Representatives of Grenada Expressed Their Strong Attitude Towards the Citizenship by Investment Program

The Chief Executive Officer of Citizenship by Investment (CBI) has issued a circular that deems it illegal to artificially lower the cost of the program. That is, discounting, concessions, redemptions, etc. are not supported by the state, especially when the amount that the applicant must invest is reduced, which, in turn, is determined by law.

Many in the industry commended Grenada's actions: “Your actions could be responsible for significant economic upliftment across the Caribbean than you ever imagined.” Active and aggressive stimulation of such behavior is not supported by the country. Such action, according to the circular, "could include the revocation of approval" and "any buyback or rebate prior to the said statutory 5-year holding period is illegal."

Thus, the country primarily protects its reputation.

The Caribbean is seeing growing interest in its Citizenship by Investment programs. Many people acquire a second passport in order to protect themselves, their families, and their assets. During the pandemic, these questions have become even more acute and are responding to most investors