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ST. GEORGE’S, Grenada, October 23, 2019 (CMC) – Grenada says it has received more than EC$77.7 million, during the first nine months of this year, after approving 156 applications under the Citizenship by Investment Program (CBI).
According to the figures, published on the website of the Ministry of Finance, the authorities had received 252 applications under the CBI, which allows for foreign investors to make a substantial investment in the socio-economic development of the island, in return for being granted citizenship.
According to the website, 17 of the applications were rejected, while 79 others are pending approval.
The government said that for the first half of this year, 407 persons had been granted citizenship, while for period, July to September, only 32 were approved.
It is not mandated for the government to publish the names or the countries — where approved new citizens, through the CBI program — originates. All applicants go through a vigorous, due-diligence process, involving local, regional and international law enforcement scrutiny. Any person or application that is rejected in any other island offering a similar program, will automatically be rejected by Grenada, the authorities said.
Grenada is among several Caribbean countries with a CBI program, and the authorities said that one of the companies, promoting the program for Antigua and Barbuda, was recently approved to become a marketing agent for Grenada.
