A successful year for Grenada: how the CBI program helped the economy and what are its prospects for the future
Now that 2024 is a just few weeks away it's time for the yearly balance and today is Grenada's turn. At Mundo, we presented the citizenship program in Grenada several times, including descriptions of investments available and the requirements in general. Let's see why the Grenada program has been one of the most successful in 2023 and is one of the best candidates for the upcoming year.
How the CBI program helped the Grenada economy
Already since the beginning of the year, the program revenues showed an impressive 213% improvement when compared with the same period in 2022. In other words, Grenada started 2023 with the right foot.
When it comes to citizenship by investment programs, it’s worth noting the importance they have in the region as Caribbean islands usually don't have as many wealth sources as continental nations. Hence the existence and prosperity of CBI programs which help draw foreign investment to sustain the Grenada economy as well as others in the region.
Besides real estate investment, all programs offer the option of making a donation to a government fund. In the Caribbean, these donations are no lower than a few hundred thousand: 350,000 (Saint Kitts), 200,000 (Grenada), and 100,000 (Antigua and Barbuda) to name a few. Note that, even with these prices, the Caribbean continues to be an affordable option, especially if compared to Europe.
Together with the real estate entry, these incentives help finance projects and support the local economy. Coming back to the topic of our article, statistics show that more than half of the local capital projects at the Grenada Social Development Ministry were financed by the National Transformation Fund in the last five years. The fund covers important initiatives like housing rehabilitation and treatment centers, protection services for abused children, and the national home improvement program.
Thus, we can see how projects in Grenada are widely supported by the CBI income which overall contributes to the country's development and people's well-being. This includes the upgrade of medical facilities, roads, and tuition entities.
But let's not forget the other side of the coin: the real estate investment opportunity. At Mundo, we have featured several real estate projects in Grenada that fall into the CBI framework. Initiatives like this are focused on developing high-end resorts that heighten the country's hospitality sector and have a critical role in the creation of new job positions and the evolution of the tourism industry.
Moreover, it helps that the real estate purchase alternative is one popular choice among investors as it brings wide return possibilities. In general, such programs allow beneficiaries to get rental income and resell after a period of usually five or seven years.
Grenada wraps up 2023 quite successfully
However, this was only the beginning of a great year in the Grenada economy. Projects in Grenada have been largely fueled by the CBI program and this happened throughout the whole year. The head of the Citizenship by Investment Unit, Thomas Anthony, had predicted that the third quarter of 2023 would be the best one and he wasn't wrong.
Applications increased by 16.7 percent from the previous quarter, however, the total capital raised had a difference of 20.6% from the second to the third quarter. The approval rate also decreased by 19.9% with only 346 approvals in the third quarter. However, this was expected to be balanced once the backlogged applications became approved.
All in all, this was an all-time record for Grenada CBI revenue since it raised three times the previous annual mark including both donations and investments per se.
What's even more interesting is that, in the third quarter, 210 applications were approved for real estate investors while 136 were approved through the National Fund donation. Regarding 2023, 69% of the qualified applicants have entered through the real estate gate.
Disclaimer: This article is merely informative and provides a general view of Grenada’s economy and its relation to the CBI program. Therefore, this article does not replace a legal, professional consultation.
2024 brings a promising future for real estate projects in Grenada
The economy in Grenada seems to be in good hands thanks to the CBI's revenue and this is not likely to change any time soon. Will the country be able to break its own records in the new year? There's no way of knowing but we can be sure that the program will keep on standing and helping both the country, its people, and foreigners who want new opportunities in foreign lands.
At Mundo, we are in contact with experts, advisors, and agents from the five Caribbean programs and have excellent connections in Panama where there are several residency programs available.
The nomad capitalist life is an adventure that needs to be taken seriously and this is why portals like Mundo become necessary. We can connect you with our team, with best-in-class professionals and advisors, and with our partners who offer top-notch services at a global level.
Do you want to know more about the Grenada program and real estate projects in Grenada? Content our experts and get the best information now.
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