Grenada: Processing Records in CIP and a New Program Launch

Grenada's Citizenship by Investment Program (CIP) achieved unprecedented processing efficiency in 2024. The program successfully processed 1,676 files and naturalized a record 5,443 new citizens throughout the year, while maintaining a 6% rejection rate, significantly below the historical average of 8%.

Financial Performance and Investment Trends

The program demonstrated strong financial performance, generating US$413 million in revenue in 2024, marking its second-best year and falling just 1% short of 2023's record. Real estate investments dominated the program, accounting for 57% of approved applications, while the National Transformation Fund attracted the remaining 43%.

In the fourth quarter, real estate approvals (116) more than doubled NTF applications (56), marking a significant shift from previous periods where the distribution was more balanced.

Quarterly Processing Highlights

Fourth Quarter Activity:

• 94 investors applied for citizenship.
• Following a quarterly record of 565 processed files in Q3, processing output slightly decreased to 185 cases in Q4. This dip was primarily due to clearing the Russian backlog and a reduction in submissions.
• December experienced a recovery, emerging as the fourth-strongest month for new applications in 2024.

Applicant Demographics and Revenue Stability

The program continued to attract a diverse range of nationalities:

• Chinese nationals: 23% of applications
• Nigerian applicants: 19%
• Ukrainian citizens: 6%

Despite the sharp decline in applications, the program's revenue per approved application remained relatively stable at US$261,000, showing only a slight decrease from 2023's US$278,000.

Key Statistics

• Total Files Processed: 1,676 (1,583 approvals, 93 rejections)
• Q4 Revenue: US$74 million, less than half of Q3’s figure
• Investment Breakdown in Q4:
  • Real Estate: 48%
  • NTF Donations and Government Fees: 33% and 19% respectively

Enhancing Efficiency and Clearing Backlogs

The program's ability to maintain strong revenue suggests effective processing systems and strong pricing strategies.

Grenada has been streamlining its processing framework for some time and is about to clear its existing backlog, as it aims to enhance its processing further to become one of the world’s most efficient citizenship by investment program.

A New Citizenship by Invitation Program Launch

On January 27, Grenada launched a new Citizenship by Invitation program. This initiative is different from traditional citizenship by investment (CBI) programs and invites ultra-high-net-worth individuals (UHNWIs) to obtain Grenadian citizenship. The program prioritizes leaders in sectors like renewable energy, technology, banking, and hospitality, focusing on channeling investments into high-impact industries.

Key Features of the Program:

• Invitation-Only Model: Unlike typical CBI programs where applicants submit applications, Grenada will hand-pick eligible investors, redefining the investment migration landscape.
• Fast Processing Times: Processing times are remarkably swift—three to four months compared to the standard CBI timeline of 6-11.5 months.
• Investment Focus: The program emphasizes investments in sectors that drive economic growth and innovation within Grenada.

Potential Impact and Considerations

While Grenada’s Citizenship by Invitation program is undoubtedly innovative, its success will depend on careful implementation.

The idea of “hand-picked investors” suggests exclusivity, and the Government will await the first round of invitations on February 1, to have more clarity on the program's criteria and execution.