ST. GEORGE’S, Grenada, CMC – Grenada Friday announced an adjustment to its Citizenship by Investment (CBI) program that will result in foreign investors paying more interviews under the initiative.
The Dickon Mitchell government said all interviewing fees will now be US$1000, while the due diligence fee for dependent parents aged 65 and over has increased from US$250 to US$5000.
“These Regulations shall come into force on Sept 1,” said the notice in the official Gazette signed by Prime Minister Mitchell, the Minister responsible for Citizenship.
There is also the introduction of a financial sponsor interviewing fee of US$1000.
One local agent explained that the financial sponsor is someone sponsoring an applicant’s cost. “Usually, the sponsor pays the fee, so in that case, not only the applicant is interviewed but also the financial sponsor,” the agent explained.
Grenada is one of several countries with CBI programs through which foreign investors are granted Citizenship in return for making a substantial investment in the country’s socio-economic development.
In the first six months of this year, Grenada earned EC$157 million (One EC dollar=US$0.37 cents) under the CBI. Still, issues related to due diligence and managing these programs have raised concerns in countries such as the United Kingdom and the United States.
In July, the US and EU authorities made specific recommendations to Caribbean nations that have CBI programs to further strengthen high levels of background checks and prevent money laundering and tax evasion.
Among the recommendations are in-person interviews, and the minimum investment thresholds should be increased, with a minimum of US$200,000 per single applicant for applications under the donation option and a minimum of US$400,000 for real estate investments.
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