CaribbeanPolicy UpdatesUncategorized

Grenada Extends CBI Application Deadline Following Hurricane Beryl

The Investment Migration Agency (IMA) Grenada has issued an important update to Circular No. 2, which introduced a revised price structure for the country’s Citizenship by Investment Program (CIP).

In a new circular released on July 3rd, the IMA acknowledged Hurricane Beryl’s impact on agents and the Grenada Co-operative Bank’s ability to meet the original application submission deadline of June 30th.

The IMA explained that due to “unforeseen challenges faced by our valued partners during this period, the Agency has decided to extend the application submission deadline to July 12th, 2024.”

This extension aims to provide agents and the Bank with sufficient time to manage their responsibilities in light of the recent natural disaster, ensuring the smooth processing of applications under the updated pricing framework.

The IMA emphasized that “all outstanding matters must be resolved to the satisfaction of the Grenada Co-operative Bank, and funds must be received and cleared for the application submission to the Agency by July 31st.”

The circular also included the corrected Grenada Citizenship by Investment (Amendment) Regulations, which outlines the revised pricing structure.

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The circular clarified that “only duly completed applications submitted to Grenada Co-operative Bank Limited up to and including June 30th, with all the required documents as per the Bank’s guidelines issued to Local agents, will be accepted under the old price structure.”

Adjusting to the new price structure

Grenada’s announcement comes amidst a series of changes to the CIP pricing frameworks across the Caribbean region to align with the Memorandum of Agreement’s (MoA) terms.

Grenada’s IMA joins St Lucia and Antigua & Barbuda (technically) in announcing a grace period for in-progress applications.

St Lucia’s enacted its revised regulations, but the government has announced that it will process in-progress applications submitted before June 30th under the existing fee structure, provided that agents had formally requested their submission by midnight on June 30th.

St Lucia granted agents an additional month, until July 31st, to complete these applications and ensure they fully comply with all requirements.

Despite announcing new investment thresholds, Antigua & Barbuda has requested a 30-day postponement to complete the necessary parliamentary approval process. This will give agents time to submit pending applications under the current price structure.

St Kitts & Nevis and Dominica have implemented the changes and have not given any grace period. The latter has yet to clarify the situation publicly regarding in-progress applications.

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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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