Prime Minister Gaston Browne says November 12 is the deadline for Antigua and Barbuda to communicate its position on the future of its Citizenship by Investment Programme to the European Union, rather than a date for the programme to close.
Speaking on the Browne and Browne Show on Saturday, Browne said the EU had proposed a phase-out period lasting until June 2028, while requesting a commitment by November 12.
“The letter that was sent to us gave us a phase-out period until June of 2028,” he said. “However, they wanted a commitment by November 12th.”
Browne said the response deadline had previously been September 30 before it was extended. He accused political opponents of misinterpreting his earlier remarks as meaning the programme would end immediately.
“They interpreted that as though the programme was going to come to a screeching halt on November 12th,” he said.
The government has instead requested a longer transition, proposing December 2030 as the phase-out date. Browne said that would provide just over four years to manage the process and satisfy contractual arrangements associated with the programme.
He said the proposal followed discussions with other regional leaders whose countries operate citizenship by investment programmes.
Antigua and Barbuda has also requested a socioeconomic study examining the potential effects of ending the programme and losing visa-free access to the EU, along with financial support to help address any revenue shortfall.
Browne said losing $100 million annually from the programme would have a significant impact on the country.
“If you’re going to lose $100 million as a result of you making a demand and us closing our programme, what budgetary support are you prepared to give us?” he asked.
The prime minister said the government was awaiting the EU’s response. He did not announce an agreed closure date.
“As soon as we hear from the European Union, we’ll give an update,” he said.
This article was originally published by Antigua News Room. Read the original article here: November 12 is a response deadline, not a CIP shutdown date, PM Gaston Browne says.