Stop the Press
Reference is made to the Grenada Citizenship
by Investment (Amendment) Regulations,
2019 which amends Schedule I of the principal
Regulations to include the following new price
option:
Purchase of a unit in an Approved Project Investment
under Section 11 in the Tourism Accommodation
priority sector, by two or more individuals and
valued at a total minimum of USD$440,000.00
Minimum Investment: $220,000.00
(for each share in the unit)
The amendments expand the definition of
dependents as it relates to CBI applications,
to include:
*Parents and Grand-Parents who are below
the age of 55
*Unmarried siblings of the main applicant
and spouse as well as children born within
twelve months of the granting of citizenship.
*The amendments also remove the
requirements for dependent children
between the ages of 18 and 30 to be enrolled
at an institution of higher learning and for
parents or grandparents over 55 years to be
fully supported.
*Another amendment provides for the
removal of permanent residence as a pre-
requisite for citizenship.
*The amended Grenada Citizenship by
Investment Act also provides for secondary
purchasers of CBI units in approved projects
52
to acquire citizenship.
In tabling the amendments, Minister Joseph
said the intention is to make Grenada’s CBI
Programme more attractive and to offer
greater value for money to investors.
Minister Joseph said, “You would note that
there is no amendment that reduces prices.
We must have a programme that offers
“
of the programme. Any action by one country
that compromises security can have serious
consequences for the entire region, therefore
we must all be mindful of that.”
Minister of Foreign Affairs, Honourable
Peter David who also stood in support of the
amendments, said the CBI programme must
be continuously reviewed to ensure that it
remains competitive.
In tabling the amendments, Minister Joseph
said the intention is to make Grenada’s CBI
Programme more attractive and to offer
greater value for money to investors
“
M
arch 10, 2019 – The Government
of Grenada is taking steps to make
its Citizenship by Investment (CBI)
Programme more attractive to investors by
offering a greater range of benefits. Minister
for Trade, Industry, Cooperatives and
CARICOM Affairs, Honourable Oliver Joseph
on Friday presented a bill in the House of
Representatives for the Grenada Citizenship
by Investment (Amendment) Act 2019.
attractive benefits, without having to reduce
the price.”
Standing in support of the bill to amend the
Grenada Citizenship by Investment Act, Prime
Minister and Minister of Finance, Dr. the
Right Honourable Keith Mitchell underscored
the importance of the CBI Programme but also
affirmed that Grenada will not compromise on
security.
Dr. Mitchell said, “Grenada is not dependent
on CBI, therefore we do not have to compromise
on security to maintain our programme. It is
important that we stay competitive but at the
same time, we must maintain the integrity
Citizen Grenada
He said, “Grenada has one of the most
rigorous due diligence programmes; there are
checks conducted electronically and there are
also persons on the ground who would knock
on the doors of applicants to verify the accuracy
of what is stated on applications. We know
the importance of the CBI Programme to the
country and we must maintain its integrity.”
Grenada continues to offer two options under
its Citizenship by Investment Programme.
One option requires a contribution to the
National Transformation Fund (NTF) while
the other option provides for an investment
into a Grenada Government CBI approved real
estate project..
An application to the CBI Committee to
access the New Price Option must include the
following items:
1. A copy of the standard form of Sales
Contract with satisfactory provisions to
ensure:
a. An appropriate ownership structure;
b. A purchase price in accordance with
the New Price Option regulation;
c. Deposit of purchase price paid upon
approval into a designated escrow
account;
d. Satisfactory draw conditions for funds
held in escrow.
until the developer has obtained the written
approval of the CBI Committee granting access
to the New Price Option.
Similar to changes in
other Caribbean CBI
countries over the last
year, the new price is only
applicable in cases where
applicants co-invest
in a unit, for a total of
US$440,000. This applies to the purchase of a unit in an
Approved investment Project under Section 11
of the Tourism Accommodation priority sector,
by two or more individuals and valued at a total
minimum of USD$440,000.00
“
i. The amount of equity invested in the
approved project to date;
ii. The amount of CBI investment received to
date;
iii. Total withdrawals of CBI investor funds;
iv. Total project spending.
4. Construction Schedule certified by the
project architect and/or civil engineer
and/or project manager, as appropriate
depending on the stage of the project.
Note: promotion of the New Price Option
applied to any particular product, is prohibited
The Committee reserves the right to seek
additional information in order to asses an
application to access the New Price Option.
RULE CHANGES - SUMMARY
In the rule-changes advertised in the
Grenada Gazette 15th march 2019, the
Government of Grenada announced that the
minimum investment requirement for the
real estate option of the country’s citizenship
by investment program is reduced from
US$350,000 to US$220,000.
Which equates to a minimum of $220,000 for
each share in the unit.
Similar to changes in other Caribbean CBI
countries over the last year, the new price is
only applicable in cases where applicants co-
invest in a unit, for a total of US$440,000.
The decision brings Grenada in line with
prevailing market rates in neighboring
jurisdictions.
Grenada also recently amended its laws
in a bid to further improve its program’s
attractiveness. Among other changes, the
CBI committee revealed it would expand
its definition of dependents to include
Grandparents and Adult Siblings, remove
the permanent residence requirement, and
allow CBI-real estate investors to re-sell their
properties to new CBI participants.
“
Among other changes, the CBI committee
revealed it would expand its definition of
dependents to include Grandparents and Adult
Siblings, remove the permanent residence
requirement, and allow CBI-real estate investors to
re-sell their properties to new CBI participants
“
RECENT AMENDMENTS TO
GRENADA'S CBI PROGRAMME MADE IN 2019
NEW PRICE OPTION DETAILS FOR DEVELOPERS
You are hereby notified that prior to acceptance
by the CBI Unit of an application for citizenship
in which the applicant elects an investment
under the New Price Option, the subject
approved project must first apply to and receive
written approval from the Committee for access
to the New Price Option.
2. A copy of the standard form of Escrow
Agreement between the Investor, the
Developer and the designated Escrow
Agent.
3. A Declaration by the Developer
addressing the following matters:
a. Confirmation that the Developer
has opened a project escrow account at
a recognized financial institution within
the State of Grenada, for the sole
purposes of depositing, holding and
disbursing all project investment funds
collected in the name of the developer/
approved project.
b. Confirmation of:
“
NEW PRICE OPTION NOTICE TO DEVELOPERS
Circular Note of March 19, 2019
Citizen Grenada
53