Grenada’s CBI: Best value for money in the Caribbean

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By Caribbean News Global fav

TORONTO, CanadaWithin days of Caribbean News Global (CNG) manifestation that Montenegro’s loss is the Caribbean islands gain, comes validation per imidaily, that Grenada’s 2020 citizenship by investment (CBI) program revenue has shattered records, and the real estate investment is up 106 percent.

In brief, the report indicated that Grenada’s CBI, reported its fourth consecutive year of growth in 2020, shattering previous records:

  • Overall program revenue (including investments, donations, and fees) reached an all-time-high of EC$ 253 million in 2020, a 52.4 percent improvement on the EC$166 million raised in 2020.
  • Applications received numbered 394, another all-time-high, up from 373 in 2019.
  • Applications approved reached 375, the highest such number on record and a sharp expansion from 2019’s 265 approvals.
  • The number of passports issued, correspondingly, reached 1,111, surpassing one thousand for the first time.
  • Investment in real estate displayed particularly strong growth, raising EC$151 million, more than double the 2019 figure, which was already a record.

In November last year, the article US ambassador applauds Grenada and JRCC for due diligence in CBI noted that the government of Grenada and its CBI unwavering approach to reliable due diligence is facilitated by the Joint Regional Communications Centre (JRCC) at straightforward processing of applicants. “Grenada is doing a good job,” affirmed, US ambassador to the OECS, Linda Taglialatela.

“Grenada is using it more than some of the others. We have working arrangements with the five islands in the eastern Caribbean which have an arrangement for due diligence through the JRCC. Once they get to the JRCC, it has available to them agencies like Interpol and all the other groups that have information on individuals,” ambassador Taglialatela explained. “So, they run all the names through the computer to see if any of them are on the wanted list or identified as people who have done things that are questionable. We then report back to each country what the JRCC has on them. The countries will then decide whether to reject or accept the applicant,” said ambassador Taglialatela.

According to Grenada’s recent CIP statistics: “Application rejection rate improved to 8.9 percent from [2019] 11.8 percent, while the average family size remained more or less unchanged at precisely three members,” the report continued. “The NTF declined slightly, raising EC$84.2 million in 2020, compared to EC$88 million – the real estate option, doubled its performance from EC$8 million to EC$17 million.”

The significance of the real estate option contributing 58.4 percent is not surprising, pointing in large part to indicators as published by CNG, October 5, 2020, that ‘Citizenship investors make Grenada number one choice in the Caribbean’.

In like manner to 2019 where Grenada retains top CBI programme rankings the current results are relative to Grenada’s CBI consistent cost structure; reliable due diligence facilitated by the Joint Regional Communications Centre (JRCC); a powerful passport, with travel without visa restrictions to more than 130 international and Commonwealth countries; and E-2 treaty unique access to the US E-2 visa privileges to Europe, Russia, Moldova, Kyrgyzstan, Schengen area, Brazil and China.

Supporting this mechanism, Grenada’s CBI is protected by decisive leadership, which can further position for sustainable growth considering high demands in North Africa, and the EU/Schengen zone.

Grenada has established its CBI programme to meet the needs of high-net-worth individuals and businesspeople, while the government and people of Grenada benefit directly from socio-economic contributions, growth and development.

It comes as no surprise that individuals are keen to obtain second citizenship in a stable and safe country, with global travel, business opportunities, wealth management and tax benefits, that make easy, total quality of life.

 @GlobalCaribbean   fav

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