Statistical data released by the Investment Migration Agency (IMA) of Grenada for the third quarter of 2025 indicates a shift in how the Citizenship by Investment (CBI) Program operates. The raw figures from the Q3 report help analyse changes in demand, revenue generation, investment mix, and compliance outcomes. At the same time, regional policy developments, most notably the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) agreement and its upcoming implementation, highlight a broader regulatory transition across Caribbean CBI programs, marked by expanded requirements and strengthened oversight mechanisms.
In Q3 2025, Grenada’s CBI Program processed a total of 85 applications. Activity was concentrated in July and September, with 41 and 44 applications, respectively. No applications were processed or approved in August. September ranked among the strongest months of the year for application intake.
During the first nine months of 2025, IMA Grenada processed more applications than it received, reflecting efforts to reduce existing backlogs. Data show that the average family size per application was three persons, with 341 approved applications resulting in 1,025 new citizens. In Q3 alone, 132 individuals were granted Grenadian citizenship, slightly lowering the average family size per application.
The report indicates an average rejection rate of 14% in 2025. In total, 55 applications were denied out of 396 processed, with 12 of those denials occurring in Q3. This rate is above the program’s historical average of approximately 8%, suggesting tighter due diligence and risk screening compared with previous years.
In fiscal terms, the program generated nearly EC$109.9 million in net revenue in 2025, with Q3 contributing almost EC$34.4 million despite lower processing volumes. Real estate investment in the first three quarters surpassed EC$156.4 million, including over EC$44.4 million invested in Q3 alone.
According to The Investment Migration Insider, the average revenue per application reached a record US$342,000 in 2025, almost 25% higher than in 2024. This helps explain why overall revenue remained robust despite the Q3 slowdown. Year-to-date revenue has already totalled EC$298 million, surpassing the previous peak of EC$282 million in 2021, the program’s strongest year before the 2022–2023 surge in Russian applicants. Even before the fourth quarter, 2025 is set to be the third-highest revenue year in the program’s history.
Examining the mix of investment routes, real estate dominated approvals in 2025. Approximately 70% of all approved applications up to Q3 were tied to real estate investments, accounting for over 50% of total capital inflows. Donation-based contributions made up roughly 30% of approvals, one of the lowest shares recorded in recent years. The shift toward real estate suggests applicants may prefer capital-linked investments, which typically command higher overall expenditures.
Nationality data from the report shows a diversified applicant base. Nigeria emerged as the largest single source country in 2025 with 15% of total applications, followed by China (13%), Iraq (7%), the United States (6%), Egypt (5%), and Pakistan (5%). This distribution differs from 2024, when Chinese applicants constituted a larger share and Nigerian applications were fewer. The broadened geographic spread reflects changing patterns of demand for Grenadian citizenship.
While these figures provide a snapshot of Grenada’s program, they coincide with broader regional policy developments that will shape the future of Caribbean economic citizenship frameworks. In September 2025, the five Eastern Caribbean CBI jurisdictions—St. Kitts and Nevis, Dominica, Grenada, Antigua and Barbuda, and St. Lucia—signed an agreement establishing a regional regulatory body, the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA). The agreement aims to standardize oversight, due diligence, and compliance practices across jurisdictions.
Under ECCIRA, uniform regulatory standards will apply across participating states. Key provisions include enhanced due diligence protocols, mandatory biometric data collection during vetting and passport renewal, and shared information databases. One of the most consequential prospective elements is a mandatory physical residency requirement: once implemented, new citizens will be required to accumulate at least 30 days of physical presence in the issuing state within the first five years of obtaining citizenship. Most participating countries’ parliaments have ratified the agreement, but formal enforcement is postponed until mid-2026.
ECCIRA is also expected to introduce annual application quotas and unified enforcement mechanisms, potentially including sanctions for non-compliance. Cross-country coordination, such as preventing jurisdiction shopping (where a rejection in one state precludes application in another), will be impossible. The reform marks a significant departure from the current CBI operational model, which historically imposed no residency requirements and allowed each state to set its own vetting, residency, and post-approval monitoring procedures.
Grenada’s statistical data and the regional overhaul imply that CBI programs in the Eastern Caribbean are becoming more structured and unified. Lower application volumes in Q3 2025, when viewed alongside higher per-application fiscal returns and more stringent approval criteria, point to a program in transition. Nevertheless, the upcoming ECCIRA implementation is expected to further influence statistics, as mandatory residency and enhanced compliance requirements will introduce additional considerations that investors must factor into their decision-making once enforced.
Disclaimer: This article is for general informational purposes only and does not constitute legal, financial, or investment advice. Bayat Group, an Authorized Marketing agent for Grenada’s Citizenship by Investment program, can provide legal counsel, which must be requested directly through the website. The information in this article should not be considered legal advice, and readers are encouraged to consult qualified legal, financial, or immigration professionals before making any decisions regarding citizenship or investment.