Grenada’s Investment Migration Agency (IMA) has taken decisive action against violations within its Citizenship by Investment (CBI) program, rejecting eight applications due to illegal financing practices. In a circular issued yesterday, the IMA disclosed that these applications were denied based on “clear and incontrovertible evidence of owner loan financing and resultant price discounting,” a practice the agency “categorically condemns.”
The IMA’s investigation uncovered that a marketing agent, along with its sub-agents, had been offering unlawful financing arrangements to prospective applicants. Among these was a developer operating out of Grenada who provided loans of $100,000 to applicants, thereby circumventing the program’s financial requirements.
As a result, the Grenadian government rejected six applications in late 2024, followed by two more in 2025. A third denial is expected this week. Additionally, the IMA has initiated the revocation process for one previously approved applicant after confirming that citizenship was obtained through illegal discounting.
Although the circular did not name the offending marketing agent or developer, it stated that the CBI Committee has demanded the termination of relationships with the involved sub-agents. These enforcement measures underscore Grenada’s commitment to maintaining the integrity of its CBI program.
Stricter Oversight and Enforcement
Grenada’s CBI program requires a minimum investment of $270,000 in approved real estate projects, plus a $50,000 government contribution, or $350,000 for non-tourism projects. Alternatively, applicants can contribute $235,000 to the National Transformation Fund.
To strengthen oversight, the IMA has enhanced its monitoring efforts through advanced technology and human intelligence. International due diligence providers have also been instructed to scrutinize applications linked to the implicated marketing agent.
Consequences for Violations
Officials have outlined severe repercussions for those found violating the program’s requirements, including:
- Revocation of licenses
- Rejection or denial of applications
- Revocation of Grenadian citizenship
- Project decertification
These measures reaffirm Grenada’s commitment to “rooting out these illegal and unacceptable practices,” ensuring that its CBI program operates with transparency and credibility.
