Grenada’s 2020 Citizenship By Investment Program Shatters Revenue Records
Grenada’s Citizenship by Investment Program (CIP) had a record year in 2020. The Caribbean nation recently logged its fourth year in a row of growth breaking records among CIPs for consecutive years of growth.
Grenada's 2020 Citizenship by Investment Program’s news has come within days of Montenegro’s announcement that it will be ending its Citizenship for Investment Program in 2022.
Montenegro's loss is looking to be Grenada’s gain. As it did in 2019 Grenada still retains the top spot in CBI program rankings.
The country’s status as an E2 signatory grants Grenadian citizens the opportunity to live and work in the US, as well as its visa-free access to China, has been one of the unique “magnets” for prospective investors
The program’s record performance is largely thanks to Grenada’s stringent adherence to the Joint Regional Communications Centre ( JRCC ) due diligence protocol.
Grenada has had an unwavering commitment to the reliable due diligence facilitated by the Joint Regional Communications Centre (JRCC).
JRCC is an organization like Interpol, that is able to run names through its centralized data center, in order to conduct background profiles on applicants and make sure none of them are on a wanted list or otherwise identified as people who may have broken the law.
The JRCC then reports the findings from its research back to each country. Each country is then able to decide whether to reject or accept the applicant, based on the JRCC’s findings.
Grenada works in close relationship with five neighboring islands in the eastern Caribbean who all coordinate due diligence requirements of their CIP through the JRCC.
The groundbreaking achievements of Grenada’s 2020 Citizenship by Investment program were announced earlier this month. They include:
- Overall program revenue (including investments, donations, and fees) reached an all-time-high of EC$ 253 million, a 52.4% improvement on the EC$166 million raised in 2020.
- Applications received numbered 394, another all-time-high, up from 373 in 2019.
- Applications approved reached 375, the highest such number on record and a sharp expansion from 2019’s 265 approvals.
- The number of passports issued, correspondingly, reached 1,111, surpassing one thousand for the first time.
- Investment in real estate displayed particularly strong growth, raising EC$151 million, up 106%, more than double the 2019 figure, which was already a record.
Grenada’s CIP program is offered to high-net-worth individuals and business people who are looking to make investments in Grenada in return for second citizenship. Citizenship in Grenada offers investors global travel, business opportunities, wealth management, and tax benefits to name a few. Grenada’s investment opportunities have been created to directly benefit the Caribbean country’s economic growth and development.
According to Grenada's recent CIP statistics; 'Application rejection rates were trimmed to 8.9 percent from 2019’s 11.8 percent, while the average family size remained more or less unchanged at precisely three members’.