The Antigua & Barbuda Investment Authority (ABIA) is urging residents to take full advantage of the Construct Antigua & Barbuda Initiative’s (CAB-I) benefits before its March 31 application deadline.
With just six weeks left until the window closes on the successful programme, ABIA Manager for Economic Development & Planning, Sherelyn Hughes Thomas, said now is the time to submit applications.
“We want to make sure that as many people as possible take advantage of this opportunity to save perhaps thousands on building or completing their homes. We don’t want anyone to miss out on this opportunity,” Hughes Thomas said.
Although the Authority can approve an application in as little as 10 days, applicants should note that considerable preparation time might be needed to ensure a completed application is submitted.
Applicants must first coordinate with their financial institutions and acquire the necessary Development Control Authority (DCA) approvals before submitting an application. Both processes are conducted outside of the ABIA and can be time consuming.
“During the last CAB-I tranche we had many people make first contact with us during the last week, only to find they could not get approvals in time and could therefore not apply. We want to make sure that doesn’t happen again and that as many people as possible take advantage of this unique incentive programme,” the ABIA manager said.
Comprehensive CAB-I information and applications can be found on the ABIAhttp://investantiguabarbuda.org website. Please note the ABIA website is currently under construction.
For applications to be considered, applicants must submit a complete registration form, copy of signed contract/agreement with the contractor and a detailed estimate (prepared using the CAB-I estimate template), copy of the DCA Approval, DCA Approved Plans (Physical and Electronic copies), and government issued identification.
A key goal of CAB-I is to make homeownership affordable for applicants by lowering construction costs by at least 15 per cent. CAB-I clients pay no Antigua & Barbuda Sales Tax (ABST) on all locally procured building materials.
The Government of Antigua and Barbuda, in collaboration with the ABIA, re-launched CAB-I in June 2013; the original programme launched in 2011. Benefits for CAB-I 2013 expire September 30, 2014.
Contact the ABIA at (268) 481-1000 or firstname.lastname@example.org