by Linda Straker
- 980 citizens approved from January to March
- 1,011 citizens approved during April to June
- CBI revenue of EC$157 million is most earned since programme launched in 2014
From January to June 2023, the Cabinet of Grenada approved 2,011 people to become citizens through the Citizenship by Investment (CBI) programme, according to the latest public data released by the Ministry of Finance.
There were 980 approved during the first quarter January to March, and 1,011 approved during the second quarter April to June. The fiscal report for January to June shows that the Government’s revenue from CBI for that period was EC$157 million — the most earned from the programme since its launch in 2014.
There were 1,108 applications and 17 rejections. According to the CBI second-quarter report, 259 of the new citizens were through the National Transformation Fund investment, while the remaining are investors in already approved projects.
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 Government has not approved any new CBI project for 2023.
The Government’s public data does not reveal the original place of residency or birth for applications, but a migration discussion held in November 2022 revealed applications are mainly from Nigeria, China, South Africa, India and Russia.
As of 31 March 2023, Grenada stopped accepting applications from Russia and Belarus, resulting in many applications from these territories. All applicants to the programme go through a series of background due diligence from regional and international investigating agencies before approval is granted.
The 2023 Estimates of Revenue and Estimate presented in December 2022, show that 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 2 options of the programme.
240 Million can not be earned so easily from our resources in Grenada, it’s a significant amount, I just hope the government can use it wisely.
This program must be canceled with immediate effect.
This program must be canceled with immediate effect.
Vote NDC out.
I have one suggestion for the investing some of the funds obtained from this scheme….use it to strengthen your infrastructure for long term benefits for our youths.
They can start by building new police stations etc.
Also what is the minimum cost to an applicant for CBI ?
Mark my words, the NDC will lose the next election. Grenada will be better serves by a nationalist leader. De Con squandered the chance we gave him.