Antigua and Barbuda’s Prime Minister Gaston Browne has outlined plans to involve the Social Security Scheme in a major investment at the refurbished Jolly Beach Resort, using the Citizenship by Investment Programme (CIP) to generate long-term revenue.

Speaking on Pointe FM over the weekend, Mr Browne said 315 rooms at the resort would be upgraded and sold under the CIP, giving buyers citizenship and condominium ownership, along with full access to the resort’s amenities.

“They will get citizenship; they will get condominium ownership of the room. They will have access to all of the amenities – the pools, the spa – everything,” Browne said.

If all units are sold at US$300,000 each, the prime minister estimates revenues could reach US$100 million over a five to ten-year period.

Browne also addressed how the government plans to settle its EC$202 million (US$75 million) debt to Social Security. A bond will be floated to repay the amount in cash, but the government is offering a development opportunity alongside the repayment.

Rather than earning minimal interest by placing the funds in a bank, Browne proposed that Social Security invest in developing an additional 200 rooms on 10 acres of land at Jolly Beach. These, he suggested, could be sold under the CIP for US$500,000 each, generating another US$100 million.

The prime minister has repeatedly defended the move, arguing that Jolly Beach remains a valuable asset with strong market interest. He described the strategy as a “creative, profitable method” to ensure the sustainability of the Social Security Scheme.