by Linda Straker
- Due diligence and interview fees for all CBI applicants adjusted from 1 September
- All interviewing fees will be US$1,000
- Amended fees published in the 1 September Government Gazette, dated 31 August
Effective 1 September 2023, the Government has made adjustments to the due diligence and interview fees for all applicants to the Citizenship by Investment Programme (CBI). All interviewing fees will be US$1,000, while the due diligence fee for dependent parents aged 65 and over moved from US$250 to US$5,000.
The amended fees, published in the 1 September Government Gazette, were dated 31 August and signed by Prime Minister Dickon Mitchell, who is the minister responsible for citizenship. “These Regulations shall come into force on the 1st day of September,” said the publication. The new fee is an amendment to SRO 17 of 2013.
The new fees, apart from the Due Diligence Fee for Dependent Parents aged 65 and over is harmonised to US$1,000. Previously, the old fees varied between US$250 and US$3,000. There is also the introduction of a financial sponsor interviewing fee of US$1,000.
One local agent explained that the financial sponsor is someone sponsoring an applicant’s cost. “Usually the sponsor pays the fee, so in that case, not only the applicant is interviewed, but also the financial sponsor,” the agent explained.
|CATEGORY OF PEOPLE||OLD FEE||NEW FEE|
|Due Diligence Fee – Dependent parent aged 65 and over||US$250||US$5,000|
|Interview fee – main applicant||US$3,000||US$1,000|
|Interview fee – Spouse||US$500||US$1,000|
|Interview fee – Child age 17 and over (formerly 18 to 25||US$$2,500||US$1,000|
|Interview fee – Dependent Parent (Dependent parent aged over 65||65 and over was US$250
Under 64 was US$2,500
|Single Applicant||No such category||US$1,000|
|Financial Sponsor||No such category||US$1,000|
Grenada is one of several OECS countries with CBI programmes, which is a good source of revenue. Grenada earned EC$157 million through the programme between January and June 2023. However, issues related to due diligence and the management of these programmes have raised concerns in countries such as the United Kingdom and the United States of America.
In July, the United States of America and European Union authorities made specific recommendations to Caribbean nations with CBI programmes to further strengthen high levels of background checks, and prevent money laundering and tax evasion. Among the recommendations were in-person interviews, and the minimum investment thresholds should be increased, with a minimum of US $200,000 (per single applicant) for applications under the donation option and a minimum of US $400,000 for real estate investments.