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Grenada CIP Issues New Prices, In Force From Monday · IMI Podcasts

• 0:00
  SPEAKER_00: Following Antigua and Barbuda's announcement on Wednesday night, Grenada's Citizenship by Investment Program becomes the region's second to announce new prices under the Caribbean MOA framework and the second to implement them, after St.
• 0:13
  SPEAKER_00: Kitts and Nevis, which did so unilaterally last year.
• 0:17
  SPEAKER_00: The program's new terms appeared in Grenada's official Gazette, published this Wednesday.
• 0:22
  SPEAKER_00: They will take effect on July 1st, as Grenada's CBI boss Thomas Anthony had promised in his interview with IMI in April.
• 0:30
  SPEAKER_00: The National Transformation Fund contribution option for a family of up to four costs$235,000.
• 0:37
  SPEAKER_00: Additional dependents cost$25,000 for children, as well as parents or grandparents over age 55.
• 0:44
  SPEAKER_00: Dependent parents or grandparents under age 55 cost$50,000 each while dependent siblings cost$75,000.
• 0:54
  SPEAKER_00: Now the Section 11, approved real estate investment projects option for a family of up to 4 costs$270,000.
• 1:03
  SPEAKER_00: Government contributions under this option for a family of up to 4 are$50,000.
• 1:09
  SPEAKER_00: Each additional dependence costs$25,000 for children, as well as parents or grandparents over age$55.
• 1:17
  SPEAKER_00: Dependent parents or grandparents under age$55 cost$50,000 each, while dependent siblings cost$75,000.
• 1:27
  SPEAKER_00: In a circular to stakeholders, Investment Migration Agency Grenada pointed out that the revised pricing, quote, ensures that there will be no distinction in investment costs, end quote, between a single applicant and a family of up to four under the NTF option.
• 1:46
  SPEAKER_00: Moreover, of the US$235,000 minimum NTF contribution, the government must retain at least US$200,000, leaving$35,000 available for agent incentives.
• 2:01
  SPEAKER_00: Similarly, for the real estate investment option, the developer must retain a minimum of US$230,000 to allocate toward the construction of the project, leaving a maximum of US$40,000 available for agent commissions.
• 2:17
  SPEAKER_00: Moreover, the entire US$270,000 destined for real estate investment must be deposited in the developer's escrow account, from which the IMA will not authorize the release of more than$40,000 for commission payments.
• 2:33
  SPEAKER_00: The agency also said it would only accept duly completed applications submitted before June 30 under the old pricing regime.
• 2:41
  SPEAKER_00: Incomplete submissions, even if submitted before July 1st, will be subject to the new price regime, except those for which bank clearance is the only pending matter as long as it has been resolved by July 31st.
• 2:54
  SPEAKER_00: The IMA also said it was committed to, quote, implementing all remaining components of the MOA over the coming weeks and months to ensure the viability of this important non-tax revenue source, end quote.
• 3:07
  SPEAKER_00: The agency added that it encouraged its, quote, regional counterparts to act with alacrity in implementing the new price structure as previously agreed and to take the necessary steps to fully harmonize standards, end quote, across the region.
• 3:24
  SPEAKER_00: Three of the five Caribbean CBI programs are now ready to raise prices by July 1st, the date agreed to in the regional MOA.
• 3:32
  SPEAKER_00: St.
• 3:32
  SPEAKER_00: Kitts and Nevis raised them already last year, Grenada will do so on Monday, and Antigua and Barbuda has published its new prices, although they will only take effect with a 30-day delay, presuming they are able to push through the necessary legislative changes by then.
• 3:48
  SPEAKER_00: It remains to be seen whether Dominica and St.
• 3:51
  SPEAKER_00: Lucia will also be ready to raise prices in time for the agreed upon June 30th deadline.
• 3:58
  SPEAKER_00: This episode first appeared as an article by Christian Henrik Nesheim on IMIDALY.com.
• 4:05
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry, and consider upgrading your membership to IMI Pro to get insider access to networking opportunities, industry events, data, and members only content.