Kingston, Oct 15 (IANS): The Caribbean nation of Antigua and Barbuda launched a plan Monday to sell passports for investment in a bid to haul the economy back on to the road to development.

The Citizenship by Investment Programme, which went into practice last week, offers wealthy intentional investors a chance to become a citizen of the twin-island nation through investment, Xinhua reported.

The programme offers three options to obtain the passport, including a $250,000 donation to the country's national development fund, a real estate investment of $400,000 and a business investment of $1.5 million.

The goal of the programme is to "generate investment and jobs" to put Antigua and Barbuda "on the road to sustainable growth and development", according to Prime Minister Baldwin Spencer.

Spencer said the programme "has the potential to transform the economic landscape of Antigua and Barbuda".

"Many countries across the globe, including our neighbour St. Kitts and Nevis, in testament to the importance of attracting investment, offer residency status in exchange for a sizable financial contribution," he said.

The twin-island nation expects to attract about 1,800 new citizens and $550 million over the next three years through the programme.

Antigua and Barbuda, with a population of 90,000, has been struggling with a sluggish economy since the 2008 global financial crisis. The country's debt currently stands at about $1 billion, almost equal to its GDP.