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Yes. Like all CBI options, it carries the requirement to spend at least five days in the country within the first five years of citizenship; there is no obligation to relocate.
The University of the West Indies Fund follows the same residence and presence rules as the other citizenship options. There is no requirement to move to or live in Antigua and Barbuda.
The one physical-presence condition is spending at least five days in the country during the first five years after citizenship is granted, which can be met with a single short visit by the relevant applicant. The education scholarship is a separate benefit and does not change the five-day presence rule.
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