by Linda Straker
- 578 new citizens approved under CBI during first quarter of 2023
- CBI Committee has not approved any new project as of 15 June 2023
- 6 projects in final stage of decertification as outlined in SRO 28 of 2017
The National Transformation Fund (NTF) option of the Citizenship by Investment (CBI) legislation appears to be the main source of revenue for the Government of Grenada, because the CBI Committee has not approved any new project for the year as of 15 June 2023.
“There was no new project approved or gazetted for the year 2023,” was the response from the CBI Office following the email submission of several questions pertaining to the CBI operations to Thomas Anthony, Chief Executive Officer of the CBI Office.
The 2023 Estimates of Revenue and Estimate, which was presented in December 2022, showed the Government is targeting total revenue of EC$240,461,920 for the year from the CBI programme. There was no breakdown as to the amount targeted through the programme’s 2 options.
Under the CBI legislation an individual can apply for citizenship via 2 routes. An applicant opting for the NTF route must contribute at least US$200,000 to the Fund, while an applicant opting for the approved project or real estate route must invest at least US$220,000. They must keep the real estate for at least 5 years following the grant of citizenship.
The Cabinet of Grenada approved 578 new citizens under CBI during the first quarter of 2023. The total revenue to the Government from these new citizens was just under EC$57 million. In a recent interview, Prime Minister Dickon Mitchell said that programme beat the targeted projection for the first quarter.
While there are no new projects, the CBI Committee and the management of the CBI office is currently in the final stage of decertifying 6 projects as outlined in SRO 28 of 2017. That SRO stated that the Minister may on the recommendation of the Committee, decertify a project if the Minister is satisfied that, among other things, a developer no longer satisfies the provisions of the CBI Act and these regulations; or if a developer is in breach of any term or condition of an approval.
However, before decertifying a project, the Minister shall give the developer written notice served at the address provided in the application form of his or her intention to do so, setting out the grounds upon which he or she proposes to make the revocation.
Once a project is decertified, the Minister shall publish or cause to be published a notice of the revocation in the Government of Grenada Gazette; the Government of Grenada website; the Committee’s website; and any other relevant official Government publication.
CBI must be canceled with immediate effect.
But what are the consequences of DECERTIFYING a CBI project??? Does the property return to the previous owner or the government? Tell us which projects these are.