Grenada’s Citizenship by Investment Program (CIP) recorded one of its quietest second quarters in recent years, receiving 68 applications that mirrored 2024 Q2 levels but fell far short of the Russian-applicants surge that defined 2021 through 2023.
Processing Efficiency Remains Strong
The program processed 119 approvals during Q2 2025, down 20% from Q1’s 149. Half-year totals reached 191 applications and 268 approvals, and also saw the first-ever approval in the Significant Investment category.
Q2 revenue reached EC$90.7 million, down 27% from Q1’s EC$124.47 million. The quarterly decline pushed half-year revenue to EC$215.17 million, just 19% of 2024’s EC$1.12 billion total.
Current projections place 2025 on track for 382 applications and 536 approvals. New citizens would total 1,786, representing a 67% decline from 2024’s naturalization volume.
Grenada processed 309 applications in H1 2025, including both approvals and rejections, against just 191 received.
The 1.6 processing-to-intake ratio extends the backlog-clearing campaign that dominated 2024, when the program achieved a 3.99 ratio by deciding 1,676 cases while receiving just 420 applications.
The implied rejection rate reached 13% in H1 2025, the third-highest in program history.
Processing decisions now outpace new submissions by 62%, continuing the aggressive throughput that has characterized operations since Q1 2024.
Half-year approvals represent roughly 17% of 2024’s 1,583 total. Matching H1 performance in the second half would place 2025 approvals around 530, comparable to mid-range pre-2021 years.
Lower absolute approval numbers reflect diminished application volume rather than declining processing capacity. The program continues clearing files faster than new ones arrive, though the ratio has moderated from 2024’s peak as the backlog nears resolution.
Revenue Per Approval Reaches Historic Peak
Average revenue per approval climbed to EC$802,889 in 2025, surpassing 2023’s previous record of EC$751,000. The figure translates to approximately US$297,000 per approval, the highest in program history despite application volume matching 2024 Q2 levels.
Revenue composition reflects the volume contraction following backlog clearance. National Transformation Fund (NTF) contributions reached EC$55.1 million in H1, positioning the program on track for approximately EC$110 million in 2025, compared to EC$347.6 million in 2024.
Real estate investment totaled EC$112 million in H1, forecasting roughly EC$224 million annually, compared to 2024’s EC$562 million. Government fees amounted to EC$48 million, projecting EC$96 million compared to 2024’s EC$206.1 million.
These declines mirror the reduction in total approvals rather than fundamental shifts in program structure or market preference.
Real Estate Dominance Continues Amid Volume Collapse
Real estate approvals totaled 186 during H1 2025, accounting for 69% of all processing activity. NTF approvals reached 81, capturing 30% of the market.
The program logged its first Significant Investment category approval in program history during H1 2025. Real estate volumes remain substantially below 2023’s 995 approvals and 2024’s 910.
Real estate investment continues to generate more than double the capital inflow of NTF contributions. This pattern has persisted since 2020, though absolute volumes across both categories have contracted sharply from peak years.
Market Distribution Diversifies
Chinese applicants declined from 23% of the 2024 volume to 13% in the first half of 2025. Nigeria’s share fell from 19% to 10% over the same period.
American applicants surged from 5% to 12%, emerging as the second-largest nationality group behind China. Pakistan, Vietnam, Uzbekistan, and India each captured 6% to 9% of applications, creating a more distributed middle tier of contributing markets.
Collective “other” markets dropped from 45% to 38%. No single country exceeded 15% of total applications in 2025, contrasting with last year’s pattern, where two nationalities dominated program intake.
Low Volume, High Value Defines 2025 Trajectory
Q2 2025’s EC$90.7 million revenue marks the weakest second-quarter performance since 2021, but remains above the pre-2023 average. The program has transitioned from 2024’s volume-driven model to a low-throughput, high-value structure.
Average transaction values have risen despite overall market contraction. Per-approval revenue exceeds even the 2023 peak, when competing Caribbean jurisdictions suspended Russian applicants and created market disruptions that benefited Grenada.
