Antigua and Barbuda has asked the European Union to provide budgetary support if its Citizenship by Investment Programme is phased out, with Prime Minister Gaston Browne warning that the country could lose $100 million in annual revenue.
Speaking on the Browne and Browne Show on Saturday, Browne said the government also wants a socioeconomic study to assess the consequences of ending the programme and the potential withdrawal of visa-free access.
“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.
Browne said the requests followed discussions among regional leaders whose countries operate citizenship by investment programmes. They had reached a consensus on how to approach the EU, he said.
According to Browne, the EU had requested a commitment by November 12 on discontinuing the programme, with a proposed phase-out period lasting until June 2028.
The government has requested that the transition be extended to December 2030, arguing that a longer period would allow for an orderly process and the fulfilment of contractual obligations.
“We have asked them for that, the study, and we have asked them for budgetary support,” Browne said.
He described the potential annual revenue loss as significant for Antigua and Barbuda. He did not specify the currency when citing the $100 million figure.
The prime minister said the government was awaiting a response from the EU on its proposals. No financial assistance package or revised transition deadline was announced.
Responding later to a question about whether the EU would have an incentive to provide support, Browne defended making the request.
“We are always fighting to get something,” he said.
He said the public would be updated once the EU indicated whether it accepted the proposals or offered an alternative.
This article was originally published by Antigua News Room. Read the original article here: Antigua and Barbuda seeks EU financial support over potential CIP revenue loss.