What is Citizenship By Investment (CBI)?
The Grenada Citizenship by Investment (CBI) Program/Investment Migration Agency Grenada is an initiative designed by the Grenadian government to grant citizenship to foreign investors who make a substantial financial contribution to the country. This program, launched in 2013, aims to boost economic growth by attracting foreign capital that is invested primarily in sectors such as infrastructure, tourism, and public projects. By supporting these areas, Grenada strengthens its economic stability, increases job opportunities, and enhances public services.
Who are the stakeholders in CBI – What are their roles?
The Grenada Citizenship by Investment (CBI) Program involves multiple stakeholders, each with a vested interest in its successful implementation, regulation, and benefits. Here are the primary stakeholders involved in this program:
Government of Grenada
• Ministry of Finance: Responsible for the financial oversight of funds generated through the program;
• Citizenship by Investment Committee: Manages and evaluates applications, ensuring they meet the legal requirements;
• Immigration and Customs Authorities: Facilitates the processing of new citizens, issuing passports, and ensuring proper documentation;
• Grenada’s Tourism and Investment Promotion Agencies: Promote the program internationally to attract high-net-worth investors and stimulate economic development in the tourism sector and other industries.
Foreign Governments
• Governments in countries where applicants reside or conduct business can be affected, especially concerning security, immigration policies, and diplomatic relations. Grenada’s program is closely monitored to ensure it doesn’t inadvertently provide citizenship to individuals who could pose risks to international security.
Investors / Applicants
• Individuals or families who apply for Grenadian citizenship through the program are central stakeholders, as they contribute significant funds to Grenada's economy in exchange for citizenship benefits;
Approved International Marketing Agents and Local Agent
• Agents authorized by the Grenadian government act as intermediaries between applicants and the Citizenship by Investment Unit. They provide guidance on application procedures, investment choices, and program requirements;
• International Marketing Agents often play a role in helping applicants understand the implications of acquiring Grenadian citizenship as well as marketing the Program to potential applicants;
Local Businesses and Real Estate Developers
• Real estate developers, particularly those focused on high-end projects like resorts or luxury residences, benefit from investments made by applicants;
• Local businesses, especially those in tourism, hospitality, and construction, experience indirect benefits from the economic boost provided by foreign investment through the CBI program;
Financial Institutions
• Banks and other financial institutions play a role in managing the funds transferred by applicants and facilitating transactions related to real estate investments, donation options, and other CBI-related payments;
Grenadian Citizens
• As indirect stakeholders, Grenadian citizens are affected by how the program impacts the economy, job creation, and public services funded by the revenue from the program;
• Community organizations and civil society groups monitor the social and economic impacts of the program to ensure that the benefits positively affect the local population;
International Regulatory Bodies
• Organizations like the Financial Action Task Force (FATF) and Caribbean Community (CARICOM) are indirectly involved in monitoring the compliance of Grenada’s CBI program with international anti-money laundering (AML) and counter-terrorism financing (CFT) standards. Their oversight ensures the program meets international norms and remains reputable;