by Linda Straker
- All applicants subject to same due diligence process
- Grenada’s CBI programme effectively uses Joint Regional Communications Centre due diligence facility
- Over 7,000 people granted citizenship since CBI programme launched in August 2014
Russians applying to benefit from Grenada’s Citizenship by Investment (CBI) programme do not receive special treatment. They are subject to the same due diligence process that must be done for all other applicants.
“All applicants, regardless of nationality, are scrubbed against numerous sanctions lists,” said Richard Duncan, Chairman of the CBI.
He explained that due diligence and enhanced due diligence are standard for all applicants. The layers are: the bank that will potentially receive the applicant’s funds; the Financial Intelligence Unit; CBI Unit, and International Due Diligence Service Providers contracted to work for Grenada.
Research has shown that there are over 40 documents that must be completed and verified as part of the due diligence and application process. In 2020, US Ambassador to the Eastern Caribbean Linda Taglialatela said Grenada was one of the Eastern Caribbean islands with a CBI programme that effectively uses the Joint Regional Communications Centre due diligence facility to investigate applicants to its programme.
Since launching the CBI programme in August 2014, over 7,000 people have been granted citizenship, and the Cabinet has rejected several applicants. By law, the Cabinet grants or denies applications.
The top 5 countries where applications come from are China, India, Russia, South Africa, and Nigeria. There are also several applications from the USA and EU nations. At the start of the Russia-Ukraine war in early 2022, Grenada suspended applications from Russia and Belarus, but resumed in April.
Once an applicant is successful, the CBI Committee issues a letter instructing the applicant (through his or her Authorised Local Agent) to either make the contribution for the National Transformation Fund option or complete the purchase of his or her real estate.
When the evidence of real estate is purchased, the applicant must demonstrate completion and the execution of all necessary documents. Upon receiving proof of payment, the CBI Committee issues the certificate of registration, establishing that the applicant has received Grenadian citizenship. Authorised Local Agents must use this certificate to apply for a Grenadian passport on behalf of the applicant.
The CBI programme has become a significant source of revenue for the government and has been the source of funding capital projects since its launch. Through that programme, the government has earned over EC$400 million over the past 5 years. During a recent public event, Prime Minister Dickon Mitchell said that from January to September 2022, income from CBI was EC$112 million.
The CBI increase real estate price which deprives Grenadians from buying the attractives locations and can only afford country side lands.
There is hardly country side location land prices. While lands in the tourist belts are generally more expensive, if you look closely there is hardly land for less than $EC per sq ft. in Grenada.
There is hardly behind “GOD BACK LANDS”.
10 yrs from now it’s only gonna get worse.
Can you imagine people given 10 yrs pay for land which is largest expense someone will have in their lifetime.
While the revolution infringed on the rights of citizens and lives were lost ,Grenada did not invade another country and brutally killed women and children.
To add, every sovereign country has right to determined who is allowed into the country.
This program promotes social injustice…
The funds collected by government is no excuse continue and promote the social injustice.
This brings to mind Hawaii. Billions are spent in real estate, yet the locals lives in poverty and high homelessness.
Any government that engages in this lacks vision. It’s simply easy money with no significant thought of the serious ramifications.
Grenada is promoted as safe but yet Grenadians don’t have access swift justice. Poor people feels the wrath.
Exactly ADM. Penalizing people because of the actions of their governments in just wrong on any level. Your example is a good one – would Grenadians want to be blamed for the corruption in their own government??? Can you hold Americans responsible for what Trump or Biden do? If not, then why hold individual Russians responsible for their evil President?
As for enhanced due diligence from international agencies that is exactly what the Grenada CBI program has. JRCC is effectively run by the US government.
CBI is Grenada’s main source of income, is subject to international oversight and is a huge benefit for the country.
Yes, it compels us as humans hold each other accountable.
Most Russians only speaks up when the brutality reaches home. Its only when their sons and daughters are sent slaughter house they know of wrong it is….
A government is a reflection of society.
The rich oligarchs still get to be exempted because they can but their way out.
On the other hand, black poor African countries citizens are branded as corrupt.
I don’t support no race, creed, religion or skin color who gets ti buy their way in…
CBI must be canceled….to add, Russians citizens and other countries which engaged in atrocities should be denied.
Grenada Citizenship is not for sale
Correct! Agreed!
I disagree!! The CBI program is beneficial to countries running such programs. What is required is enhanced due diligence, with inputs from internationally recognized agencies.
You cannot peanilize an individual because of the atrocities carried out by his /her birth country. What if Grenadians were refused entry to the USA /Canada or the UK because of our Revolution….Think about it!!
Morally wrong for rich to gentrify while poor Grenadians will never get to afford lands/ property in Grenada.
It’s time to break the colonial and systemic barriers that hold so many Grenadians back.
Have you ever attempted buy lands in Grenada?
It’s designed for the rich the petite bourgeois and those who have easy access to finance.