Following the publication of record data in Q2, Grenada CIU boss Thomas Anthony said Q3 would be “even better.” In terms of total applications, Q3 was indeed another record quarter, though approvals (and, consequently, capital raised) are slightly down.
Key data for Q3:
- Applications: 621 (up 16.7% from Q2), an all-time quarterly high
- Approvals: 346 (down 19.9% from Q2)
- Rejections: 15 (up 50% from Q2), an all-time quarterly high
- Citizenships issued: 1,112 (down 27.6% from Q2)
- Total capital raised*: EC$ 261.54 (down 20.6% from Q2)
- Backlog: 1,679 applications (up 18.6% from Q2)
*Total capital raised represents all capital inflows connected to the program, including government fees, donations, and property investment. In our overview, these funds are only recognized once the corresponding application has been processed.
In September, the Grenada CIU recorded, for the first time in 17 months, net negative growth in its backlog as it processed more applications than it received (116 vs 96). Presumably, now that Grenada is no longer open to Russian applicants but still has a backlog of 1,679 applications (worth an estimated US$451 million), we should expect to see more such months going forward.
Similarly, we should expect recognized program revenue to rise despite falling application numbers as the CIU gradually chips away at its backlog and approves applications.
While Q3 performance is slightly down on some metrics compared to Q2, it was still an exceptionally strong quarter. Moreover, when zooming out to consider the year as a whole, it is evident that 2023 has been not merely the program's best year of all time but an order of magnitude better than all years prior to 2022.
Key data for 2023 so far:
- Applications: 1,698 (up 26.3% from 2022), an all-time annual high
- Approvals: 1,077 (up 57.9% from 2022), an all-time annual high
- Rejections: 32 (up 300% from 2022)
- Citizenships issued: 3,628 (up 144.1% from 2022), an all-time annual high
- Total capital raised*: EC$782m (up 184.4% from 2022), an all-time annual high
Note that as of the end of September, Grenada's program had raised EC$782 in investments, donations, and fees, a figure that's already nearly triple the previous annual record and nearly as much as in the preceding three years combined. The program is likely to raise more than a billion Eastern Caribbean dollars before 2023 is over, or more than the aggregate of the last four years.
Keep in mind that Grenada's CIP still has another quarter left in the year, so these records will only grow.
The lion's share of investment in 2023 (as has also been the case in recent years) took the form of real estate investment.
In Q3, applicants approved under the real estate option numbered 210, compared to 136 for the NTF contribution option.
For 2023 as a whole, 69% of applicants have qualified through real estate.
More stories about Grenada
- Russians Account for 90% of Grenada CBI Applications in 2023, Reveals Program Chairman
- Grenada De-Certifies 5 CBI Real Estate Projects Over Failure to Start Construction
- Grenada: Buyers of Illegally Discounted CBI Real Estate Could Lose Citizenship
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