by Linda Straker
- Grenada launched its Citizenship by Investment (CBI) programme in 2013
- 2022 Estimates of Revenue and Expenditure show that NTF will be funding 49.2% of capital projects
- The 2022 Investment Migration Forum in Brussels began on 6 June and will conclude on 9 June
Karline Purcell, Executive Director of the Citizenship by Investment Unit along with local and international agents for Grenada, are among participants in the 2022 Investment Migration Forum which began in Brussels on 6 June and will conclude on 9 June.
The Investment Migration Forum is the largest and most important residence and citizenship-by-investment event in the world. Renowned academics, government officials, representatives of international organizations, as well as the world’s leading professionals dealing with investment migration are participating in the 7th annual Forum.
“The three-day event will cover a variety of related subjects which are of interest to the academic, professional, and government community,” said a statement on the Investment Migration Council website.
Investment migration is a form of legal migration used by over 80 sovereign states globally and it comprises various citizenship and residence by investment programs that allow individuals to gain citizenship or residence rights in return for investments in their host countries.
The website said that investment migration programs are often structured around entrepreneurship potential — already a well-established practice in general immigration policy used in many OECD countries.
“The development of a globalized economy in recent decades has led to the further expansion of investment migration. When managed effectively, this creates benefits to the individual, the host country, and wider society, thus facilitating integration and peace in an increasingly interconnected world,” said the website.
Grenada launched its Citizenship by Investment (CBI) programme in 2013 after both Lower and Upper Houses of Parliament approved the Citizenship by Investment law. From 2013 to 2021 the country earned millions through investment in tourism-related developments and a National Transformation Fund (NTF).
Funds from the CBI programme are used for paying both external and domestic debt as well as funding capital development projects. The 2022 Estimates of Revenue and Expenditure show that the NTF will be funding 49.2% of capital projects. These projects include the Mt Cuma Road, the St John’s River Project, and most of the social safety net programmes under the Ministry of Social Development and Education.