Grenada’s Citizenship by Investment Committee (CIC) on a recent note emphasized that the official minimum investment amount in the Real Estate option is USD 220,000 based on the regulations in 2019 and any discount to this amount provided by agents is illegal.

In the Grenada CBI program, the minimum offer in the approved project’s route should not be below USD 220,000 or in the case of non-approved projects the minimum investment should be above USD350,000.

Also, the minimum investment into the National Transformation Fund (NTF) is USD 150,000. 

As IMI reported, the aim of this memo is particularly for a conspicuous developer that is known to be involved in the buyback and rebates practice.

Accordingly, the CIC stated that such practice results in the acquisition of real estate below the required minimum rate and even below the minimum amount that is required in the NTF category regulated under Section 10 of the Grenada CBI Act.

The CIC warned that involved parties in the buyback and rebate practice will face serious legal sanctions by annulling their licenses or project certification.

Furthermore, the investors who obtained citizenship via these methods may be at risk of losing their citizenship.

Starting from St. Kitts and Nevis, there are new amendments in the operation of Caribbean CBI programs by introducing tougher rules that demand the developers fulfil their obligations.

As a result, prospective investors should be careful not to lose their money on top of their second passports.

MICS Global can assist you by offering legally approved projects for investment and facilitating the entire process of obtaining your citizenship. You can visit our website for more information https://mics.global/grenada/.