Imminent Changes and new CEO for Grenada CIP

The Grenada Citizenship by Investment Unit has recently circulated changes to Grenada's four-year-old Citizenship by Investment (CBI) Programme. Thomas Anthony, who has considerable experience in the banking sector, and particularly with applicant research and due diligence, has been appointed as the new CEO of the Unit.

There are also considerable changes to the categories of dependants which may accompany applicants to the CBI programme. Unmarried siblings of the main applicant, who do not have children, will now be able to accompany the main applicant as dependants. Parents of the main applicant will no longer be required to be financially dependent on the main applicant, and dependent children over 18 years of age will no longer need to be enrolled in college or university.

In respect of the approved real estate projects investment option, secondary purchasers will also be able to obtain citizenship through the programme, provided the minimum investment amount ($350,000) is paid along with the applicable fees.

It is no doubt hoped that these changes will increase Grenada's positioning in the Caribbean CBI market, which has become increasingly competitive as Antigua & Barbuda, Dominica, Saint Lucia, Saint Kitts & Nevis, and Grenada all struggle to offer the best value product in the region.

The changes are expected to take effect later in the month, when legislative changes have been published.

Author: Conor Finn