Grenada CIP Breaks Processing Record in 2024, Application Volume Down 81%

Grenada’s Citizenship by Investment Program (CIP) has achieved unprecedented processing efficiency in 2024, processing 1,676 files (1,583 approvals and 93 rejections) compared to 1,503 files in 2023.

The heightened efficiency coincided with a dramatic decline in received applications, which fell 81% from 2,297 in 2023 to 420 in 2024.

Grenada broke another record in 2024, having naturalized 5,443 people throughout the year.

The surge marked the highest number of approvals, rejections, and new citizens in the program’s history while maintaining a 6% rejection rate – below the historical average of 8%.

After registering an all-time quarterly record in Q3 of 565 processed files, Grenada's output dropped to 185 cases in Q4 as submissions declined and the program had already cleared its Russian backlog.

October and November marked the year's slowest processing months at 51 and 56 approvals, respectively, while December had recorded 78.

Real estate investments accounted for the majority of approved applications (57%) in 2024, while the National Transformation Fund (NTF) attracted the remaining 43%.

Real estate approvals (116) were more than double NTF applications (56) in Q4, marking a considerable divergence from the previous period when both investment options were only divided by seven approvals (in real estate's favor).

New applications declined sharply in Q4 to 94 submissions, falling 47% from the previous quarter and 83% below the same period last year.

Despite the decline in Q4, December emerged as the fourth-strongest month for new applications in 2024, registering 36 submissions behind August (79), July (61), and September (38).

Revenue remained strong as the CIP had registered EC$1,116 million (US$413 million) in revenue in 2024, marking the program's second-best year and falling just 1% shy of 2023's record EC$1,129 million (US$417 million).

Q4 revenue reached EC$200 million (US$74 million), less than half of Q3's EC$413 million and marking 2024's lowest quarterly figure, falling slightly below Q1 (EC$233 million) and Q2 (EC$269 million).

Real estate investments generated 48% (EC$96.23 million) of Q4 revenue, while NTF donations and government fees contributed 33% (EC$66 million) and 19% (EC$38 million), respectively.

The applicant nationality distribution remained stable in Q4, as Chinese nationals maintained their leading position at 23% of all applications. Nigerian applicants followed at 19%, while Ukrainian citizens comprised 6% of submissions.

The average revenue per approved application reached US$261,000 in 2024, slightly decreasing from 2023's US$278,000 despite the substantial decline in application volume.