Changes to Grenada's Citizenship by Investment program
April 22nd 2019
Important amendments were made on 12 March by Dr KEITH C. MITCHELL, the current Prime Minister and acting Minister of Finance, and the Lower House of Parliament to offer a more impressive spectrum of benefits to investors. These amendments will be made to the act governing the 5-year-old Citizenship by Investment Program.
Oliver Joseph, the Minister for Trade, Industry, Co-operatives and CARICOM Affairs stated that the amendments would, in effect, broaden the definition of “dependents” to include grandparents and parents under the age of 55, children born within 12-months of citizenship being awarded, and unmarried siblings of the main applicant and spouse.
This newly proposed bill allows for dependents aged 18 through 30 to participate in higher education institutions and for grandparents or parents that are over the age of 55 to be included.
Permanent residence will also no longer be required for citizenship and secondary buyers of CBI property in certain projects will also qualify for citizenship.
Oliver Joseph also made clear his intention to Parliament is to make the CBI program more appealing in order to offer a better value for investors.
At the moment, in Grenada there are two options under the Citizenship by Investment Program. The first option mandates a payment to the National Transformation Fund, while the second option allows a smaller contribution and provides possibility for approved real estate investments.
Dr Mitchell supports the proposed amendments. However, along with pointing out the high priority of the CBI Program, he also declared that Grenada will not make compromises on security measures to sustain the program.
He asserted that since the Caribbean nation is not dependent on CBI, it also is not required to detract from security measures in order to maintain the program. He wants to be mindful of the potential consequences that can come to the region if compromises in security are made, even though he is in agreement that staying competitive is important.
Peter David, the Foreign Affairs Minister, declared that the program needs to be under continual scrutiny in order to remain competitive. He is also in support of the amendments, lauding the rigor of Grenada’s due diligence initiatives. David made note of the continual electronic checks made, along with those individuals tasked to confirm the accuracy of the application claims made.
The Foreign Affairs Minister concluded by recognizing the importance of the Program and the necessity of maintaining its integrity.