GRENADA’S 2020 CIP REVENUE SHATTERED RECORDS, REAL ESTATE INVESTMENT UP 106%

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Grenada’s citizenship by investment program logged a fourth consecutive year of growth in 2020, breaking a number of records in the process:

  • Overall program revenue (including investments, donations, and fees) reached an all-time-high of EC$ 253 million in 2020, a 52.4% improvement on the EC$166 million raised in 2020.
  • Applications received numbered 394, another all-time-high, up from 373 in 2019.
  • Applications approved reached 375, the highest such number on record and a sharp expansion from 2019’s 265 approvals.
  • The number of passports issued, correspondingly, reached 1,111, surpassing one thousand for the first time.
  • Investment in real estate displayed particularly strong growth, raising EC$151 million, more than double the 2019 figure, which was already a record.

Application rejection rates were trimmed to 8.9% from 2019’s 11.8%, while the average family size remained more or less unchanged at precisely three members.

Thanks to a sharp upswing in investors choosing the property investment in Q3 and Q4, the program’s real estate investment option accounted for a majority (58.4% of the total) of all approved applications in 2020, the first time this has happened since 2016, when absolute numbers were far lower.

The NTF option’s popularity receded slightly, raising EC$84.2 million in 2020 compared to EC$88m during the preceding year. Government fee receipts, thanks to the growing interest in the real estate option, more than doubled, from EC$8m to EC$17m.

Source: IMI Daily

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