Grenada CIP Issues New Prices, In Force From Monday

Following Antigua & Barbuda’s announcement on Wednesday night, Grenada’s Citizenship by Investment Program (CIP) becomes the region’s second to announce new prices under the Caribbean MoA framework and the second to implement them (after Saint Kitts & Nevis, which did so unilaterally last year).

The program’s new terms appeared in Grenada’s official gazette, published this Wednesday. They will take effect on July 1st, as Grenada’s CBI boss Thomas Anthony had promised in his interview with IMI in April.

National Transformation Fund (NTF) contribution option

• Family of up to 4: US$235,000
• Additional dependents: US$25,000 for children as well as parents or grandparents over age 55
• Dependent parents or grandparents under age 55: US$50,000
• Dependent siblings: US$75,000

Section 11 Approved Real Estate Investment Projects option

• Family of up to 4 – US$270,000
• Government contributions:
  • Family of up to 4: US$50,000
  • Additional dependents: US$25,000 for children as well as parents or grandparents over age 55
  • Dependent parents or grandparents under age 55: US$50,000
  • Dependent siblings: US$75,000

In a circular to stakeholders, Investment Migration Agency Grenada pointed out that the revised pricing “ensures that there will be no distinction in investment costs” between a single applicant and a family of up to four under the NTF option.

Moreover, of the US$235,000 minimum NTF contribution, the government must retain at least US$200,000, leaving US$35,000 available for agent incentives.

Similarly, for the real estate investment option, the developer must retain a minimum of US$230,000 to allocate toward the construction of the project, leaving a maximum of US$40,000 available for agent commissions.

Moreover, the entire US$270,000 destined for real estate investment must be deposited in the developer’s escrow account, from which the IMA will not authorize the release of more than US$40,000 for commission payments.

The agency also said it would only accept duly completed applications submitted before June 30th under the old pricing regime. Incomplete submissions, even if submitted before July 1st, will be subject to the new price regime, except those for which bank clearance is the only pending matter as long as it has been resolved by July 31st.

The IMA also said it was committed to “implementing all remaining components of the MoA over the coming weeks and months” to “ensure the viability of this important non-tax revenue source.” The Agency added that it encouraged its “regional counterparts to act with alacrity in implementing the new price structure as previously agreed and to take the necessary steps to fully harmonize standards” across the region.

Three of the five Caribbean CBI programs are now ready to raise prices by July 1st, the date agreed to in the regional MoA: Saint Kitts & Nevis raised them already last year, Grenada will do so on Monday, and Antigua & Barbuda has published its new prices although they will only take effect with a 30-day delay, presuming they are able to push through the necessary legislative changes by then.

It remains to be seen whether Dominica and Saint Lucia will also be ready to raise prices in time for the agreed-upon June 30th deadline.

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