Grenada CIP revenues falls in the second quarter 2019, with significant number of applications of refused, according to the latest report released by Ministry of Finance of Grenada,
The number of CIP applications reached sharp rise of 13 applications (10 for NTF and 3 for real estate) during Q2 2019,.
This is the first time Grenada had turned down significant number of applications in a single quarter. Most of those applications rejected were submitted under NTF option.
Looking closely, in May 2019 alone, a total of 10 applications were rejected, 8 of which are for NTF donation, the report shows. NTF applications received the highest refusals.
| CIP Refusals | Total | NTF | Real Estate |
| Q2 2019 | 13 | 10 | 3 |
| Q1 2019 | 3 | 3 | 0 |
| Q4 2018 | 1 | 1 | 0 |
| Q3 2018 | 5 | 4 | 1 |
| H1 2018 | 7 | 5 | 2 |
The CIP revenues also declined by 19% to $22.9m compared to $28.4m and the number of applications also slightly fallen to 68 applications from 73 compared to the previous quarter.
A total of 228 foreigners became CBI citizens and received Grenada passports, during the second quarter of 2019. Of these 100 invested in property, while 123 chose to pay $150,000 NTF donation to Grenada.
There are currently 18 approved real estate projects approved by Citizenship Unit of Grenada under the Citizenship by Investment Programme (CIP)
Grenada GDP expanded by 4.25 percent in 2018, driven by strong activity in construction and tourism, according to IMF. Robust FDI flows, including from the citizenship-by-investment (CBI) program, are financing the external deficit while supporting economic growth. IMF recommended Grenada save a portion of their Citizenship-By-Investment (CBI) proceeds for disaster-related impacts from Hurricanes.
