The Government of Grenada on Thursday announced it has temporarily suspended, with immediate effect, the acceptance of new applications from Russians and Belarussians for the Citizenship by Investment (CBI) Program.
The move comes amidst Russia’s continued invasion of Ukraine.
“The Government is closely monitoring the current situation in Ukraine and will advise of any further changes to its current policy on this matter,” the CBI Unit said in a statement.
“We thank you for understanding in this matter as we strive to preserve the integrity and reputation of the Grenada CBI Program.”
Grenada launched its citizenship by investment program in 2013 to transform its economy to become more prosperous. It allows foreign investors to obtain permanent legal citizenship and a second passport within four to six months.
Grenada has strong foreign relations with the United States and China, making it the only Caribbean citizenship by investment and second passport program that offers visa-free access to China. In addition, Grenada holds an E-2 investor visa treaty with the US, granting Grenada passport holders the right to work in the United States.
Grenada’s CBI program allows individuals and their families to obtain citizenship or permanent residence in exchange for making a payment into the National Transformation Fund or towards an approved real estate project on the island.
The Dominica and Antigua and Barbuda governments, which also have similar CBI programs, have suspended applications from Russian nationals and their allies from Belarus.
Antigua also included Ukrainians in its list of nationals for whom its CBI program will be put on hold.
Grenada, Dominica and Antigua and Barbuda were among 141 UN member states that voted last week to condemn Russia.
CMC
