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.