The Grenada government has announced amendments to its Citizenship by Investment (CBI) program. The changes, outlined in the Grenada Citizenship by Investment (Amendment) Regulations 2024, will come into effect on July 1, 2024, and set the increased investment thresholds for its CBI program. These amendments aim to streamline the investment process and provide clearer guidelines for potential investors. It aligns with the provisions of the Memorandum of Agreement (MoA) signed by five Caribbean countries, which operate CBI programs.
The MoA stipulates that signatory countries (Antigua & Barbuda, Dominica, Grenada, St Kitts & Nevis, and St Lucia) agree to increase and harmonize the minimum investment threshold for their respective CBI programs at a minimum of US$200,000. These countries will also foster cooperation, information-sharing, adherence to common standards, and regulatory oversight.
Grenada’s Increased Thresholds
The announcement about the new regulations was made by the minister responsible for citizenship, Dickon Mitchell and it was published in the official gazette on June 26, 2024. This amendment focuses on increased investment thresholds for the “Qualifying Investment in Approved Projects, for Significant Investments (Real Estate investment option), and in the National Transformation Fund (NTF – contribution). The new thresholds are as follows:
NTF Contribution:
| Main Applicant and up to 3 Dependents | $235,000 |
| Additional Dependents | $25,000 for each child, or grand/parent above 55;
$50,000 for each grand/parent under 55; $75,000 for each dependent sibling. |
Approved Project (Real Estate) Investment:
| Minimum Investment | $350,000 |
For a shared investment in aTourism Accommodation priority sector, the threshold is $270,000 per share, with a total minimum value of $440,000, provided that at least 20% of the proposed total construction cost has been invested into the Approved Project before submitting the CBI application.
Additionally, there is a Government Contribution fee for the Approved Project investment of $50,000 for a family of four, with similar pricing for each additional dependent as in the NTF option.
Investment in an Approved Project requires CBI applicants to pay an application fee of $10,000 and due diligence fees of $7,500 for each developer and director. Requesting an extension of the project start date will cost $10,000, with an annual project administration fee of $20,000 until construction completion.
According to the Investment Migration Agency of Grenada, the official body in charge of CBI applications, the remaining reforms needed fully to comply with the provisions of the MoA will be implemented throughout July 2024.
The MoA signatory countries agree that the increase of the minimum investment threshold was a key pillar to the improvements. St Kitts & Nevis already reformed and increased the minimum investment threshold for its CBI program last year, when the Sustainable Island State Contribution (SISC) replaced the Sustainable Growth Fund (SGF) and the threshold jumped to $250,000. Antigua & Barbuda has also announced the increase of the minimum investment requirement to $230,000 and asked extra thirty days for required legislative changes.
The Commonwealth of Dominica and St. Lucia, the remaining two MoA parties that have not yet officially announced the exact amounts of investment and contribution thresholds, are expected to do so in the first days of July 2024.