Grenada has taken a firm stance against illegal discounting within its Citizenship by Investment (CBI) program, rejecting eight applications and initiating the revocation of one citizenship. The Investment Migration Agency (IMA) uncovered evidence of unauthorized financing, including loans offered by developers, which directly violated the program’s mandated investment thresholds.
The government’s response has been swift and decisive, signaling a zero-tolerance approach. In addition to application rejections and citizenship revocation, the IMA is intensifying its monitoring efforts, leveraging advanced technology and on-the-ground intelligence. International due diligence providers have been alerted to scrutinize applications from implicated agents, and the CBI Committee has demanded the termination of relationships with offending sub-agents. Furthermore, projects involved in illegal financing schemes face decertification.
These actions underscore Grenada’s commitment to safeguarding the credibility and sustainability of its CBI program. By enforcing strict adherence to regulations, the government aims to ensure fairness, transparency, and protect the economic benefits derived from the program. This serves as a crucial reminder to prospective applicants that compliance with established investment requirements is paramount. Engaging with reputable and authorized agents is essential for a smooth and compliant application process. Grenada’s decisive measures reinforce the importance of maintaining integrity within citizenship by investment programs for their long-term success.