Earlier this year Grenada’s Citizen by Investment Program (CIP) was performing below expectations but that trend changed in the third quarter of the year. Part of the reason why Grenada’s CIP saw a reduction in the number of new investors is because the CIP in a number of other countries have recently been reduced their real estate investment requirements. Grenada, on the other hand, has not revised its real estate option since 2016.
In mid-2018, a dip in the number of applicants had resulted in a third less investment through real estate which reduced total revenue by 39% compared to the first six months of 2017.
In Q3 of 2018 Grenada received the same number of applications as the previous quarter (84) but revenue was up 33% (from 26,662,500 to EC$35,977,500) with a 64% increase in the number of passports issued (250, up from 152). This trend appears encouraging for the program but Q3 of 2018 was still considerably behind Q3 of 2017 with a 27% decrease in applications and 17% lower revenue.
Since this Grenada CIP went into effect in 2014, the program has raised EC$348 million (approximately US$129 million). So far this year the CIP has brought in EC$95.6 million in investments (US$35 million).
The majority of Grenada’s current CIP applicants prefer the NTF contribution option, with only 25% of them selecting real estate investment. That proportion is up 10% from last year.
Astons is a leading global immigration advisory firm, offering residency & citizenship investment solutions.
For further information on immigration or to discuss your personal circumstances in a private consultation, please contact Astons at [email protected]