Grenada’s Citizenship by Investment unit has again reiterated that its new USD$220,00 real estate co-investment solution is only available to developers who have received written approval from the government in advance.
Any developer or agent who promotes the new price and doesn’t have permission to do so may be penalised and will be subject to review, the government warned.
This latest warning comes after the Grenadian government announced on March 18 that the minimum investment amount would be cut from USD$350,000 to USD$220,000. However, the new price only applies when Citizenship by Investment (CBI) applicants co-invest in a real estate unit at a total of USD$440,000 each.
Amendments to Grenada’s CBI Program
The announcement comes after Grenada changed the laws governing its CBI program on March 10 by expanding the definition of dependents. Parents and grand parents younger than 55, unmarried siblings of the main applicant and their spouse and children born within 12 months of the granting of citizenship will all be included in a CBI program.
The new laws also do away with the requirement to be a permanent resident of the island and for children of dependents between the ages of 18 and 30 to be enrolled at a higher education institution.
The legal amendments also now make it possible for investors to get citizenship from investing in CBI approved real estate from the secondary market, opening the market to CBI approved properties that have been resold.