UPP says CIP expansion is foolhardy

The government’s plan to create a fourth investment option for the Citizenship by Investment Programme, (CIP) at a cost of $150,000 is foolhardy, according to the United Progressive Party’s (UPP) Damani Tabor.
Senator Tabor argued that few will find the new option attractive when they could get citizenship for $100,000.
“Everything is self-interest. With the real estate option you have the benefit of the property you invested in, or if you invest in the share of a hotel then you get the dividend. No investor is going to plunk down any kind of money out of the goodness of their hearts unless of course there is some side deal,” Tabor said.
Speaking on OBSERVER AM yesterday, the UPP’s public relations officer said the plan will fail.
He added that there would need to be some sort of incentive to convince prospective investors that putting their monies into what is expected to become the fourth University of the West Indies (UWI) campus, is an investment opportunity.
The CIP has three investment options as it stands: making a direct cash contribution of $100,000, making a real estate investment worth $400,000, or making a business investment worth $1.5 million.
Each option will allow an individual or a group to become citizens.
Earlier this week, the government announced that the fourth option would be created and would likely be in effect by September.
Under the proposed fourth option, Melford Nicholas, the information minister said investors would make a cash contribution of $150,000 to the UWI Five Islands campus.
Tabor lamented that the UPP is still vehemently opposed to the location being used for a university campus rather than its intended purpose, a secondary school that would help to address the overcrowded classrooms around the country.
“It is not a suitable site. Also, I can reiterate that it was the UPP that crafted the initial Antigua and Barbuda university plan, and we suggested having spread out campuses, as is the norm all over the world,” he said.
The campus is now being utilised by at least two departments of the Antigua State College.