Grenada CIP Approvals Drop 25% in Q2 as Real Estate Investment Falls Sharply

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Grenada’s Citizenship by Investment Programme saw 72 applications approved in this year’s second quarter, a one-quarter drop compared to Q1. Application volume also fell, though by a more moderate 8.5% (from 118 applications received to 108), indicating the slowdown is related to reduced processing rather than any significant reduction in interest.

So far in 2021, Grenada has received 226 applications (up from 176 during the first half of 2020), of which it has approved 168 (up from 161 in H1 2020). The approvals have so far in the year translated into EC$119 million of CBI-income: EC$71m in real estate investments, EC$34m in NTF-contributions, and EC$14m in government fees.

The drop in Q2 implies application and approval volumes will have to accelerate if Grenada is to set another revenue record in 2021, which would mark a 5th consecutive year of rising revenues.

The slip in approvals was felt chiefly by the real estate investment option: While NTF-based approvals rose on the quarter (from 28 to 35), those pertaining to real estate investment receded by a notable 31% (from 68 to 47 approvals), no doubt an effect of the ongoing dispute between Grenada's government and one of the CIP's principal developers.

Rejection rates so far this year remain near historical lows of just under four percent.

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