For the first six months of this year, the Grenada government says it has approved almost 2,000 international investors to become citizens of the island through the Citizenship by Investment (CBI) program.
According to the most recent Ministry of Finance data, 2,011 people were accepted under the CBI, which allows foreign investors to be awarded citizenship in exchange for making a significant investment in the island’s socioeconomic growth.
According to the ministry, 980 applications were authorized from January to March, while 1, 011 were approved from April to June.
According to the fiscal report for the period January to June, the government’s revenue from CBI for the same time was EC$157 million (one EC dollar equals US$0.37 cents), the highest amount of revenue earned from the program since its inception in 2014.
Individuals can apply for citizenship under the CBI legislation by giving at least US$200,000 to the National Transformation Fund (NTF) or by investing in an approved project or real estate worth at least US$220,000. Following the grant of citizenship, the investor must hold the real estate for at least five years.
For 2023, the government has not approved any new CBI projects.
The government’s public data do not indicate the original site of residency or birth for applications, however it was revealed during a migration discussion in November 2022 that the primary sources of applicants are from Nigeria, China, South Africa, India, and Russia.
Grenada ceased accepting applications from Russia and Belarus on March 31, this year, following Moscow’s invasion of Ukraine in February last year.
The Dickon Mitchell government forecasts that the CBI program will cost it EC$240.4 million in its 2023-24 national budget.
