Applications to Grenada’s Citizenship by Investment Program (CIP) grew 122% quarter-on-quarter in Q3 of 2025. The past three months also marked the first time since early 2024 that the program received more applications than it processed.
Grenada processed 85 applications between July and September, down 50 from the second quarter. The island nation processed no applications during August, though July and September volumes aligned with the year’s monthly average.
September emerged as the program’s strongest month of 2025 and the second-busiest since August 2024. Robust demand, coupled with August’s processing pause, created the unusual gap between applications received and files approved.
Grenada still processed 55 more applications than it received through the first nine months of 2025, chipping away at its backlog. Should demand maintain its current trajectory through the final quarter, the program would close the year with roughly 455 applications, about 8% higher than in 2024.
Average family size sits at three applicants, roughly in line with historical norms.
The implied rejection rate stands at 14% in 2025, above the 8% historical average, as Grenada and neighboring Caribbean programs have strengthened due diligence processes, including mandatory interviews for applicants.
Revenue reached EC$83 million in the third quarter, declining 8% quarter-on-quarter despite a 43% drop in processing volumes. Files with higher investment thresholds moving through the system offset the lower approval count.
Average revenue per application hit a record US$342,000 in 2025, nearly 25% higher than 2024’s average. This explains why, despite processing slowing down in Q3, revenue did not fall drastically.
Year-to-date revenue of EC$298 million has already eclipsed the EC$282 million the program generated in 2021, its strongest year before the 2022-2023 Russian applicant influx. Regardless of fourth-quarter performance, 2025 will rank as the third-best year in CIP history.
Real estate investments constitute 70% of all 2025 approvals, the donation option’s 30% share representing its second-lowest level in five years. Investment amounts show EC$156 million flowing to real estate (52% of total capital).
National Transformation Fund (NTF) donations and program fees split the remainder at 25% and 23%, respectively.
Nigerian nationals comprise 15% of 2025 applications (up to Q3), overtaking Chinese applicants who held the top position in 2024. Chinese investors rank second, followed by Iraqis at 7% and Americans at 6%.
Egyptians and Pakistanis each account for 5% of applications, rounding out the top six nationalities.
Egyptians and Iraqis were absent from last year’s top five, while American and Pakistani shares have held relatively steady, with Americans slipping from 6% to 5% and Pakistanis maintaining their 5% share.
Grenada continues to cut down on its backlog, but is also showing signs of growth in terms of application numbers. Revenue per file is also increasing, and the data point to growth consistent with that the program witnessed prior to the Russian influx in 2022 and 2023.
