The Cabinet of Antigua and Barbuda says it will continue evaluating its response to a European Union proposal that would require Caribbean countries with citizenship-by-investment (CBI) programmes to phase them out within two years in order to retain visa-free access to the Schengen Area, while insisting that any decision will be guided by the country’s national interest and sovereign right to determine its economic future.
Director General of Communications Maurice Merchant, speaking during Thursday’s post-Cabinet media briefing, said the issue dominated Wednesday’s Cabinet meeting, with ministers receiving an update on discussions held during the recent Organisation of Eastern Caribbean States (OECS) Heads of Government meeting.
According to Merchant, OECS leaders reaffirmed their commitment to protecting the sovereignty of member states to pursue their own economic development strategies while maintaining constructive engagement with the European Union.
Merchant said Cabinet reaffirmed that Antigua and Barbuda’s Citizenship by Investment Programme has become a key component of the country’s economic resilience, providing financing for major national development projects, public infrastructure, climate resilience initiatives and debt reduction while supporting economic growth without increasing the tax burden on citizens.
While acknowledging the EU’s concerns, Merchant said the government maintains that Antigua and Barbuda has consistently operated one of the region’s strongest due diligence systems.
He said successive reforms have strengthened the programme through enhanced background screening, expanded international partnerships and closer collaboration with regional and international stakeholders to ensure the programme continues to meet high standards of integrity, transparency and security.
Merchant said Cabinet agreed that the government will examine all available options before determining its response to the European Union’s proposal.
He said ministers agreed that any decision would be guided by the national interest, the long-term sustainability of the country’s economy and the preservation of Antigua and Barbuda’s sovereign right to pursue legitimate economic development policies.
Merchant also disclosed that several stakeholders from the citizenship-by-investment industry were invited to Wednesday’s Cabinet meeting to provide their perspectives on the EU proposal.
He said Cabinet agreed that Antigua and Barbuda will continue working closely with its OECS partners and other regional governments to develop a coordinated regional position as discussions with the European Union continue.
According to Merchant, the government believes continued dialogue with the European Union remains the most constructive path toward resolving the matter.
He said the objective is to reach an outcome that addresses the concerns of both the European Union and participating Caribbean states while respecting the sovereignty and development priorities of those countries.
This article was originally published by Antigua News Room. Read the original article here: Antigua and Barbuda weighs options as EU presses Caribbean to end citizenship-by-investment programmes.