by Linda Straker
- Most local agents listed on the CBI website are law firms
- Reef View Enterprises agent licence was granted on 24 December 2020
- Each month 40% inflow assigned to contingency fund as per Public Finance Management Act
The latest local company granted a licence as a local agent under the Citizenship by Investment (CBI) legislation is Reef View Enterprises Ltd.
“Notice is hereby given that pursuant to Section 4 of the Grenada Citizenship by Investment Act 15 of 2013, Reef View Enterprises Ltd., Unit 13, La Marquis Complex, Grand Anse, St George’s, Grenada W.I., has been granted the license of a Local Agent, and is therefore authorised to conduct business in the State of Grenada, pursuant to the terms and conditions specified in the said Grenada Citizenship by Investment Act 15 of 2013,” said a notice in the 14 January 2021 Gazette.
The agent licence number is GCBI-LA-036, and it was granted on 24 December 2020.
Most of the over 25 local agents listed on the CBI website are law firms: “These specialist CBI lawyers have the skills and experience to assist you every step of the way as you apply for citizenship by investment in Grenada. Importantly, your application for citizenship by investment will only be accepted if you use an Authorised Local Agent.”
Government has earned millions through the CBI programme, and each month 40% inflow is assigned to a contingency fund as outlined in the regulations for the 2015 Public Finance Management Act. A board manages the fund.
Money from that contingency fund should only be used to provide financial resources for relief, recovery, and reconstruction cost from a national disaster; to provide financial resources for facilitating a countercyclical fiscal policy in the event of an economic recession or crisis and to provide financial resources for repayment of debt only under exceptional conditions and not as part of the Government’s normal annual debt repayment.
The regulations provide the amount that needs to be paid out based on the purpose for use. In case of a national disaster, it will be 2% of GDP per year for 3 years and if it’s a recession crisis, the payout will be 1% of GDP for 3 years.
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