Grenada Citizenship by Investment Program Sees Strong Growth in Q3 2025 

Grenada’s Citizenship by Investment Program (CIP) continues to demonstrate resilience and growth, with application volumes rising sharply in the third quarter of 2025. The program is now on course for one of its strongest years to date, while steadily reducing its application backlog and setting new performance benchmarks.  

Applications Surge as Demand Returns  

In Q3 2025, applications to Grenada’s CIP increased by 122% compared to the previous quarter. This marked the first time since early 2024 that the number of new applications received exceeded the number of files processed, highlighting renewed interest in the program.  

Between July and September, authorities processed 85 applications, which was 50 fewer than in the second quarter. No applications were processed in August, while July and September activity aligned with the program’s monthly average. September stood out as the busiest month of 2025 so far and the second most active since August 2024.  

The pause in processing during August, combined with strong incoming demand, created an unusual gap between applications submitted and approvals granted during the quarter.  

Backlog Reduction Continues Despite Rising Demand  

Even with the recent rise in new submissions, Grenada still processed 55 more applications than it received during the first nine months of 2025, continuing to reduce its backlog.  

If current demand trends remain steady through the final quarter, the program is projected to close the year with approximately 455 applications, representing an estimated 8% increase compared to 2024.   

The average family size across applications is currently around three people, consistent with long-term historical patterns.  

Revenue Remains Strong Despite Lower Processing Volumes  

Revenue generated by the program reached EC$83 million in the third quarter. This represents an 8% decrease compared to the previous quarter, even though the number of processed applications fell by 43%.  

The relatively stable revenue figures can be attributed to higher-value applications moving through the system. In 2025, average revenue per application reached a record US$342,000 — nearly 25% higher than the average recorded in 2024.  

Year-to-date revenue has already reached EC$298 million, surpassing the EC$282 million generated in 2021, which was previously considered one of the program’s strongest years before the surge in Russian applicants between 2022 and 2023. Regardless of fourth-quarter performance, 2025 is expected to rank as the third-best year in the history of Grenada’s CIP. 

 
Investment Preferences: Real Estate Leads the Way   

Real estate continues to dominate investor preference in 2025, accounting for 70% of all approved applications. The donation route through the National Transformation Fund (NTF) represents the remaining 30%, marking its second-lowest share in five years.