Antigua and Barbuda Eyes Prosperity Through Jolly Beach Investment and CIP Strategy

Prime Minister Gaston Browne unveils transformative plan to revitalize Social Security Fund by leveraging Jolly Beach property under the Citizenship by Investment Programme

In a strategic move to bolster the long-term sustainability of Antigua and Barbuda’s Social Security Scheme, Prime Minister Gaston Browne has introduced a comprehensive investment plan centered on the revitalized Jolly Beach property. The announcement came during a pivotal meeting with Directors, the Chairman, and Members of the Board of the Social Security Scheme, where the Prime Minister outlined an economic vision rooted in innovation, profitability, and national resilience.

At the heart of this plan is the Jolly Beach Hotel, a landmark property that has already demonstrated its potential as a powerful revenue generator. Following a USD $5 million renovation, the resort has undergone a significant transformation, now consistently turning a profit and contributing between $3.5 million and $4 million annually in tax revenue through the Antigua and Barbuda Sales Tax (ABST) and head taxes.

Prime Minister Browne highlighted the hotel’s pivotal role in his broader economic strategy, calling it “a valuable investment asset” that not only supports the tourism sector but can also provide a stable and growing income stream for the nation’s pension fund.

Building on this foundation, the government plans a full-scale renovation and expansion of the resort, with an ambitious vision to convert the property into a lucrative component of the Citizenship by Investment Programme (CIP). Under this initiative, rooms at the resort will be sold to international investors as part of their citizenship application, while remaining within the rental pool to ensure ongoing operational revenues.

Projected sales through the CIP are forecasted to reach USD $100 million, with anticipated net proceeds of approximately USD $75 million. This reflects an impressive 200% return on the original investment and an expected annual yield of 15% to 20%. Buyers will retain ownership of their rooms, yet the continued inclusion in the rental pool ensures that the community benefits from consistent economic activity.

This visionary plan not only promises capital appreciation and stable income for the Social Security Fund but also reaffirms the government’s commitment to innovative solutions that safeguard Antigua and Barbuda’s economic future. Through strategic use of national assets and global partnerships, Prime Minister Browne’s administration is paving the way for a more prosperous and financially secure nation.