Grenada’s Government Approved Citizenship by Investment Programme Is Poised for Another Record Year

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In the first half of 2020, Grenada granted citizenship to 161 main applicants and 328 dependents. The candidates have invested US$40.11 million to the country’s economy so far. This is 34% more than in the first six months of 2019. Keeping this pace for the remainder of the year, Grenada will yield $80.3 million and celebrate its fourth record year in a row.  

 

Roughly one in ten applications submitted in H1 2020 were rejected (18 out of 176). This rejection rate is lower than in 2018 (11.8%) and higher than in 2018 (4.8%). Same as in 2019, an average family seeking citizenship of Grenada included one main applicant and two dependents.

 

This year, 47% of applicants opted for property purchase rather than NTF contributions. It’s 10% up from last year and 19% up from the 28% low in 2018. Due to a higher minimum requirement, Grenada receives more revenues from property investment than NTF - $20.3 million against $17 million in the first six months of 2020.

 

Grenada has been praised for its seamless document handling throughout the pandemic. On March 18, 2020, Grenada’s authorities ceased to accept hard copies and switched to 100% online processing.

 

Other Caribbean countries took the same lead. We expect 2020 figures from Saint Lucia and Antigua & Barbuda later this year.

 

Astons is a leading global property and immigration advisory firm with offices in London, Beijing, Moscow, Dubai and Limassol (Republic of Cyprus) and offers residency & citizenship investment solutions worldwide including the UK, Turkey, Vanuatu, the EU and the Caribbean

 

For further information or to discuss your personal circumstances in a private consultation, please contact Astons at info@astons.com or call +44 207 292 2977.