by Linda Straker
- Company registered with Corporate Affairs and Intellectual Property Office in August 2022
- Notice published in 17 March 2023 Government Gazette
- Over 20 local CBI-authorised local agents
A company registered by lawyer Derick Sylvester is the latest entity appointed by the Citizenship by Investment Committee as an authorised local agent for the Citizenship by Investment (CBI) programme.
Under the “Tri-Island Development Company Ltd,” Sylvester registered the company on 24 August 2022 with the Corporate Affairs and Intellectual Property Office (CAIPO).
A notice in the 17 March 2023 edition of the Government Gazette said, “Notice is hereby given that pursuant to Section 4 of the Grenada Citizenship by Investment Act, 2013, Tri-Island Development Company Ltd., No. 495 Lucas Street, St George’s, Grenada, WI, has been granted the license of a Local Agent, and is therefore authorised to conduct business in the State of Grenada, pursuant to the terms and conditions specified in the said Grenada Citizenship by Investment Act, 2013.”
The licence number for Tri-Island Development Company Ltd is GCBI-LA-041. According to the registration document, there are no other company directors, and its purpose is to prepare and submit applications for Citizenship by Investment.
A CBI-authorised local agent is responsible for liaising directly with the local office CBI office concerning all correspondence, queries, or questions that may arise concerning an applicant’s file. According to the CBI website, there are currently over 20 local CBI-authorised local agents, most of whom are lawyers.
Since launching in 2014, over 7,000 people from states such as Russia, China, South Africa, India, and Nigeria have become citizens of Grenada. The CBI programme is responsible for the country earning millions in non-tax revenue for general budgetary support, especially in funding capital and social projects as well as payment to external creditors.
10% of the CBI earnings or inflows are deposited into a special contingency fund which can be used in a natural disaster or public health emergency.
You should have ONE CENTRAL OFFICE for this program NOT spread out among 20 Lawyers and Land developers as that is a conflict of interest. No wonder there is so much corruption. There must also be an oversight Committee to keep checks and balances on this program too.