PM Browne, CIP expert downplay latest industry rankings; Lovell differs

0
740
cluster3
Prime Minister, Gaston Browne. (file photo). UPP Leader, Harold Lovell. (file photo)
- Advertisement -

By Orville Williams

[email protected]

The latest independent ranking of countries operating Citizenship by Investment (CBI) programmes has been played down by Prime Minister Gaston Browne and industry expert, Nuri Katz.

Antigua and Barbuda placed 5th in the ranking – which forms part of a report compiled by Financial Times publication, Professional Wealth Management – with 69 points, trailing Dominica and St Kitts/Nevis in joint first place with 81 points each.

St Lucia with 78 points and Grenada with 73 round out the Caribbean-dominated top five, and Malta, Montenegro, Vanuatu, Egypt, Turkey, Jordan, Austria and Cambodia make up the entire list of 13 ranked countries.

According to the report, the rating system is “designed to measure the performance and appeal of global citizenship by investment (CBI) programmes across a diverse range of indicators,” but the immediate reaction where Antigua and Barbuda is concerned, is not one of agreement with the results.

“I think that this rating is a very unofficial rating, it’s a rating done by one organisation and the reasons for the ratings can be debated in many different ways.

“It’s very hard to say which programme is better, [because] there are too many aspects to each of the programmes to be able to even compare. There are many similarities, but there are [also] differences, and for some people, one is better/easier/faster [while] for other people it’s a different programme.

“So, I wouldn’t take too seriously what one organisation says is the better programme than the other, because there are hundreds and thousands of people who are looking at these programmes and making their decisions on a daily basis as to which one is better for them in their own personal circumstances,” Katz – President of the Montreal-based APEX Capital Partners Corp – explained.

Katz’ sentiments were shared for the most part by Prime Minister Gaston Browne, who insisted that Antigua and Barbuda’s CBI programme is the best in the global industry.

“We do not pay attention to those rankings. They are generally paid for or promoted by interested parties to boost their CIP business in certain states.

“One thing I can say for sure is that our administration administers the most transparent and accountable programme in the world,” Browne declared.

Meanwhile, Leader of the United Progressive Party (UPP), former Finance Minister and one of the pioneers of Antigua and Barbuda’s CBI programme, Harold Lovell, has challenged the attitude of dismissal, noting that there was a time when the same rankings were largely accepted.

“When we are ranked second or third, as I think we were some years ago, I don’t think I heard that argument. I’m now hearing that argument, so I don’t think we can have it both ways. We either recognise the ranking system or we don’t.

“So, I think to say that, it sounds as though [PM Browne] is trying to pour water on the other jurisdictions, and from the intelligence available to me, it would seem that there are aspects of the programme that definitely need to be looked at and to be improved,” Lovell said.

The former Finance Minister noted too that, while Antigua and Barbuda has secured a relatively comfortable standing in the entire rankings, its standing specifically among Caribbean countries is reason to be concerned.

“Antigua has been ranked number five out of five [countries] in the Caribbean. [Saying] we are fifth in the world is one way, but our immediate competitors are right here in the Caribbean and we are still way down on the list.

“There must be a reason for that, and I think that needs to be examined…the fact that we appear not to be able to move up the rank, I believe this is a matter that must be looked into, so that we can secure the competitive place for Antigua and Barbuda insofar as this ranking is concerned,” Lovell stated.

Katz, however, added that he doesn’t think the ranking will affect Antigua and Barbuda’s earning potential, as it is not heavily considered by many in the industry, including prospective applicants.

“I honestly don’t think that many people take a look at it and care about it…so this rating, in terms of investments coming into Antigua, I don’t think it really makes much of a difference.

“I think that what makes a difference is really how friendly and how efficiently the different government agencies in the different countries work, and otherwise it’s a very personal issue,” he said.

Antigua and Barbuda topped the rating categories ‘Ease of Processing’ – which takes into account the level of complexity involved in CBI processes, and ‘Family’ – which considers the level of accessibility offered to family members of CBI applicants.

It placed lower though, in categories such as ‘Freedom of Movement,’ ‘Standard of Living’ and ‘Mandatory Travel or Residence.’

- Advertisement -