Antigua scores 72 / 100 — Qualified, MPH Verified™. All three pillars Pass at national level.

Arbitrage passes at 7.2, anchored by the price-to-value gap (8.0) and the tax and cost differential (8.0). Price-to-value gap 8.0: Savills data (cited in the Financial Times, April 2026, via Elmsbridge) prices Antigua prime residential at approximately USD 490/sq ft, versus USD 500/sq ft in Barbados, substantially below Bahamas and Turks & Caicos, and “around 75% lower than comparable prime property in Miami.” Prime values have risen approximately 17% since 2021, indicating momentum but starting from a low base. LatInvestor confirms 3–7% annual price growth driven by foreign CBI investment. For quality-equivalent Caribbean lifestyle real estate, this is a material undervaluation versus global resort comparables. Tax and cost differential 8.0: Antigua imposes zero personal income tax, zero capital gains tax for individuals, and annual property tax of 0.1–0.5% of assessed value (specifically: residential land under EC$3m at 0.20%, EC$3m and above at 0.40%; residential buildings under EC$3m at 0.30%, EC$3m and above at 0.50% under the Property Tax (Rates of Tax) Order 2023). This is one of the most favourable holding-cost structures of any market in the MPH portfolio. Currency entry advantage 6.5: the XCD/USD peg at 2.7 XCD per USD has held for decades, providing stability, but precludes the currency undervaluation play available in floating emerging-market currencies. Yield spread 6.0: no systematically published national average gross yield exists for Antigua residential; Caribbean resort survey data suggests a 4–7% gross band, which is competitive versus mature markets but insufficient to score above 6.0 without hard evidence. Rising prices since 2021 suggest gradual yield compression. Yield data is the sole constraint preventing Arbitrage from reaching 7.5+.

Scarcity passes at 7.2, led by uniqueness (8.0) and demand trajectory (7.5). Uniqueness 8.0: Antigua’s combination of 365 beaches, the world-class sailing hub at English Harbour and Falmouth Harbour (home to Nelson’s Dockyard, Antigua Sailing Week and the Caribbean’s largest charter fleet concentration), new branded luxury developments (Nikki Beach, Barbuda Ocean Club, Nobu Beach Inn on Barbuda), and relatively low population density and development intensity creates a genuinely difficult-to-replicate lifestyle proposition. Other Caribbean islands offer beaches and sailing, but not at this specific combination of scale, heritage, and current price point. Demand trajectory 7.5: prime values up 17% since 2021 (Savills/FT); 3–7% annual price growth (LatInvestor); 6Wresearch projects growth through 2031; the 2024 CBI restructure (real-estate route reduced from USD 400k to USD 300k; NDF donation raised from USD 100k to USD 230k) has made the property route materially more attractive versus the donation route, directionally increasing real-estate-linked demand. Programme window scarcity 7.0: the CBI programme is open with no published sunset, but the global scrutiny of Caribbean CBIs and the precedent of UK visa-free loss for neighbouring islands creates a credible reform risk. Supply constraint 6.5: island geography limits total land, but Antigua remains relatively undeveloped versus many Caribbean resort markets; new branded projects are expanding stock, and current pipeline suggests moderate rather than acute supply constraint.

Exit passes at 7.1. Capital mobility 8.0: zero personal income tax, zero CGT, no capital controls on repatriation of rental income or sale proceeds, and the XCD/USD peg enabling straightforward USD-denominated exit make Antigua a clean capital exit jurisdiction. Transaction friction 7.0: LatInvestor’s foreign-buyer guide confirms that foreigners can purchase legally “with few restrictions”; the Property Tax Act and rates order provide a clear, codified annual tax structure; conveyancing is standard Caribbean practice; CBI real-estate route adds programme documentation and government fees but is a well-established process with multiple specialist agents. Holding-period flexibility 7.0: CBI-linked real estate requires a 5-year minimum hold before resale to another qualifying investor while preserving citizenship; the donation route has no asset hold; domestic property outside CBI structures has no statutory minimum hold and no CGT. Resale liquidity 6.5: year-round international buyer demand across English Harbour, Jolly Harbour and Dickenson Bay is evidenced by sustained price growth and new branded project launches; however, no systematically published DOM or annual transaction volume data exists for Antigua, limiting the rating. The breadth of interest from CBI-motivated buyers provides structural secondary-market depth that goes beyond typical small-island resort markets.