Citizenship by Investment Programme in Grenada: A Review
CBI Programme History
The Citizenship by Investment Programme (CBI) in Grenada has a history dating back to 2014, when it was introduced by the New National Party (NNP) administration. Since then, the programme has gone through significant changes, with the unit responsible for managing the programme, Citizenship by Investment Unit, recently rebranded as the Investment Migration Agency (IMA).
Programme Statistics
- As of July 2024, the total number of citizens approved through the CBI programme is 15,984.
- From January to June 2024, the cabinet approved 3,034 citizenship applications.
- From January to December 2023, 4,764 citizenship applications were approved.
- From July to December 2022, 714 citizenship applications were approved.
Revenue Generation
The CBI programme has generated significant revenue for the government, with EC$753.4 million received from July 2022 to June 2024.
Geographic Distribution of Applicants
According to the IMA breakdown, China and Nigeria are the locations with the highest number of approved new citizens, accounting for almost 50% of approved applicants. The other countries with a significant number of approved applicants include the United States, India, Lebanon, Ukraine, South Africa, Turkey, Iraq, Syria, Pakistan, France, Saudi Arabia, Egypt, Algeria, Great Britain, Thailand, Vietnam, Bangladesh, Turkey, Argentina, and Hong Kong.
Conclusion
The CBI programme in Grenada has been a significant success story, generating substantial revenue and promoting socio-economic development in the country. With its 10th anniversary approaching, it is clear that the programme will continue to be a vital component of the country’s economic strategy.
FAQs
Q: What is the CBI programme?
A: The Citizenship by Investment Programme is a government initiative that offers citizenship to foreign nationals in exchange for a substantial investment in the country’s socio-economic development.
Q: How much revenue has the programme generated?
A: The programme has generated EC$753.4 million from July 2022 to June 2024.
Q: Who are the top source countries for applicants?
A: China and Nigeria are the top source countries for applicants, accounting for almost 50% of approved applicants.
Q: When did the CBI programme begin?
A: The CBI programme began in 2014 under the New National Party administration.
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