Siblings to Become Eligible for Inclusion in Grenada CIP-Applications

Unmarried siblings, financially independent parents, and non-student adult dependents of the main applicant may now be included in the application.

Grenada’s Citizenship by Investment Committeehas  revealed significant changes to its definition of “dependents” set to come into effect later this month.

In a circular, provided by our friend Prabhu Balakrishnan, the Grenada CBIU writes:

1. Siblings of the main applicant (or the spouse of the main applicant) who are not married and do not have any children may be included as a dependent of the main applicant.
2. Parent dependents will not be required to be financially dependent on the main applicant.
3. Child dependents over the age of 18 will not be required to be enrolled in college or university.

The Grenada CIU last week also announced the arrival of Thomas Anthony, a leading expert on CIP-related due diligence, as its new CEO. 

Following a roaring 2017, the Grenada CIP has struggled to maintain the momentum into 2018; second quarter data for this year revealed overall application volume had dropped by 15%, and by nearly a third under the real estate option, since the same period the year before.

Program enhancements such as this will, therefore, be a welcome addition in the competition for market share among Caribbean CIPs. It remains to be seen which other, if any, plans Mr. Anthony has in store to improve the program’s standing in the region.

At the moment, the Grenada CIP’s greatest competitive disadvantage is its real estate investment requirement; at US$350,000, it is higher than that of Caribbean peers, all of whom have made downward adjustments over the last year.