Grenada CBI scheme has been hit by delays, has approved only 2Â applications during Aug and Sep, according to the latest CIP report released by Ministry of Finance for the Citizenship by investment.
Out of the 39 and 45 applications received for August and September, only 2 applications were approved during these months. Zero real estate applications have been approved during these months.
Although the reasons for this entirely known, Â common reasons include shortage of staff, delay in due diligence done providers or regulatory changes.
It is interesting to note that 4 applications have been refused in September. All under NTF option. In 2019, a total of 14 applications been refused, most of them under NTF. The refusal rates picked up in 2019
A total of 439 passports issued to New citizens under the CIP for this year.
Although Grenada does not publish names of CBI citizens and nationalities in the statistics report, the Citizenship Unit automatically refuse applications already denied by other CBI countries.
Grenada CBI scheme is often touted as gold standard in the CBI industry when it comes to vetting. Grenada citizenship scheme attracted significant interest with second passport seekers, as it is the only country that has visa free access to China and Russia.
In 2017, after the hurricane season, Grenada reduced the NDF donation $150,000 (from $200K) to keep up with the competition from other neighboring countries. Later in 2019, the real estate investment was also cut to $220,000 (from $350K) for purchase of real estate shares .
