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Grenada received 462 applications for Citizenship by Investment (CIP) program in the third quarter of 2022. That is almost three times more than in the previous quarter and 164% higher than the record figure of the fourth quarter of 2021. The number of applications for the program has been growing rapidly for five months in a row. There are many signs that the fourth quarter of 2022 will also break all records.
Reasons. Grenada does not publish statistics on the applicants' nationality. Nevertheless, experts believe that the explosive growth in popularity of the program is the result of the country's authorities decision in April 2022 to go against the regional trend and continue to accept applications from Russians. As a result, Grenada turned out to be the only country in the Caribbean region whose CIP program remains open to both Russians and Belarusians. Since the resumption of applications from Russians in April, the monthly volume of applications has more than quadrupled.
Options. The main beneficiaries of the Grenada investment citizenship program will be developers. Since the beginning of 2022, 69% of all passport applications have been based on the property acquisition in the country, which also accounts for 73% of all cash receipts from the program (excluding processing fees).
This share is likely to increase sharply in the fourth quarter of 2022, since only in the third quarter 81% of all applications were related to the purchase of real estate.
Source: Investment Migration Insider
Photo by Hugh Whyte on Unsplash
