ST. GEORGE’S, Grenada, CMC—In accordance with official figures, Grenada earned practically half a billion {dollars} (One EC greenback = 0.37 cents) from the Citizenship by Funding Programme (CBI) final yr.
The authorities mentioned nationals from China and Nigeria accounted for greater than 2000 of the 5,443 new residents accepted in 2024.
The federal government earned EC$472.9 million final yr. Nonetheless, Richard Duncan, chairman of the CBI Committee, not too long ago mentioned that lower than 600 purposes are anticipated to be submitted this yr as a result of Grenada stopped accepting Russians to this system.
“We at all times like to inform those who 2025 issues will probably be nothing like 2024 or 2023. It’s going to return to pre-pandemic, pre-Ukraine battle degree utility, which is about 550 per yr,” he instructed reporters not too long ago.
Following the beginning of the Ukraine-Russian battle in 2021, Grenada was the one nation accepting Russian purposes. Within the preliminary days of the battle, Grenada suspended purposes from Russia, however this was quickly lifted, and a whole lot of purposes have been submitted and accepted.
Newest information from the CBI models present that 23 % of the 1,252 accepted new residents have been Chinese language, whereas 19 %, or 1,034, have been Nigerians. The information additionally confirmed that amongst different nationals accepted have been these from Nice Britain, South Africa, Benin, Pakistan, america, India, Vietnam, Ukraine, Turkey, and Iraq.
The Ministry of Finance mentioned that the CBI, by which international nationals purchase citizenship in Grenada in return for making a considerable contribution to the nation’s socio-economic growth, is a big contributor to the state’s income.
In accordance with the ministry, the CBI is behind the Customs and Excise and the Inland Income Division.
