by Linda Straker
- Since August 2014 over 7,000 people have received citizenship through CBI
- Over EC$120 million earned by Government through CBI programme in 2022
- 90% of NTF receipts earmarked for transformative capital projects
1,486 individuals became citizens of Grenada through the Citizenship by Investment Programme (CBI) in 2022. The revenue earned by Government through that programme surpasses EC$120 million. Between January to September 2022, the Government earned EC$112 million.
A breakdown of the data shows that between January to June 2022, which covers the period of the New National Party (NNP) governing Grenada, there were 772 new citizens, while 7 applications were rejected.
Between July to December 2022, which covers the ruling National Democratic Congress (NDC), the total approved was 714 and only one rejection. Most applications to Grenada come from China, Russia, India, South Africa, and Nigeria, territories known for their millionaires. There are also several applications from the USA and Europe.
The programme began in August 2014, and to date, over 7,000 people have received citizenship through the initiative which has become the major non–tax revenue earner for the Government. Once citizenship is approved, that person earns the right to a passport; as a result, many have referred to CBI as the passport–selling programme.
In his 2023 budget statement, Prime Minister Dickon Mitchell explained that there are 3 sources of receipts from the CBI programme. There are fees associated with investment into an approved CBI project, contributions to the National Transformation Fund (NTF) and other fees, including application and processing fees.
During a special sitting of the Lower House of Parliament on 20 January 2023 a resolution was approved to amend the NTF regulation to set aside at least 10% of receipts from contributions into the NTF, specifically for post–disaster financing, to be managed by the Eastern Caribbean Central Bank (ECCB).
“Government will earmark the remaining 90% of NTF receipts for transformative capital projects as identified by a Cabinet–appointed committee. It is envisaged that the NTF funds will finance impactful projects of national interest that can make a marked difference in the lives of all Grenadians, such as the construction of our state–of–the–art teaching hospital or our technologically advanced public library,” Prime Minister Mitchell said during his budget statement.
There should be constitutional change to cancel and prevent this program.
I too hold that Opinion. This here CBI Program been tainted from the very start. Diplomatic Passports sold like candy to who-ever; like Charles Liu because he carried wads of cash & awarded Mt. Hartman, to only be a fugitive on the run for Cal. Fraud.
It is only matter of time Grenada suffers with tight Visa screening for all citizens all over the world because of the actions by greedy few politicians.
What a.brilliant Wendy Sandy. Where will we get the cash from then?
Where did we ge6t cash from before?
The EU/North America should adopt policies which will CBI to end.
There are lots of investment areas. For one, tourist product has not fully explored.
Regional leaders are lazy and lack willpower.