by Linda Straker
- Number of people granted citizenship through CBI/IMA programme to be published on IMA website on or before 31 July
- Previously, this information was included in Ministry of Finance’s quarterly report
- 2024 marks 10 years since CBI/IMA programme established
The Investment Migration Agency (IMA) announced that on or before 31 July, the number of people granted citizenship through the Citizenship by Investment (CBI) programme will be published on its website. According to an IMA statement, “As part of the agency’s rebrand strategy in which it seeks to take ownership of the narrative surrounding its marketing and operations, it will be publishing enhanced quarterly operational statistics to include previously published information like applications, approvals, denials, and processing and new information like country of origin of applicants and value of investments into projects on the IMA website. This will be published on the website on or before 31 July 2024.”
Previously, this information was included in a quarterly report by the Ministry of Finance.
Justifying the move, the statement noted that “in the past, we were not actively marketing the programme, that was being solely done by the Marketing Agents. If we take charge, we can manage what is said out there about our product as we are not in it just for the sales.” The statement was issued after an explanation for the removal of names was sought from Richard Duncan, Chairman of the CBI Unit.
The Ministry of Finance recently published the agency’s first and second quarterly reports for 2024, but a review of the information showed that the number of people who were granted citizenship for the period was not included. The template used from 2014 to 2023 showed the number of new citizens approved quarterly with monthly breakdowns.
2024 marks 10 years since the Government of Grenada established the programme, which aims to grant foreign nationals citizenship if they invest in the country either through an approved project or by making a financial contribution to the National Transformation Fund (NTF).
The CBI programme was rebranded earlier this year, and at the ceremony, Thomas Anthony, the Chief Executive Officer, said the rebranding is taking place because the unit needs to become more involved in the overall marketing and promotion of Grenada’s migration industry.
In addition to the number of new or rejected citizens, the quarterly reports on the Ministry of Finance’s website also provide a breakdown of money transferred to the contingency fund and money earned through approved projects and the NTF.
The fiscal report for May 2024 showed that Grenada earned EC$207.2 million from the CBI/IMA from January to May 2024, the Government’s highest revenue during that period.
Public records show that Grenada has earned millions from the programme. More than 11,000 people, mainly from Russia, Nigeria, South Africa, China, India, and the USA, were granted citizenship through the programme. Approximately 50% of the amount was approved between July 2022 and June 2024.
