Grenada: Record-breaking revenue from CBI programme
Published: 7 November 2022
Grenada recorded income in excess of EC$100 million (One EC dollar=US$0.37 cents) during the first nine months of this year from the controversial Citizenship by Investment Programme (CBI), Prime Minister Dickon Mitchell has said.
Addressing the 2022 Investment Migration Round Table Conference, Mitchell, who came to office in June this year, said that in absolute dollar figures, the inflows have been EC$112 million compared to EC$80 million in 2021.
“The National Transformation Fund moved from EC$47.2 million for the period January to September 2021 to EC$49.5 million for the same period in 2022. If we curate our 2022 capital budget this is about 20 per cent of that budget which clearly is not insignificant by any measure,” he told the conference.
“Additionally, the approved applications for private sector projects will potentially general EC$207 million in investment project funds for the period January to September 2022 compared to EC$161 million for the same period in 2021,” he told the conference that included delegates from local and international marketing agents.
In addition, Grenada approved citizenship for 1,058 people under the CBI during the first nine months of this year, while eight people were rejected.
Under the CBI programme, which began here in August 2014, Grenada provides citizenship to foreign investors who in return make a significant contribution to the socio-economic development of the island.
Grenada is among a handful of Caribbean Community (CARICOM) countries with a CBI programme and to date, more than 7,000 people have received citizenship through the initiative which was become the major non-tax revenue earner for the country.
Most applications to Grenada come from China, Russia, India, South Africa, and Nigeria. There are also several applications from the United States and Europe.
The conference is a collaborative initiative undertaken by the Grenada Co-operative Bank Limited and Grenada Citizenship by Investment Unit.