Grenada breaks all citizen by investment records in 2018
April 9th 2019
Citizenship in Grenada (by investment programme) enables people as well as their families to gain access to citizenship (or permanent residence) for the island nation by engaging in investment in the local economy. Investors who previously were disappointed by longer wait times in other nations, as well as erroneous financial commitments, are increasingly directing their interest to Granada as a possible alternative destination where they can relocate with their families. Additionally, Granada citizenship provides the option of applying for E-2 visa for those who qualify.
Since the program was founded, its growth has been tremendous. Popularity levels it has reached and funds raised from investors in the nation in 2018 has been unprecedented. Figures that the Grenada Citizenship by Investment Programme recently published show that in 2018 the number of passports granted was 851. This represents a 21% increase compared to the previous year. Further, in total, the income that had been raised was EC$ 147M (which represents US$ 54M), an increase of 25.8% compared to the previous year.
Grenadian citizenship by investment programme benefits
It is evident that more people are becoming aware of the benefits provided by the Grenadian citizenship by investment programme. The benefits are helping to make universal healthcare accessible and also allow investors to access varying visa opportunities in nations across the globe. Having acknowledged that trend, a concerted effort has been made to ensure that government officials, as well as local experts, are connected and well versed in the programme so they can help those interested navigate the program.
From 2014 (when the programme was relaunched), the number of investors who have received Grenadian citizenship because they participated in the programme has totalled 2,080. Additionally, 875 applications have been by main applicants during that time, and 615 were approved by authorities while 57 were rejected (which represents an 8.4% rejection rate). In total, 203 more applications are pending adjudication.
Until this year, there have been virtually no changes in investment type preferences. The approved project option in the program was preferred by 34% of applicants (compared to 36% in 2017) while the transformation fund option was preferred by 66% of applicants (compared to 64% in 2017). In March this year, a new hybrid option was made available to investors, which is likely to make 2019 a record-breaking year too.