CBI registry of Russian applicants already in system

by Linda Straker

• Main source markets for Grenada are China, India, Nigeria, and South Africa
• Registry of Russian and Belarusian applicants to be submitted before midnight 31 March 2023
• North Korea, Iran, and Palestine are also banned from participating in Grenada’s CBI programme

Local and international marketing agents of Grenada’s Citizenship by Investment (CBI) programme are to create a registry of all Russian and Belarusian applicants for submission before midnight on 31 March 2023 to the CBI Unit. After that date, Grenada will not accept applications to the programme from these 2 states.

These 2 countries will join North Korea, Iran, and Palestine as states around the world that are banned from participating in the Grenada CBI programme. The decision to create the registry is the approach Grenada has adopted as part of its decision to comply with a request from the US following the 25 February 2023 historic US-Caribbean Roundtable on Citizenship by Investment held in Saint Christopher (St Kitts) and Nevis.

At the meeting, the participating countries approved 6 principles for going forward. They are:

1. Collective agreement on treatment of denials: Not to process applications from persons whose applications have been denied in another CBI jurisdiction, by proactively sharing information on denials
2. Interviews: Conduct interviews with applicants, whether virtual or in-person
3. Additional checks: Each jurisdiction will run checks on each application with the Financial Intelligence Unit of its respective country
4. Audits: Audit the Programme annually or every 2 years in accordance with internationally accepted standards
5. Retrieval of passports: Request law enforcement assistance to retrieve revoked/recalled passports
6. Treatment of Russians and Belarusians: Suspend processing applications from Russians and Belarusians. Four jurisdictions have already suspended applications and Grenada which processes applications from Russians and Belarusians with enhanced due diligence, will suspend processing new applications from Russia and Belarus from 31 March 2023

Several local agents have confirmed that Richard Duncan, Chairman of the local CBI Committee, and other senior staff at the CBI Office held a meeting with them on 8 March 2023, during which they were told to create the registry.

“The Committee is aware that the process is a lengthy one, sometime between 6 and 9 months before there is a denial or acceptance. So, all applicants from Russia and Belarus who are currently in the system will be treated fairly. It, therefore, means that once that registry is submitted there can be no other applicants from these states,” said one local agent.

Sharing more details on other initiatives as part of the moving forward plan for the CBI programme, Duncan said that there will be collaboration and cooperation among CBI chairpersons and CEOs to design and implement various work streams to comply with each principle; and to develop a method of ensuring that each entity acts as agreed.

Since the enforcement of the CBI law in 2014, over 7,000 people from developing nations have successfully become citizens of Grenada through the CBI programme. The country has earned millions that have been spent on national infrastructure and social development projects.

Some of the main source markets for Grenada are China, India, Nigeria, and South Africa. However, since the start of the Ukraine-Russia war in 2022, there has been a significant increase in Russians applying to become Grenada citizens through the CBI programme.