Choksi set to lose Antiguan citizenship: Here is how he got it in the first place
New Delhi, June 25: In a major setback for PNB scam accused, Mehul Choksi, the Antiguan Prime Minister has said that he would lose his citizenship.
Prime Minister Gaston Browne said that his citizenship was process, he got through, but the reality is that his citizenship will be revoked and he will be repatriated to India. He however added that they would have to follow the due process. He has a matter before the court and as we said to the Indian government, criminals have a fundamental right and Choksi has a right to go to court and defend his position. But I can assure you after he has exhausted all legal options, he will be extradited, Browne also said.
Getting a citizenship in Antigua has been a subject matter of debate for sometime. Let us take a look at how Choksi managed to get his Antiguan citizenship in the first place.
Some of the pre-conditions to get a citizenship in Antigua include the requirement for an outstanding character and Rs 1.3 crore.
Details available on the Antigua and Barbuda Citizenship by Investment lay down the process of how one can obtain a citizenship and the details available show that it is not all that difficult.
The Antigua & Barbuda's Citizenship by Investment Program was established in 2012. A persons seeking citizenship could either make a real estate investment or donation. There are three options available in this regard. A real estate split would cost 2 lakh US dollars along with an application fee of 58,500 US dollars. In order to make a real estate investment, one would need 4 lakh US dollars and an application fee of 58,500 US dollars.
Alternatively a donation of 1 lakh US dollars could be made, with an application fee of 33,500 US dollars.
- Be of outstanding character
- Hold no criminal record
- Have excellent health
- Have a high personal net worth
- Reside with the family members who are included in the application in the country for a minimum of 35 days within a period of five years.
For one to get a citizenship the government has also offered various investment options:
- National Development Fund Contribution or Charitable donation: High net worth individuals may choose to make a monetary contribution of US$100,000 to the National Development Fund or an approved charity.
- Real Estate Investment: Applicants may purchase property valued at a minimum of US$400,000 in a preapproved real estate development area. The investment must be maintained for a minimum of five years. Property registration, processing fees and taxes must be paid in addition to the property purchase.
Callaloo Cay: Callaloo Cay is a unique luxury multi-resort project developed in partnership with the government by an international team of world class developers and investors such as Arton. This exclusive resort sits on 36 acres of prime beach-front and offers first-class facilities that cater to discerning clients. Under the Redeemable Preferred Share Offer by the resort, investors renounce the capital appreciation in exchange for a guaranteed return on investment after the mandatory five-year holding period.
Applicants may invest US$1.5 million to establish a business. Two or more applicants may make a joint business investment with an individual threshold of at least US$400,000 and a total investment of at least US$5 million, according to the website- https://www.artoncapital.com/global-citizen-programs/antigua-and-barbuda/