.

According to the prime minister, by the end of the year, it is projected that $190 million will be raised through the C.I.P.

His comments in parliament came after the principal of the Antigua State College Hyram Forde, updated Attorney General Steadroy “Cutie” Benjamin earlier in the week on a feasibility study being conducted on the Campus.

During the talks, Minister Benjamin reiterated the need for the University Campus to be established in Antigua and Barbuda, saying that the government envisions that within 5-10 years of operation, the educational facility would have great economic benefit to the country and the region.

Initially, the prime minister had also indicated that the government may have to introduce a new tax to fund the fourth campus oUWI. 

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