Grenada received 50% increase in CBI applications and exceeded all expectations, says PM

The Prime Minister of Grenada announced the following on the  Citizenship by investment programme of Grenada during the 2018 Budget speech

Grenada’s Citizenship-by-Investment (CBI) Programme, which commenced in 2014, has exceeded all expectations in 2017 and is now regarded as one of the highest-rated CBI programmes in the world.

There was a 50% increase in applications received in 2017, yielding receipts of $128.4 million as at the end of October 2017.

• Earlier this year, the IMF lauded our Government for setting up a legal framework to prudently manage the inflows from the CBI Programme, and declared the Programme to be the gold standard amongst the other regional programmes for transparency.
• For 2018, we have adopted conservative assumptions for receipts from the CBI Programme, to the tune of $81.1 million.
• Over the 2018-2020 period, real economic growth is projected to average 3.3 percent on the assumption that the country will attract new private investment, including investments as- sociated with the CBI programme.

The Prime Minister also outlined details of some of the real estate and major private sector projects under implementation from 2016 and investment projects for 2017 are as follows:

• The Point at Petite Calivigny Resort –  Phase I of this project started in January of 2016, with an estimated investment cost of $162.0 million, with $24.0 million already invested. The project currently employs over 80 construction workers and is expected to employ 50 persons upon comple- tion. Phase I is expected to be completed by March of 2018.
• KAWANA Bay – The redevelopment of Flamboyant Hotel into a 4.5 star Kimpton branded hotel commenced in January this year. The project cost is estimated at $125.0 million, with $31.0 million invested to date, creating construction employment for approximately 60 persons. Phase I of the project is expected to be completed by August 2018, adding 41 rooms to Grenada’s current room stock. The second phase commences in January 2018, with 52 new rooms and creating employment for 250 to 300 construction workers. Over 162 permanent jobs are expected to be created on completion of the project.
• Levera Development – This tourism development project has invested to date more than $10.0 million. Construction employment has been created for over 30 persons in St. Patrick and surrounding areas.
• Solamente Villa Ltd. – The estimated cost of this luxury villa resort is $27.0 million. Operations recently com- menced under Phase I of the Project, with 75 to 100 construction workers employed, and 25 permanent employees, once fully operational.
• Reese Investments – This commercial complex of 150 hotel rooms with full amenities, entertainment facilities and a business centre, represents an investment of US$30 million, and estimated employment of about 100.
• Hideaway True Blue – This $21 million condominium development will provide 42 fully furnished units. Construction has already begun and is scheduled to be key- ready by July, 2018. This phase provides at least 50 construction jobs, with about 7-10 full-time jobs in the operational phase, and about 30 indirect jobs being generated out of this enterprise.
• Clarkes Court Marina – In 2017, an additional investment of $2.0 million was made, bringing the total investment to over $45.0 million. Thirty- ve permanent jobs have been created to date. Phases II and III of this major project will see the development of additional accommoda- tion facilities.
• Serenite Estates Inc. – Construction of the 52-apartment tourism facility started in 2017, at an estimated cost of $9.0 million, of which $1.5 million have been expend- ed thus far. Construction employment has been created for 60 persons, with 25 permanent employees upon completion.
• Silver Sands Resort Development –This major luxury resort project is nearing completion at an investment cost of USD 65 million, of which XCD77.0 million already spent in 2017. It is expected to be opened in March 2018 with about 180 full time employees. There are currently 230 construction workers and 30 internal staff. Over the past two and a half years, the project has created employment for over 400 Grenadians.
• Belmont Estate Fine Chocolate Inc. – The company has added the manufacture of chocolate to its portfolio, with an investment over $1.0 million, creating employment for 14 persons.
• Clear Harbor Call Centre – This facility currently employs 620 persons, with plans to expand to 120 em- ployees.
• Km2 Solutions– This call centre added 160 employees to its operations in 2017, increasing its employees to 365.
• TRI Services Communication Ltd. – This small call centre operation commenced in June 2017, employing 30 persons, with plans to expand to 100 in 2018.
• Spice Land Mall Expansion – Mr. Speaker, $6.7 million have been spent on this project to date, of which $5.0 million were spent in 2017. During construction, employment was created for 75 persons. Full Time employment is expected to increase to 150.
• The Olympic Building Project – $1.0 million was spent on this project this year, creating employment for 25 persons. Completion is scheduled for early 2018, with full time employment for 6 persons.
• Cane Co. Ltd. & Renegade Rum Distillery– To date, the company has invested in excess of $4.0 million and has employed 47 full time persons. Construction of the distillery would commence in 2018. The proposed investment is estimated at $28.0 million, with expected full time employment for approximately 70 persons.
• Bayside Plaza – Mr. Speaker, this will be Carriacou’s rst shopping complex and international-branded supermarket. To date, $4.5 million have been invested, and Phase One is expected to be completed in December 2017. It is estimated that 16 to 20 persons will gain permanent employment at the supermarket, while others will gain employment in the four commercial spaces. Phase II of the project will start in 2018 with the construction of additional shopping facilities, restau- rants and a movie theatre.
• Carriacou Marine Ltd. – Carriacou Marine Ltd. is one of two marina developments that have transformed the business and employment landscape of our sister island. To date, investments of $2.9 million have been made. The business directly employs 17 persons and creates indirect employment for a further 20 persons in Carriacou.
• Laluna Beach Resort and Villas – The second phase of the upgrade and expansion will start in January 2018, with the  construction of 13 new residences, a restaurant, and art center with 3 studios for an artist residency programme. The investment is valued at $64.0 million. Employment during construction is expected to be over 100, with 45 full time employ- ees when the project becomes operational.
• Grenada Schools Inc. – is a charity dedicated to early learning and ensuring the literacy of all of our children by building and out tting a library in each of the 56-primary schools in Grenada at a cost of $14.0 million. By the end of 2017, Grenada Schools Inc. will have completed 20 new libraries throughout the country. Grenada Schools Inc. has also been instrumental in assisting 6 local authors to write their own books using local illustrators, and have recently commissioned another seven titles. Five people are employed full-time at their local of ces, supported by three local trustees.
• St. George’s University Expansion– Two major projects are ongoing: a US$20.0 million Replacement Dorm, which will add 90 beds on campus; and a US$18.0 million Multi-use Facility. The expected completion date is August 2018.