Chinese and Nigerians top CBI new citizen approvals for 2024

by Linda Straker

• Over 2,000 of approved 5,443 new citizens represent these 2 nations
• Programme earned Government EC$472,981,142 for 2024
• Fewer than 600 applications expected to be submitted to CBI for processing for 2025

China and Nigeria have the highest percentage of Citizenship by Investment (CBI) approval for 2024, with over 2,000 of the approved 5,443 new citizens representing these nations. Government earned EC$472,981,142 for the year.

Latest data from the CBI units shows that 23% of 1,252 of the approved new citizens were Chinese, while 19% or 1,034 were Nigerians. The data released on the Units website shows that approved citizens representing a wide cross-section of nations including Great Britain, South Africa, Benin, Pakistan, USA, India, Vietnam, Ukraine, Turkey and Iraq.

The CBI programme has been earning millions to Grenada for the past 3 years but it is expected that in 2025 the earnings will reduce significantly. Recently, Richard Duncan, Chairman of the CBI Committee said that fewer than 600 applications are expected to be submitted to the CBI for processing for 2025, because of Grenada’s decision to stop accepting Russians to the programme.

Grenada was the only country accepting Russian applications following the start of the Ukraine/Russia war in 2021. In the initial days of the war, Grenada suspended applications from Russia but that was soon lifted, and hundreds of applications were submitted and approved.

The Ministry of Finance has not released the monthly fiscal report for all the months of 2024. The latest available publicly is August 2024 and it shows that CBI revenue is one of the 3 highest earners for the state, following Customs and Excise in first place, and the Inland Revenue Department, in second position.

Duncan said that for 2025 the programme will reflect pre-pandemic days. “We always like to tell people that in 2025 things will be nothing like 2024 or 2023. It will go back to pre-pandemic, pre-Ukraine war level application which is about 550 per year,” he told reporters recently.