Grenada’s citizenship by investment program received 172 NTF contribution applications and 73 Real estate investment applications for until Sep 2018 (third quarter), according to the latest information published by Government of Grenada. CBI revenues reached $95 million for 2018 alone during the period Jan to Sep 2018.
Out of 172 NTF applications received 124 applications were approved and rest are due to be approved or in waiting stages and for real estate 37 were approved. This also reveals 70% of applicants prefer NDF donation option only 30% buy real estate in Grenada
Nine citizenship applications were refused for NTF and three for real estate bringing the total refusals to 12 applications. The refusal rate for CBI applications remains at lowest of 4.8%
The data also reveals 553 foreigners because new economic citizens of Grenada under the CBI program, of which 73% through NTF and 27% through real estate.
Grenada requires $150,000 one time contribution to NTF fund and $350,000 real estate purchase to qualify for citizenship. Grenada passport is rated as ‘Gold’ standard passport in the Caribbean as it has visa free travel to China, Russia, United Kingdom and EU schengen countries.
Over 98% applying for Grenada’s economic citizenship programme are chinese families
CBI revenues
- NTF – $65.7 million
- Investment – budgetary fees – $2.7 million
- Real estate Investment in Approved CBI Projects – $26.8 million
In the recently released Henley passport rankings, Grenadian passport ranked 33rd powerful passport in the world, with visa free access to 144 world countries.
Grenada government recently appointed new CEO of citizenship unit and has announced new changes to the CBI program.
IMF said in 2018 Article IV consultation report
- The Grenadian economy grew by an estimated 41⁄2 percent in 2017, driven by strong activity in construction, tourism, and education sectors.
- Grenada made important strides under the 2014-17 ECF-supported program, achieving an impressive debt reduction by 37 percent of GDP since 2013, upgrading the framework for fiscal policy, strengthening the financial system, improving governance, and creating a better business environment.
- IMF recommended ensuring compliance with AML/CFT regulations at all levels and strict enforcement of the due diligence process of the CBI program are critical for Grenada’s continued stable access to cross-border bank payments.
IMF estimated that non-tax revenue of CBI program contributed to 4.9% of GDP for 2017.
