Grenada’s government has reduced the minimum investment requirement for the real estate option of the country’s investment citizenship (CBI) program from US$ 350,000 to US$ 220,000 in new regulations published on Monday.
For a total of US$ 440,000 each, the new reduced investment is only applicable where applicants co – invest in a unit. Changes to Grenada’s citizenship through investment program (CBI), including the appointment of Thomas Anthony as its citizenship unit’s chief executive, resulted in a strong fourth quarter (Q4) last year. In Q4, revenue increased by more than 25 %, including 83 applications approved by Grenada’s cabinet.
Grenada is quickly establishing a reputation for being the most prudent and dynamic country in the Caribbean, or even the world, to invest in second citizenship. It was not beset by allegations of financial irregularity, as was the case recently in St Kitts and Nevis, where agents advertise with funding options for illegally cut – price citizenship’s.
Grenada’s government and CBI take the lead in running a successful and prudent citizenship program prefaced with due diligence, reiterating the importance of security and integrity in the program recently.
Foreign Minister Peter David said, “Grenada has one of the most rigorous due diligence programs ; there are electronic checks and there are also people on the ground who would knock on applicants ‘ doors to verify the accuracy of what is stated on applications.”
“Grenada is not dependent on CBI ; therefore, in order to maintain our program, we do not have to compromise on security,” Grenada’s Prime Minister Dr. Keith Mitchell said last week. “We need to remain competitive, but at the same time we need to maintain the program’s integrity. Any action by one country that threatens security can have serious consequences for the whole region ;
One of the things that the CBI unit takes very seriously is to avoid the option of “financing walk away.” In such cases, an applicant is offered an immovable citizenship and asked to pay a deposit, financing the rest of the fee. The share of the real estate is then transferred back to the vendor, who too often fails to complete the project construction. “We won’t allow the kind of sham financing that plagues other markets,” Anthony said, “proponents of such schemes will be banned, and their projects will stop.”
Also, the total amount due for the Q4 program is significantly higher than in 2017 as the total amount due in Q4, 2018 is US$ 51.5 million. The total amount owing last year, Q4, 2017, was just $ 29.95 million. This noticeable increase, in addition to the significant increase in the number of approvals, is said to be primarily attributable to the changes that coincided with the CBI program last year.
The 2019 Amendment Act offers more benefits, making the program a more attractive value for money.
In the first instance, the amendment will expand the definition of dependents as it relates to CBI applications to include parents and grandparents under the age of 55, the main applicant and spouse’s unmarried siblings, as well as children born within 12 months of the citizenship grant.
It will not be necessary for dependent children between the ages of 18 and 30 to be enrolled in a higher learning institution and for parents or grandparents over the age of 55 to receive full support.
The amended CBI Act also provides for the acquisition of citizenship by secondary buyers of CBI units in approved projects.