St Kitts and Nevis and Antigua and Barbuda sign visa waivers with Azerbaijan
Both Caribbean states signed agreements in New York covering every passport type, including the ordinary passports held by citizens by investment.
ReadThe International Monetary Fund has published its latest assessment of Antigua and Barbuda's economy, and the headline is a large improvement in the country's public finances. Public debt has fallen from 101% of gross domestic product (GDP, the total value of everything the economy produces in a year) in 2020 to an estimated 68% in 2025.
The figures come from the IMF's 2026 Article IV consultation, which its Executive Board concluded on May 4, 2026, with a press release on May 7. An Article IV consultation is the yearly health check the Fund carries out on each member country, named after the article of the IMF's founding agreement that requires it. IMF staff visit the country, meet officials and the private sector, and report to the Board, which represents the Fund's member governments.
The main numbers
- Growth of 3.0% in 2025. The economy expanded mainly on the strength of construction, even as tourism arrivals levelled off. The IMF projects growth of 2.6% in 2026 and 2.4% in 2027.
- Inflation of 1.4% in 2025. Consumer prices rose 6.2% on average in 2024, so this is a sharp slowdown. The Fund expects about 2.1% in 2026.
- Jobs back to pre pandemic levels. Employment has gradually recovered to where it stood before COVID 19.
- Debt down by a third. From 101% of GDP in 2020 to about 68% in 2025, with further small declines projected.
- A primary surplus of nearly 5% of GDP in 2025. The primary balance is the government's budget result before interest payments. A surplus means revenue more than covered day to day spending and investment, leaving money to service debt.
Where the improvement came from
The IMF credits higher tax revenue, restrained current spending and stronger inflows from the Citizenship by Investment Programme (CIP), the scheme that grants citizenship in exchange for a contribution to the National Development Fund or an approved investment. The Fund also notes that CIP related inflows helped finance the country's current account deficit, the gap between what the country spends abroad on imports and what it earns from exports, tourism and transfers. That deficit was larger in 2025 largely because construction projects require imported materials.
The improvement started from a difficult position. Debt peaked during the pandemic, when tourism, which brings in receipts worth around 45% of GDP, came to a standstill. Bringing the ratio down by more than 30 percentage points in five years is a significant achievement for a small island economy. In its staff statement in February, the IMF noted that its baseline projections see debt reaching the 60% benchmark set for the Eastern Caribbean Currency Union, the eight member monetary union that shares the Eastern Caribbean dollar, before 2035.
The Board's directors welcomed the continued expansion, the strength of construction, resilient tourism and lower inflation, and the IMF described the financial system as stable and liquid. In February, IMF staff also noted that bad loans at banks have stayed below the 5% prudential threshold since the end of 2024. As usual, the Fund set out further work: a plan to clear arrears owed to some creditors, a broader tax base with fewer exemptions, and continued strengthening of the citizenship program framework alongside anti money laundering controls. It also noted that the agreement creating an independent regional regulator for citizenship programs has been enacted into law in Antigua and Barbuda.
What it means if you are considering Antigua and Barbuda citizenship
Applicants often ask where their contribution goes and whether the program is good for the country. The IMF review offers an independent answer. Citizenship by investment money is visibly part of the fiscal repair, alongside better tax collection, and the Fund expects the debt ratio to keep edging down.
That matters for anyone holding an Antiguan passport for the long term. A government with stronger finances is better placed to invest in airports, ports and resilience to hurricanes, and is less likely to need sudden changes to fees or rules to raise money. Independent oversight of the kind the IMF describes, including the regional regulator, also supports the credibility of the passport abroad.
For clients who plan to bank in the region, the IMF's description of a stable and liquid financial system is reassuring, although we still recommend holding at least one account outside the country where you live, as a backup. We help clients apply for Antigua and Barbuda citizenship, arrange international banking with backup accounts, work with our local team in each country, and quote our fees in writing before any work begins.
This article is general information, not legal, tax or investment advice.
