In a decisive move to uphold the integrity of its Citizenship by Investment (CBI) programme, Grenada’s Investment Migration Agency (IMA) has recently rejected eight applications and initiated the revocation of one citizenship due to illegal discounting and unauthorised financing schemes. 

Uncovering Unauthorised Practices

The IMA’s investigations revealed that a marketing agent, in collaboration with several sub-agents and a developer based in Grenada, engaged in illicit activities. These included offering unauthorised loans of $100,000 to applicants, effectively reducing the required investment amounts below the legal thresholds. 

Enforcement Actions Taken

In response to these violations:

Application Rejections: Six applications were denied in late 2024, followed by two in early 2025, with a third rejection anticipated imminently. 

Citizenship Revocation: The IMA has commenced the process to revoke the citizenship of one individual who benefited from these illegal discounts. 

Agent Sanctions: The implicated marketing agent and its sub-agents have been directed to terminate their relationships, and international due diligence providers have been instructed to scrutinise applications associated with these entities more closely. 

Implications for the CBI Programme

Grenada’s CBI programme mandates specific minimum investments to ensure genuine economic contributions:

Real Estate Projects: A minimum of $270,000 to the developer and an additional $50,000 to the government.

Non-Tourism Projects: A minimum investment of $350,000.

National Transformation Fund: A contribution of $235,000.

The discovery of these unauthorised financing arrangements undermines the programme’s credibility and economic objectives. By enforcing strict compliance, Grenada aims to maintain the programme’s reputation and attractiveness to genuine investors.

Strengthening Oversight and Compliance

The IMA has intensified its monitoring efforts, employing advanced technology and on-the-ground intelligence to detect and prevent further misconduct. Consequences for violating programme requirements include:

• Revocation of licences.

• Rejection or denial of applications.

• Revocation of Grenadian citizenship.

• Project decertification.

These measures underscore the government’s commitment to preserving the integrity of its CBI programme.

Grenada’s proactive stance against illegal discounting and unauthorised financing in its CBI programme reflects a dedication to ethical standards and economic integrity. By enforcing stringent regulations and taking decisive action against violators, the nation aims to ensure that its citizenship offerings remain credible and beneficial for both investors and the country’s development.