Citizenship by Investment Programme: A Significant Revenue Contributor to Grenada
Last Year’s Revenue
Grenada earned nearly half a billion dollars (One EC dollar = 0.37 cents) from the Citizenship by Investment Programme (CBI) last year, according to official figures.
The authorities said nationals from China and Nigeria accounted for more than 2000 of the 5,443 new citizens approved in 2024.
This Year’s Expectations
Richard Duncan, chairman of the CBI Committee, recently said that less than 600 applications are expected to be submitted this year because Grenada stopped accepting Russians to the program.
“We always like to tell people that 2025 things will be nothing like 2024 or 2023. It will go back to pre-pandemic, pre-Ukraine war level application, which is about 550 per year,” he told reporters recently.
Grenada was the only country accepting Russian applications following the start of the Ukraine-Russian war in 2021. However, this was soon lifted, and hundreds of applications were submitted and approved.
CBI Statistics
Latest data from the CBI units show that 23 percent of the 1,252 approved new citizens were Chinese, while 19 percent, or 1,034, were Nigerians. The data also showed that among other nationals approved were those from Great Britain, South Africa, Benin, Pakistan, the United States, India, Vietnam, Ukraine, Turkey, and Iraq.
The CBI’s Contribution to the Economy
The Ministry of Finance said that the CBI, through which foreign nationals acquire citizenship in Grenada in return for making a substantial contribution to the country’s socio-economic development, is a significant contributor to the state’s revenue.
According to the ministry, the CBI is behind the Customs and Excise and the Inland Revenue Department.
Conclusion
The CBI programme has been a significant revenue contributor to Grenada’s economy, and its success has enabled the country to fund various projects and initiatives. Despite the decline in applications expected this year, the programme remains a crucial component of Grenada’s socio-economic development.
FAQs
Q: How much did Grenada earn from the CBI programme last year?
A: Grenada earned nearly half a billion dollars (One EC dollar = 0.37 cents) from the CBI programme last year.
Q: What is the expected number of applications for the CBI programme this year?
A: Less than 600 applications are expected to be submitted this year, as Grenada has stopped accepting Russian applications.
Q: Which nationalities have been approved for citizenship through the CBI programme?
A: The data shows that 23 percent of approved citizens were Chinese, while 19 percent were Nigerians. Other nationalities approved include Great Britain, South Africa, Benin, Pakistan, the United States, India, Vietnam, Ukraine, Turkey, and Iraq.
Q: How does the CBI programme contribute to the Grenada’s economy?
A: The CBI programme is a significant contributor to the state’s revenue, funding projects and initiatives that support socio-economic development.