CaribbeanIntel & Data

Grenada CIP Revenue Exceeds EC$1 Billion in Bumper Year

Grenada’s Citizenship by Investment Program has registered its best-ever year, breaking the EC$1 billion mark in revenues and setting a new record for applications in one month.

While program administrators were able to continue the positive trend from Q3 of cutting down the backlog in October and November, an uncharacteristically high number of applications in December overturned that work, leading to net growth in the backlog in Q4.

Grenada's CBI Key Performance Indicators for 2023

Grenada's CIP set many all-time records in 2023:

  • Applications: 2,297 (up 84% from 2022)
  • Approvals: 1,503 (up 232% from 2022)
  • Rejections: 58 (up 625% from 2022),
  • Citizenships issued: 4,794 (up 223% from 2022)
  • Total capital raised*: EC$ 1.13 billion (up 311% from 2022)
  • Backlog: 1,826 applications (up 55% from 2022)

*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.

While Grenada has been setting records in terms of application volume every year since 2016, total CBI revenue in 2023 reached a dizzying all-time high of EC$1.128 billion, dwarfing all previous records and marking a massive 310.1% year-on-year (YoY) increase. The CIP's revenue in 2023 was greater than in the preceding five years combined.

As it has each year since 2019, the real estate investment option accounted for the lion's share (66%) of applications also last year. Real estate revenue reached EC$170.1 million in Q4 alone and EC$672 million for the year as a whole, roughly tripling in dollar terms compared to 2022.

Donations to the National Transformation Fund also soared in 2023, registering a 321% YoY growth rate.

The average revenue per application in 2023 was US$278,000, the highest such figure in a decade.

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Grenada received 2,297 applications in 2023, nearly doubling YoY to set another all-time high. To put this rapid growth in perspective, the compound average growth rate (CAGR) in application volume since the program's inception is 67%.

The program also registered its highest-ever number of rejections in a year (58). Some 45% of these came in the final quarter of 2023. However, the ratio of rejected applications in 2023 (3.72%) is historically the second lowest, following 2022 (1.74%), and far short of the elevated rejection rates of 2016 (16.8%) and 2019 (14.2%).

After struggling to keep up with demand for 20 consecutive months, Grenada's CIU, now the Investment Migration Agency (IMA) Grenada, managed to chip away at the application backlog in September, October, and November. During those three months, Grenada processed 149 more applications than it received.

However, a sharp and sudden rush of applications in December more than undid those efforts. The program registered an unprecedented 442 applications in the final month of 2023, accounting for a fifth of the year's total. The late flurry of applications saw the backlog rise to 1,826 applications by the end of the year.

Presuming the historical value-per-application figure remains stable, the unprocessed files alone represent investments, donations, and fees worth in excess of half a million Eastern Caribbean dollars (some US$188 million).

Nonetheless, the CIU managed to process 1,561 applications in 2023, three times more than during the previous year. The absence of applications from Russians, who accounted for the vast majority of investors in the first half of 2023, coupled with roughly tripled processing capacity, should see the backlog gradually diminish in 2024.

At least one influential CBI agent in the region, however, has indicated the timeline for MoA implementation may be unrealistic.

In an exclusive interview with IMI last month, IMA Grenada CEO Thomas Anthony revealed he has aggressively expanded his staff and expects to clear the backlog of applications received in 2023 by June 30th, the date on which the much-anticipated MoA price increases are scheduled to take effect.

If you like data-driven articles like this one, you'll love the IMI Data Center, the world's largest collection of investment migration statistics, with more than 350 graphs and charts on dozens of IM programs and markets.

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Ahmad Abbas AdministratorAuthorSubscriberParticipant
Director of Content Services , Investment Migration Insider

Ahmad Abbas is Director of Content Services at Investment Migration Insider and an 8-year veteran of the investment migration industry.

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