ANGUILLA--Years of prior exploration and discussion concerning the formulation and execution of an Anguilla Residency by Investment (ARBI) programme have successfully reached a conclusion and the programme will soon begin. ARBI Phase 1, referred to as the fast-track retroactive phase, is anticipated to begin on November 1 and go through to April 30, 2019.
The final details of Phase 1 were presented to the public at the public library’s resource centre and broadcast live via Radio Anguilla, on the evening of October 10. The presenting panel was comprised of Chief Minister and Minister of Finance, Victor Banks, Permanent Secretary of Economic Development Larry Franklin, Marisa Harding-Hodge and Shantelle Richardson. It was the fourth public consultation held to discuss programme details, answer questions and entertain feedback.
Banks thanked all present for their attendance, noting that many of the comments and concerns raised at the previous consultation meeting had been useful. He said, “A number of the comments and concerns that were raised have been incorporated into certain aspects of the programme going forward.” He specified that the evening’s focus was to discuss the ARBI Phase 1 fast-track programme which focuses on persons who have already qualified for the programme because of their status as current investors in the island through their ownership of homes, villas or other accommodation properties.
Harding-Hodge followed with a brief overview of the overall ARBI programme, and then moved on to concentrate on details of the Phase1 fast-track launch. A family, up to a maximum of four persons, who already legally owns a real estate property on the island valued at US $750,000 or more qualifies for the Phase 1 fast-track programme. They must own the real estate prior to the launch date of November 1. She said the overall reduced application cost and simplified process would be major incentives for current real estate investors to apply for ARBI status during the Phase 1 fast-track period. Those applying after April 30, 2019, will pay the full cost. The website detailing programme information, to include fees associated with the application process, will be launched in the near future.
Feedback and comments concerning the definition of dependents as well as family size were raised and the panel agreed to examine the raised issues. The evening ended on a congenial and upbeat note.
