The Grenada government has announced a significant financial boost, reporting a staggering EC$382.2 million in revenue from the recently rebranded Investment Migration Agency Grenada (IMA).
Record revenue breakdown
Under the Citizenship by Investment (CBI) programme, foreign investors gain citizenship in Grenada by making substantial contributions to the island’s socio-economic development.
The Ministry of Finance revealed in a statement on its website that the fiscal report for December 2023 exceeded expectations, with actual revenue reaching EC$382.2 million, surpassing the targeted amount of EC$316 million for the year.
This marks a substantial increase from the EC$149.2 million recorded in 2022.
Quarterly insights
Quarterly reports from the CBI/IMA provide detailed insights into revenue distribution among the government, developers, and agents, along with the number of citizenship approvals and rejections by the cabinet.
Throughout 2023, the Cabinet approved 4764 new citizens while denying or rejecting 58 applications.
For each quarter of 2023, approval numbers varied: 980 in January to March, 1536 in April to June, 1112 in July to September, and 1166 in October to December. Notably, the cumulative CBI revenue for 2023 amounted to EC$1,128,747,211, with EC$671,625,000 attributed to developers.
Shifting policies
Since assuming office in June 2022, the National Democratic Congress (NDC)-led administration, under Prime Minister Dickon Mitchell, has refrained from approving new projects under the CBI/IMA programme.
The surge in revenue in 2023 can be attributed partly to the acceptance of Russian citizens into the programme.
However, the government ceased accepting Russian applications as of March 31, 2023, with a deadline of November 30 for the submission of all required information.
Projections for 2024
Despite changes in policy and application criteria, the government remains optimistic about revenue projections for 2024.
It estimates a substantial income of EC$280.6 million from the CBI/IMA programme, further underlining the significant financial impact of investment migration on Grenada’s economy.
