In a decisive assembly with the Administrators, Chairman, and Members of the Board of the Social Safety Scheme, Prime Minister Gaston Browne of Antigua and Barbuda offered a complete plan to boost the sustainability of the nation’s pension fund. The dialogue centered on consolidating bond obligations owed to Social Safety whereas additionally strategically positioning the Jolly Seaside property as a beneficial funding asset.
Prime Minister Browne emphasised the numerous strategic significance of the Jolly Seaside Resort, which serves as a key aspect within the authorities’s financial imaginative and prescient. Following a considerate funding of roughly USD $5 million in renovations, the resort has skilled a outstanding transformation, producing constant income and contributing considerably to tax revenues, estimated between $3.5 million and $4 million from ABST and head taxes. This endeavor displays the federal government’s dedication to securing a affluent future for the nation.
The Prime Minister outlined a visionary method that may see the resort bear a full renovation and enlargement, successfully positioning it as a revenue-generating asset for the Social Safety Board.
This initiative holds the promise of long-term capital appreciation and secure revenue streams from its operations, together with the potential sale of rooms beneath the Citizenship by Funding Programme (CIP).
Projected gross sales by the CIP are anticipated to achieve USD $100 million, yielding web proceeds of roughly USD $75 million—an distinctive return on preliminary funding at 200% and an anticipated annual return of 15% to twenty%. Whereas patrons of CIP-acquired rooms will retain possession, the models will stay within the rental pool, thereby constantly producing income for the group.
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