Tuesday, 16th July 2024

Grenada increases minimum CBI investment to US$ 235,000

The new pricing comes from Grenada after CBI offering jurisdictions across the OECS signed a historic Memorandum of Association (MOA) to tackle price related challenges related to the programmes.   

Friday, 28th June 2024

Grenada increases minimum CBI investment to US$ 235,000 (PC - Facebook)

The Investment Migration Agency of Grenada (IMA) announced an increased minimum investment under the country’s CBI Programme. Effective from July 1, 2024, investors will now have to contribute a minimum USD 235,000 to be part of the country’s Citizenship by Investment Programme. 

The new pricing comes from Grenada after CBI offering jurisdictions across the OECS signed a historic Memorandum of Association (MOA) to tackle price related challenges related to the programmes.   

The Grenada Citizenship by Investment Regulations 2024 stated that under the revised pricing structure, the minimum investment threshold will be US$235,000 for the National Transformation Fund Option. For additional dependents, the cost is US$25,000/$50,000 while for siblings, additional US$75,000. 

These changes bring the island nation is line with the other OECS nations while ensuring uniformity and marking the end of an era of downward spiral price competition among each other.  

In addition to this, the NTF contribution of $235,000 consists of a minimum of $200,000 to be retained by the government, as well as an allocation of $35,000 to be paid as a commission to the agents.

Likewise, the Approved Project investment of $270,000 to be paid to the Escrow Account of the developer consists of a minimum of $230,000 to be utilized towards project construction costs and an allocation of around $40,000 for commission payment to the agents.

In order to avoid any occurrence of doubts, IMA Grenada announced that the entire investment amount of $270,000 must be deposited into the Escrow Account of the Developer, and the Agency will not authorize the disbursements from the Escrow Account of over $40,000 for Agent commission.

As the development was announced, the CEO of the Investment Migration Agency Grenada, Thomas Anthony expressed optimism about the changes and noted that this groundbreaking agreement between the five governments demonstrates an end to the race to the bottom era which was in existence for far too long.

He added that the agreement also sets the foundation required for harmonization across all CBI Programmes in the Caribbean region.

While reiterating his commitment towards enhancing all the measures, CEO Anthony outlined that his team would continue to do the necessary work to further strengthen Grenada’s as well as the region’s governance infrastructure.

He continued to say that this effort is important to secure the longevity of the programs while continuing to appeal to global and discerning investors and maintaining the highest possible standards of integrity, specifically due diligence.  

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On the other hand, the MoA also seeks to standardise marketing practices and due diligence standards across all OECS Programmes and create a regional regulatory framework apart from pricing adjustments.  

The agency further looks forward to implementing all the remaining components of the MoA during the coming weeks and months to boost Regional Programme integration.