Latest / IMI Podcasts / Grenada Rejects Eight CBI Applications and Revokes One Citizenship Over Illegal Discounts

Transcript

Grenada Rejects Eight CBI Applications and Revokes One Citizenship Over Illegal Discounts · IMI Podcasts

• 0:00
  SPEAKER_00: In a circular it sent out yesterday, Grenada's Investment Migration Agency, also known as IMA, has announced it has rejected eight citizenship by investment applications on the basis of clear and incontrovertible evidence of the owner loan financing and resultant price discounting, a practice that the IMA categorically condemns.
• 0:22
  SPEAKER_00: The IMA had uncovered evidence of a marketing agent and its subagents offering illegal financing arrangements to prospective citizenship applicants, including loans of$100,000 from a developer with registered offices in Grenada.
• 0:37
  SPEAKER_00: The Grenadian government has taken swift action against these violations.
• 0:41
  SPEAKER_00: It has rejected the applications of eight applicants, six in late 2024 and two already in 2025, and a third denial is imminent this week.
• 0:52
  SPEAKER_00: The enforcement measures extend beyond application rejections.
• 0:56
  SPEAKER_00: The IMA has commenced the revocation process for one previously approved applicant after confirming that he she had obtained citizenship through illegal discounting.
• 1:07
  SPEAKER_00: While the circular does not name the offending marketing agent or developer, it confirms the CBI committee has demanded the termination of the relationship with the offending subagents.
• 1:18
  SPEAKER_00: Grenada's CBI program requires minimum investments of$270,000 in approved real estate projects plus$50,000 to the government, or$350,000 for non-tourism projects.
• 1:32
  SPEAKER_00: Alternatively, applicants can contribute$235,000 to the National Transformation Fund.
• 1:39
  SPEAKER_00: The IMA says it has intensified its monitoring efforts to include the use of advanced technology and on the ground human intelligence, and has instructed international due diligence providers to pay particular attention to applications from the implicated marketing agent.
• 1:56
  SPEAKER_00: Officials have outlined severe consequences for those violating program requirements, including but not limited to revocation of licenses, rejection or denial of applications, revocation of Grenadian citizenship, and project decertification.
• 2:12
  SPEAKER_00: These measures reflect what the agency describes as the government's commitment to rooting out these illegal and unacceptable practices.
• 2:21
  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
• 2:26
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry, and upgrade your membership to IMI Pro to get access to our exclusive professional community, citizenship catalog, investment migration company Rolodex, private briefings, and more members only content.