The National Development Fund (NDF) of Antigua & Barbuda is a nonprofit fund set up for funding of government projects, public-private partnerships, and other charitable investments approved by the government. The NDF fund is established under section 42(2) of the Finance Administration Act 2006 for the purpose of funding government sponsored projects, including public-private partnerships and approved charitable investments. The Governance of the the fund subject to parliamentary oversight by way of a six monthly report to be presented to Parliament in sufficient detail to allow for transparency and accountability. The fund will also be audited by an internationally recognized accounting firm.
The Regulations regarding Citizenship by Investment in Antigua and Barbuda for National Development Fund Investments are contained in the Citizenship by Investment Act, 2013. These provisions allow the government to operate a program under which citizenship is granted to persons who qualify under criteria set by parliamentary decision.
The Antigua & Barbuda citizenship under the NDF investment option requires a one time contribution to the National Development Fund in the minimum sum of US$100,000 per application after the approval of the application by the CIP unit.
- For a single applicant, or a family of 4 or less: US$100,000 contribution, Processing fees: US$30,000
- Family of 5 or more: US$125,000 Contribution, Processing Fees: US$ 30,000 plus an incremental amount of US$15,000 from the 5th dependent onwards.
Since its inception in 2013, revenues from the CIP have contributed handsomely to the social and economic development of Antigua and Barbuda. The National Development Fund investment category continued to be the most attractive, representing 89.5% of the total applications submitted, according to the government. Total revenues generated by the CIP programme for the year 2021 amounted to EC$123.1 million and helped to cushion the adverse effects of declining government revenues from other sources. For 2022, receipts from the Citizenship by Investment programme accounted for nearly 60% of non-tax revenue and amounted to $88.8 million, underscoring the importance of the programme to the economy and the people of Antigua and Barbuda. Public debt peaked at 102 percent of GDP and is projected to decline to 91% of GDP in 2022
The CIP NDF funds were primarily used for the following causes:
- Financed infrastructural projects,
- Sovereign debt repayment,
- Creating employment to locals through welfare projects
- Acquisition of critical health services and equipment in response to the Covid-19 pandemic
- Subsidized educational and training initiatives.
- Monthly pensions for Antigua Social authority
- Medical air ambulance services
- Budgetary support for Tourism authority
- Sports equipment and financial assistance to sports persons
- Policy modernization
- Hospital repairs
- Seminars, forums and summits