by Linda Straker
- 509 citizenships issued from January to June 2020
- Applications 25% above 2019 figures, spurred by tourism projects in St David and St Patrick
- CBI Programme management team working remotely
More than EC$20 million was contributed to the treasury during the period January to June 2020 from the Citizenship by Investment (CBI) initiatives. During the same period, 509 citizenships were issued and 19 persons were denied approval to be granted citizenship through the programme.
The exact figure earned is EC$20,855,000 which means that the consolidated fund received an average of EC$3,475,833 per month for the period. This amount when looking at data from the period 2019 and 2018 is less than what was received for the same period for both years, respectively.
After government lockdown the country in March as part of measures to control and contain the spread of Covid-19, the CBI office confirmed that it has moved its application process online, and anticipated a slowdown in the receipt of applications for its CBI programme due to the global impact of the Covid-19 pandemic. In the first quarter of 2020, applications were 25% above 2019 figures, largely spurred by the major tourism projects in St David and St Patrick.
The management team of Grenada’s CBI programme which received a little more than 100 applications for the first quarter of 2020, agreed and approved for new applications to the programme to be submitted online using a specially designed secure website that will reduce the use of paper documents.
“Grenada’s CBI programme is not on hold because of the Covid pandemic. We are working remotely; we are making use of technology on a new platform that allows us to receive, process and make a decision in collaboration with all local and international agents as well with the relevant due diligence agencies,” Percival Clouden said in an interview in April.
In July, the Government of Grenada and the CBI programme issued a circular categorically stating any actions such as discounting, rebates and buybacks, etc. that reduce the amount invested by a citizenship applicant below the statutory minimum real estate threshold under section 11 of the CBI legislation, is illegal.