The Grenada Citizenship by Investment Programme has underperformed in 2018 compared to last year, but Q3 figures released today show signs of a turning tide.
Having kept its real estate option investment requirement at 2016 levels while all competitors about dropped theirs, Grenada has seen a slight dip in applications in 2018. By the half-year mark, as reported on in August, records showed real estate investment had fallen by a third compared to the same period in 2017, and that total revenue had fallen by as much as 39%.
While still coming up short compared to Q3 2017, third-quarter figures for 2018 indicate the the program’s popularity may be picking up.
Compared to Q3 2017, Q3 2018 saw
- A 27% drop in applications (from 107 to 84)
- A 4% drop in passports issued (from 256 to 246)
- A 17% drop in revenue (from EC$42,120,000 to EC$35,977,500)
- A 50% drop in rejections (from 10 to 5)
Compared to Q2, Q3 had:
- The exact same number of applications (84)
- A 64% rise in passports issued (from 152 to 250)
- A 33% rise in revenue (from 26,662,500 to EC$35,977,500)
- An 80% drop in rejections (from 9 to 5)
In other words, compared to the same period last year, the numbers are disheartening; compared to last quarter, they’re excellent. It’s a glass half full or half empty type of scenario.
Altogether, the program has raised some EC$95.6 million (about US$35 million) so far this year, and a total of EC$348 million (US$129 million) since opening in its current guise in 2014.
About three quarters of applicants preferred the NTF-contribution option over real estate investment, a proportion that’s grown by ten percentage points since the same quarter last year.
Christian Henrik Nesheim is the founder and editor of Investment Migration Insider, the #1 magazine – online or offline – for residency and citizenship by investment. He is an internationally recognized expert, speaker, documentary producer, and writer on the subject of investment migration, whose work is cited in the Economist, Bloomberg, Fortune, Forbes, Newsweek, and Business Insider. Norwegian by birth, Christian has spent the last 14 years in the United States, China, and Spain.