Grenada CIP Case Handling Grinds to a Halt in Q3; Average of 7 Applications Processed a MonthOctober 24, 2019
While investor appetite for Grenada’s CIP is rising quickly, the program’s authority appears uninterested in evaluating its suitors.
During the third quarter of 2019, Grenada received 111 applications for citizenship by investment, a 63% increase on Q2. Under ordinary circumstances, that would be great news but, while the program is getting more popular, its Citizenship by Investment Unit (CIU) has virtually stopped evaluating applications. Only 22 of the Q3 applications have been processed, a rate of 19.8%.
August, in particular, saw processing rates hit an incomprehensive low; during the whole month, the CIU processed only two applications. September was not much better; two approvals and four rejections. Overall, the CIU declined four of the 22 applications during the period.
What’s going on at the Grenada CIU? One possible explanation is that the recent changing of the guards may have caused a short-term reduction in processing capacity.
The delays of Q3 notwithstanding, Grenada is still on track for a statistically normal year in terms of revenue; by the end of September, the program had raised a total of EC$95 million in investments, contributions, and fees.
Want to know more about the Grenada CIP? To see recent articles, statistics, official links, and more, visit its Program Page. To see which companies can assist with applications to the Grenada CIP, visit the Residence & Citizenship by Investment Company Directory.