Grenada CBI Statistics 2024: Insights of Performance and Future Outlook

In 2024, Grenada’s citizenship by investment (CBI) program is showing notable trends compared to 2023. According to comprehensive records released by Investment Migration Agency Grenada (IMA), the number of applications has increased by more than 50 percent yearly from 2020 to 2023.

Additional data reveals that China, Nigeria, and the United States were the primary Grenada CBI applicant demographics. In line with the Caribbean Memorandum of Understanding (MoA), the IMA’s enhanced due diligence is reflected in a slight rise in application rejections in 2024, increasing to 3.89 percent compared to 3.72 percent in 2023.

Grenada CBI: A Five-Year Analysis of Key Metrics

Despite a 12 percent decline in applications received compared to the same period in 2023, the steady influx of applications has continued to yield substantial revenues, with the program generating EC 502 million (USD 186 million) in the first half of 2024.

Real estate vs contribution

Real estate emerged as the preferred investment option in 2020. With the MoA’s standardized minimum investment threshold, the narrower cost gap between the real estate and National Transformation Fund option is expected to make real estate even more attractive.

Investment per year

Investment by option and total revenue in EC$ millions.

With EC 502 million in current revenue and an additional EC 600 million expected from pending backlog applications, Grenada CBI program growth statistics could show record revenue by the end of Q4 2024, even without receiving new applications.

Application approval and rejection statistics

The higher approval number compared to applications received in 2024 reflects the IMA’s commitment to and improved efficiency in addressing backlogged applications. While Grenada CBI application statistics show a notable high rejection rate in 2020 and 2021, with a sharp decline in 2022, it has steadily increased, demonstrating a trend towards stricter vetting processes and enhanced scrutiny in granting Grenada passports.

Investment Trends and Revenue Generation

Investment trends in Grenada citizenship by investment have continued to evolve in 2024. Share purchases in approved Grenada real estate projects is the most popular investment option. Real estate investments, particularly in luxury resorts like Coral Cove Hotel and residential developments like the Point at Petite Calivigny, remain highly sought after, accounting for EC 254 million of the EC 502 million total investment volume in 2024 so far.

Revenue generation from the CBI program has seen a notable increase, with 2024 revenues projected to exceed those of previous years when accounting for the processing of backlogged applications.

Processing Times and Efficiency

Processing times for Grenada’s CBI applications are improving. The quick processing times are due to efficiency measures and the establishment of the Investment Migration Agency Grenada, which replaced the Citizenship by Investment Unit in March 2024 as the body responsible for the program and processing CBI applications.

Grenada’s processing times are among the fastest compared to regional peers like St Kitts and St Lucia, with an average processing time of nine months compared to 10 to 12 months in St Lucia and 12 months in St Kitts and Nevis.

Efficiency metrics show a significant rise in applications to over 1,000 in 2022, but processing efficiency remained sluggish, with fewer than 50 applications processed monthly. In contrast, efficiency improved significantly in 2023, with 181 applications processed in March 2023 and 220 processed in June 2024.

Promising Benefits for Current and Future CBI Applicants

Increased stability and credibility: Rising revenue and application numbers indicate the program’s enhanced stability and credibility, spurring economic growth and strengthening diplomatic relations.

More investment opportunities: The higher investment threshold and influx of foreign capital push market appeal and create new and more lucrative business and real estate investment opportunities in Grenada.

Processing efficiency: The revenue boost means the country can invest in improving CBI resources and technology to shorten application processing times and streamline key procedures.

Stronger economy: Grenada’s economy benefits from increased CBI revenue, leading to economic and social improvements, including better infrastructure and public services. This positively impacts both applicants and residents and supports tourism growth.