How Record CBI Revenues are Fueling Grenada’s Economic Development 

Colin BishopGrenada

In the realm of investment migration, few recent success stories shine as brightly as Grenada’s Citizenship by Investment program. In the first half of 2023, CBI revenues soared by an astounding 213% compared to the same period last year. The third quarter of 2023 is expected to be “even better,” according to Grenada’s CBI Unit.

The CBI program offers individuals and families the opportunity to secure Grenadian citizenship while contributing to the Caribbean nation’s growth and development via a range of investment options.

‘Marked difference in the lives of all Grenadians’

Set up ten years ago, the National Transformation Fund was created as a means of transforming and diversifying Grenada’s economy by stimulating growth and bolstering its financial independence. The Fund finances projects across the economy, including tourism, agriculture, and alternative energy. CBI applicants opting for the NTF route contribute a minimum of $200,000 to the Fund.

A hefty two-thirds (65%) of capital projects and programs at Grenada’s Ministry of Social Development and Housing were directly financed by the NTF in 2016-22, according to government data. Such initiatives have included funding for the Grand Bacolet Juvenile Rehabilitation and Treatment Centre, child sexual abuse protection services, and Grenada’s Home Improvement Program.

Roads, schools, and healthcare facilities are receiving much-needed upgrades, setting the stage for long-term growth. The NTF is vital for “financing impactful projects of national interest that can make a marked difference in the lives of all Grenadians, such as the construction of our state-of-the-art teaching hospital or our technologically advanced public library,” Grenada’s Prime Minister Dickon Mitchell said in December.

The Fund is also a key part of the country’s debt reduction strategy. "It is encouraging that Grenada remains committed to undertaking critical reforms to strengthen its economy,” said the World Bank’s Country Director for the Caribbean countries, Lilia Burunciuc, in July.

Apart from the direct contributions made to the NTF, CBI investors are also playing a critical role in the creation of direct employment opportunities in the hospitality sector, as well as the development of internationally transferrable skills in the same sector.

Developers have committed to plans worth billions of dollars to developing top-shelf resorts across the island, boosting the country's tourism infrastructure on a scale that will have a lasting impact on Grenadians' ability to make a living.

Real estate has become a particularly popular choice among CBI investors, with a huge $133 million invested since January. This sharp influx of capital has created a ripple effect throughout the Grenadian economy, benefitting a number of sectors, from construction and hospitality to retail and services.

Grenada’s CBI program, therefore, looks set to remain a highly attractive offering for investors worldwide seeking a passport to paradise – while also driving Spice Island’s economic development, improving public services, and bolstering the nation’s global reputation.

Thomas Anthony, the CEO of Grenada’s CBI Unit, sums it up fittingly: “When you invest through the CBI program, you are touching the lives of locals in a significant and impactful way.”