Grenada De-Certifies 5 CBI Real Estate Projects Over Failure to Start Construction

Through publication in the country’s Gazette on August 4th, Grenada’s CIU has culled five real estate projects from its list of developments approved under the Citizenship by Investment Program.

The five projects are:

  • New Opportunities Investment Limited (NOIL)
  • Hope Development Limited/La Pointe Grenada
  • Grenada Corolla Consultant Limited
  • Horseshoe Cove Resort
  • Port Louis Ltd.

The revocations are all effective as of July 7th, 2023, according to the Gazette, after which date may these projects may not be advertised as approved projects and may no longer source investors.

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The de-certifications were signed by CIU head Thomas Anthony and reflect the stated aim of Prime Minister Dickon Mitchell who, in June, said approved projects that had not commenced construction after a reasonable time would be de-certified.

Read also: Grenada: Buyers of Illegally Discounted CBI Real Estate Could Lose Citizenship

Grenada’s CIP is now down to 19 approved developments:

A number of consequential changes have taken place in the Caribbean CBI real estate market over the last year. In December 2022, Saint Kitts & Nevis’ CIU – in conjunction with its CBI real estate reform – decertified all the previously approved developments, obliging each to re-apply. So far, only about a quarter of them had re-attained their designations.

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