What the “6 CBI Principles” Means for Grenada’s Citizenship by Investment Program
Realord Hartman Group
Sponsor
In order to regulate the entire market and the qualifications of CBI applicants, the United States and Caribbean countries with Citizenship by Investment Programs held a roundtable meeting at the beginning of this year where they agreed to the “new six CBI principles”. In light of this agreement, many people in the industry have doubts about the investment policies of these Caribbean countries, especially Grenada.
Realord Hartman has also received a lot of feedback from partners and distinguished guests who went to Grenada from all over the world to conduct field project inspections in the previous stage. They are particularly concerned about the series of issues in the new six principles.
To better answer and help partners, Mrs. Haiyan Warren, North American channel director of Realord Century Group, took the opportunity of accompanying North American VIP clients to visit Grenada and to pay a special visit to Mrs. Maryane Charles, CBI Operations Director of Realord Hartman Grenada. A detailed interview was conducted with Maryane to address clients’ concerns and issues.
Mrs. Maryane Charles served as Committee Secretary, Executive Assistant, and Operations Manager at the Grenada Citizenship by Investment Unit from 2014 to 2022 and represented Grenada CBI at the 2016 International Investment Immigration Committee held in Geneva. Currently based in Grenada, she is the CBI Operations Manager of Realord Hartmann Group.
Mrs. Haiyan Warren, as the North American channel director of Realord Group, has long-term, in-depth, and extensive expertise with business partners and customers from various countries.
Haiyan Warren: Regarding the application for investment immigration, the most frustrating thing is the refusal of an application. The implementation of the 6 Principles specifically puts forward the new term “collective agreement on the treatment of denials,” which is a cause for concern. Therefore, on behalf of investors, I would like to know how to interpret this new regulation.
Maryane Charles: The “collective agreement on the treatment of denials ” means that applications submitted by applicants who have already been rejected by other Caribbean CBI programs will not be approved. When submitting CBI applications, applicants must truthfully disclose their applications and results for other CBI programs. According to our experience, if the applicant fails to disclose the truth, and is found to have been denied by other CIU/CBI programs during the investigation stage, and could not re-obtain approval without a valid reason, no matter how long the period has been, he/she may be refused by the Grenada citizenship by Investment program.
Haiyan Warren: When the interview process is enforced, convenience is also very important. Can the interviews be conducted remotely? Or does it have to be face-to-face?
Maryane Charles: The interviews with applicants can be done either remotely or in person. The Oath of Allegiance at the final stage after approval requires video notarization in English by a local qualified lawyer in Grenada. The person taking the Oath does not have to visit Grenada to do so in person, but it can be done via virtual meeting platforms to achieve the witnessing of the Oath. Where the applicant does not speak English, this should not be an issue, as provision for translative services can be considered to facilitate this requirement.
Haiyan Warren: We all know that all applications will be audited, but how should we understand the “additional check” mentioned in the new regulations?
Maryane Charles: Every jurisdiction uses its Financial intelligence Unit to check every application so firstly, this move is not to add additional review items. This has been implemented since the announcement of the Grenada Citizenship by Investment Program. Meanwhile, the Grenada CBI will continue to follow the rigorous standards that have been consistent in the past 9 years. Each applicant’s source of funds and a detailed background check is carried out. Secondly, in order to protect the overall interests of all investors and Grenada and reduce the systemic risk of financial crimes, all submitted information must be true and accurate.
Haiyan Warren: In addition to the verification of investors, what supervision and restraint measures are there for specific investment projects?
Maryane Charles: We do this through project audits. Projects are audited annually or every two years according to internationally recognized standards. Since last year, Grenada’s CBI has hired a professional third-party supervisory agency to conduct periodic assessments of the ongoing real estate investment and CBI projects in the country to ensure the authenticity in the construction of real estate projects. We predict that the government’s supervision of projects will become more and more stringent in the future. The Grenada Government is committed to creating a good and healthy investment working environment with developers whilst working with them to see project development to completion. However, projects that fail to meet compliance requirements will be in accordance with provisions in the legislation.
Haiyan Warren: After Grenadian citizenship is granted, what circumstances will lead to revocation of the passport?
Maryane Charles: If the applicant is granted Grenadian citizenship, and thereafter commits a criminal act or participates in any activities that may damage the reputation of Grenada, the Grenada government will have the right to revoke the citizenship status if the allegations are proven. Investors who reside outside of Grenada, will have to return their passports to immigration through embassies or law enforcement officers in the jurisdiction of that residence for assistance in recalling their passport.
In addition, Ms. Charles also stated that since the above-mentioned “new 6 principles”, as of April 1st, Grenada has fully suspended new applications from Russia and Belarus. While balancing international relations, the Grenada Government aims to achieve long-term sustainable development through compliance operations with the USA and other Caricom countries.
To manage the challenges of the international environment and political risks of the Citizenship by Investment Program, Grenada CBI aims to improve its program through these series of measures, so as to maximize the interests of each applicant and avoid repeating the sudden policy changes implemented by other countries. Grenada Citizenship by Investment has been very popular on the market because it has unique advantages that other CIU/CBI programs cannot match. The Grenada passport has become highly valued in the world, guaranteeing the investors’ access to more than 120 countries. Many applicants value the dependability of the Grenada passport, its good international reputation, the Commonwealth of Nations, the opportunity of applying for the E2 to the United States, and the visa-free access to China.
Realord Hartman Group has branches in Hong Kong, China, Vietnam, Dubai, and Seattle, USA. Like the local team in Grenada, the marketing team in each region are elites in the CBI industry, and not only has a vast wealth of knowledge and experience in the processing of applications, but can also provide assistance with post citizenship services for applicants from different countries.
To make the applicant’s entire application process more efficient and tailored to the needs of the individual applicant, the Realord Hartman team will use their immense application experience and liaise closely with the local team to give the applicants personalized guidance, significantly increasing application success rates.
You can contact North America Director: haiyanwarren@realord.com or info@hartman-edu.com for detailed Grenada CBI guidance and cooperation terms.
Official website：www.hartman-edu.com