ST. GEORGE’S, Grenada, CMC-The National Transformation Fund option of the Citizenship by Investment (CBI) legislation appears to be the primary source of revenue for the Government of Grenada as the CBI Committee has not approved any new project for the year as of June 15th, 2023.
“There was no new project approved or gazetted for the year 2023,” was the response from the CBI Office following the submission of several questions about the CBI operations, which was sent via email to Thomas Anthony, Chief Executive Officer of the CBI Office.
According to the 2023 Estimates of Revenue, the Government is targeting total revenue of EC$240,461,920 (One EC dollar=US$0.37 cents) for the year from the CBI program.
However, there needed to be a breakdown as to the amount targeted through the two options of the CBI program.
Under the CBI legislation, an individual can apply for citizenship via two routes.
An applicant opting for the NTF route must contribute at least US$ 200,000 to the Fund, while an applicant opting for the approved project or real estate route must invest at least US$220,000. They must keep the real estate for at least five years following the grant of citizenship.
The cabinet of Grenada approved 578 new citizens under the Citizenship by Investment Programme during the first quarter of 2023. The total revenue to the Government from these new citizens was just under EC$57 million.
In a recent interview, Prime Minister Dickon Mitchell said that program beat the targeted projection for the first quarter.
While there are no new projects, the CBI Committee and the management of the CBI office are currently in the final stage of decertifying six projects.
However, before decertifying a project, the Minister will give the developer written notice, and once decertified, the Minister is required to publish a statement of the revocation in the Government of Grenada Gazette, the Government of Grenada website, the Committee’s website; and any other relevant official Government publication.
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