Antigua and Barbuda
Antigua and Barbuda is a member of the Organization of Eastern Caribbean States (OECS) and the Eastern Caribbean Currency Union (ECCU). According to Eastern Caribbean Central Bank (ECCB) statistics updated in January 2017, Antigua and Barbuda has an estimated Gross Domestic Product of USD $1.18 billion, with forecast growth of 3.21 percent in 2017. During the last fiscal year, the economy of Antigua and Barbuda continued to enjoy the positive effects of falling oil prices, increased tourist arrivals and revenue from the Citizenship by Investment program. The current government remains committed to creating an enhanced business climate to attract more foreign investment to the country.
Antigua and Barbuda is currently ranked 113th out of 190 countries in the World Bank’s 2017 Doing Business report. The report highlighted positive changes in trading across borders and bankruptcy regulations but also noted some difficulties in starting a business and registering property.
The government strongly encourages foreign direct investment (FDI), particularly in industries that create jobs and earn foreign currency. Through the Antigua and Barbuda Investment Authority, the government facilitates and supports FDI in the country and maintains an open dialogue with current and potential investors. While the government welcomes all FDI interests, agriculture, diversified tourism, healthcare services, outsourcing and business support services, information and communication technologies and international financial services were identified by the government as priority investment areas.
There are no limits on foreign control in Antigua and Barbuda. Foreign investors may hold up to 100 percent of an investment, and a local or foreign entrepreneur needs about 40 days from start to finish to transfer the title on a piece of property.
Antigua and Barbuda bases its legal system on the British common law system. There is current an unresolved dispute regarding expropriation of an American-owned property. For this reason, the U.S. government recommends continued caution when investing in real estate in Antigua and Barbuda.
Antigua and Barbuda has signed bilateral investment treaties with Germany and the United Kingdom. The country has also signed free trade agreements with Costa Rica and the Dominican Republic, but the agreements did not enter into force. Antigua and Barbuda has double taxation agreements with Denmark, Norway, Sweden, Switzerland, and the United Kingdom.
In February 2017, the government signed an Intergovernmental Agreement in observance of the United States’ Foreign Account Tax Compliance Act (FATCA), making it mandatory for banks in Antigua and Barbuda to report the banking information of U.S. citizens.
|TI Corruption Perceptions Index||2016||Not ranked||http://www.transparency.org/
|World Bank’s Doing Business Report
Busi Business Report “Ease of Doing Business”
|2016||107 of 190||doingbusiness.org/rankings|
|Global Innovation Index||2016||Not ranked||https://www.globalinnovationindex.org/
|U.S. FDI in partner country ($M USD, stock positions)||2015||USD $2M||http://www.bea.gov/
|World Bank GNI per capita||2015||USD $13, 270||http://data.worldbank.org/