by Linda Straker
- Application submission deadline extended to 12 July 2024
- Hurricane impacted ability of Agents and Grenada Co-operative Bank to meet original deadline
- OECS countries with CBI programmes signed MOU to establish minimum investment threshold
Grenada has extended the deadline for applicants to its Citizenship by Investment (CBI) Programme who were affected by the passage of Hurricane Beryl. As of 1 July, a revised pricing structure was scheduled to go into effect, but on that same day, the category 4 hurricane battered the island, and all banking systems were shut down.
“Acknowledging the unforeseen challenges faced by our valued partners during this period, the Agency has decided to extend the application submission deadline to 12 July 2024. This extension aims to provide Agents and the Bank adequate time to effectively manage their responsibilities considering recent events, thereby ensuring the smooth processing of applications under the updated pricing framework,” said a release from the Investment Migration Agency (IMA), the body managing the programme.
“We recognise that the passage of Hurricane Beryl impacted the ability of Agents and the Grenada Co-operative Bank to meet the original application submission deadline, as it necessitated time for preparation, recovery, and subsequent operational adjustments,” the release explained.
In March 2024, all countries (with the exception of St Lucia) in the OECS with a CBI programme signed a Memorandum of Understanding that, among other things, established the minimum investment threshold. St Lucia has since signed. That amount, as signed, was US$200,000, and the starting date was 1 July. Grenada’s revised pricing structure was published in an extraordinary publication of the Government Gazette on 26 June.
The threshold for a single applicant under the National Transformation Fund (NTF) is US$235,000, while investing in an approved project will be US$270,000 for a Single Applicant or a family of up to 4.
The release said that only duly completed applications submitted to Grenada Cooperative Bank Limited up to and including 30 June 2024, with all the required documents as per the bank’s guidelines issued to local agents, will be accepted under the old price structure. “Note further those applications submitted to Grenada Co-operative Bank on/or before 30 June 2024, that are incomplete, not having all required documents will, when remedied, be accepted and processed under the new price structure.”
The release explained that duly completed files at the bank on/or before 30 June 2024 that are merely pending bank clearance will be accepted under the old price structure.
The agency said, “Notwithstanding the acceptance of the application as previously described, where the Bank requires clarity regarding those applications, resolution of all matters must be concluded to the Bank’s satisfaction and funds received and cleared for submission of the application to IMA no later than 31 July 2024.”
