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The latest quarterly report from Grenada's Ministry of Finance shows that the country's Citizenship by Investment Program (CIP) has already surpassed its yearly revenue record with a quarter of the year to spare.
The Caribbean country approved 731 applications in the first nine months of 2023, surpassing the previous year's total of 453. That 61% increase in approvals is a testament to the Citizenship by Investment Unit's (CIU) commitment to its earlier pledge to streamline operations further.
Based on the current trend, Grenada's CIP is expected to rake in a staggering XCD$ 1,146 million into the small nation's economy, nearly three times the amount it achieved last year.
The increase in applications isn't attributed to one single factor, but the country's continued acceptance of Russian applicants for nearly half the year when other Caribbean CIPs had closed the door for Russians has undoubtedly played a part in setting a new personal record.
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